HSBC predicts the growth of the ruble and the Australian dollar

According to analysts of HSBC, in the remainder of the year the Australian dollar and Russian ruble will be strengthened vis-à-vis the U.S. currency, because China's stock market shows signs of economic recovery. Since the beginning of this year, Chinese Shanghai Composite Index rose by 72%, and by the end of this year, analysts predict growth of the bank index for another 15-20%. Such good prospects for the stock market is obliged to restore the economy. According to the forecasts of HSBC, the growth of Chinese economy in the second half of this year amounted to 9% in 2010 - 9.5%. According to the IMF, the economic growth of China in 2009 amount to 7.5% in 2010 - 8.5%. In the second quarter GDP grew by 7.9%, which exceeded analysts' forecasts - thus potentially can be the first of China's largest economies emerge from the economic downturn. All this contributes to the growth of Chinese demand for commodities. As noted in the bank, China is now the largest importer of raw materials, which obviously is a positive factor for the commodity currencies such as the Australian dollar and the Russian Ruble. Australian mineral exports to China last year was 44% (compared to 34% in 2007). Exports of oil and timber to China, Russia has increased to 33%. A pair AUD / USD now trading at 0.8393, the dollar / ruble is at a point 31.72.