China's automobile market will...........>

CHINA YUAN: China's automobile market will maintain a steady recovery along with

resumption of domestic production and living and further implementation of

policies helping businesses, the Ministry of Commerce said. Passenger vehicle

sales in May was 1.6 million, up 12.6% m/m, or 1.8% y/y, the first positive y/y

growth in 11 months. This shows that government policies of stabilizing and

expanding auto consumption were having an impact, the ministry said. China's

increased purchases of crude oil and soybeans were in response to demand and by

market-based principles, while soybean imports in particular were helped by the

devaluation of Brazilian currency and increased willingness to sell, the

ministry said without referring to a question on the Phase One agreement with

the U.S.