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US
Dollar Exchange Rates of 8th June 2006
China Yuan
8.089
Report from China
BOCOG blocks use of virgin wood from Indonesia
The Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG) announced recently that a
review by the government agency responsible for supervising the construction of the venues for the 2008
Olympic Games has confirmed that none of the venues is using or will use virgin timber from Indonesia. The
review found that no wood products are being procured
from Indonesia. The Venue Construction Administration Office notified BOCOG that none of the 24 venues under
construction were sourcing wood products from Indonesia. BOCOG published guidelines outlining the
environmental standards for Olympic venues in the Olympic Projects Environmental Guide distributed at the
outset of construction in 2002. The guide mandated the
use of sustainably produced materials and prohibited the use of virgin timber products.
China curbs surging housing prices
China¡¯s Cabinet took steps recently to cool off the housing market, ordering measures to restrain soaring
housing prices and discourage real estate speculation. The new measures by the State Council included tighter
lending standards and higher minimum down payments.
Housing prices had been a particular concern because their rapid climb was generating resentment among
working-class Chinese and widening a politically volatile gap between China's rich and poor. Developers were
required to charge down payments of at least 30%, up
from the previous minimum of 20%. Low-income families could still qualify for the 20% level for
properties smaller than 90 m2. Owners who sell a property less than five years after purchasing it will have
to pay tax on their proceeds, up from a previous two-year limit.
Wood-based panels chalked robust growth in 2005
Chinese production of wood-based panel continued to grow strongly in 2005, rising 17.4% to 63.93 million m3.
Plywood accounted for 39%, up from 38.5% in 2004. Fiberboard production climbed 32% and accounted for
32%m, up from 28.6% in 2004. Of this total, MDF output rose 26.5% but its proportion in fiberboard
production fell to 90% from 94% in 2004. The production of particle board declined 10% and accounted
for 9%, down from 12% in 2004. The production of other wood-based panels grew 8.5% to 12.41 million m3, but
accounted for 19%, down from 21% in 2004. Of this total, the production of block board rose 11.5% to 9.82
million m3 and accounted for 79% of other wood-based panels, up from 77% in 2004.
Taicang is largest ocean port for Russian timber
Imports of Russian timber through Taicang Port, Jiangsu Province, rose 52% to 930,000 m3, accounting for about
67% of China¡¯s ocean imports of Russian timber. It is estimated that timber imports from Russia through
Taicang port will reach 1.5 million m3 by the end of 2006, consolidating its position as China¡¯s largest port
for Russian timber.
China remains top market for US hardwoods
US hardwood products have become very popular in the Chinese market in recent years. Imports of these products
by China mainland, Hong Kong S.A.R and Taiwan PoC continue to grow stably and the total value of their
imports rose 8.4% to $500 million in 2005, consolidating
their position as the US largest market. US species such as alder, red oak, tullipwood, maple, white oak, black
walnut, cherry, ash and hickory are very popular in the Chinese market. Exports of US hardwood products such
as logs, veneer, flooring, specification timber and
blockboard products to China grew in 2005 except board (planking) and their export value surged a further 32% in
the first two months of 2006.
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