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METALS-Zinc touches 15-month high; gains could be short-lived

*Inner Mongolia to shutter about 2.9 mln T of steel capacity. LONDON, Aug 26- Zinc hit its highest levels in 15 months on Friday as bearish speculators scrambled to close out positions, though some investors doubted that the hefty gains were entirely justified. LME zinc rallied to its highest since May 2015 at $2,327.50 a tonne before retreating to $2,321 by 1000...

Source: Reuters

METALS-London zinc strikes 15-month high amid China steel cuts

MELBOURNE, Aug 26- London zinc touched its highest in 15 months on Friday as fresh shutdowns in China's steel sector added to mine supply concerns to ignite a short-covering rally. China plans to cut steel production by 2.91 million tonnes this year in inner Mongolia, a government official said, according to state media. As China steel mills shutter, steel prices...

Source: Reuters

METALS-London zinc hits 15-mth high amid China steel cuts

MELBOURNE, Aug 26- London zinc rallied to its highest in 15 months on Friday as fresh shutdowns in China's steel sector added to mine supply concerns to ignite a short-covering rally. China plans to cut steel production by 2.91 million tonnes this year in inner Mongolia, an industry group reported on its website on Friday. As China steel mills shutter, steel prices...

Source: Reuters

Mongolians scrabble for dollars after local currency's plunge

ULAANBAATAR, Aug 24- Making money amid Mongolia's deepening economic crisis, currency dealers thronging the black markets of Ulaanbaatar wave wads of American dollars and Chinese yuan, warning desperate customers that foreign banknotes are becoming scarcer by the day. Mongolia's government, elected in a landslide at the end of June, has been plunged into...

Source: Reuters

UPDATE 1-Former China boom town learns hard lessons about service economy

*China trying to steer economy towards domestic consumption. YULIN, China, Aug 22- At the section of the Great Wall of China that runs through Yulin, tour guide Gao Jing says she tried to learn English in expectation of the increased number of overseas visitors the city planned to attract as part of its economic transformation. But the international tourists...

Source: Reuters

Former China boom town learns hard lessons about service economy

*China trying to steer economy towards domestic consumption. YULIN, China, Aug 22- At the section of the Great Wall of China that runs through Yulin, tour guide Gao Jing says she tried to learn English in expectation of the increased number of overseas visitors the city planned to attract as part of its economic transformation. But the international tourists...

Source: Reuters

EMERGING MARKETS-EM stocks slip after Fed comments

LONDON, Aug 19- Emerging equities slipped on Friday after comments from U.S. Comments in favour of a hike soon came from San Francisco Federal Reserve Bank President John Williams and his New York counterpart William Dudley. Nevertheless, the confusion meant EM stocks struggled to make headway on Friday, with emerging Europe opening weaker after a lacklustre...

Source: Reuters

One-time emerging market darling Mongolia is running out of cash

The Mongolian currency is in free fall, raising speculation that the cash-strapped government will struggle without external assistance.

Source: CNBC.com

UPDATE 2-Mongolia jacks up interest rates in effort to halt currency's plunge

ULAANBAATAR, Aug 18- Mongolia raised its benchmark interest rates by 4.5 percentage points to 15 percent on Thursday, the central bank said, in a bid to stabilise a currency that has been in free-fall. Mongolia's new finance minister, Battogtokh Choijilsuren, warned the 3 million strong nation last week that the government would struggle to pay out wages,...

Source: Reuters

UPDATE 1-Mongolia raises interest rates in bid to stabilize tumbling currency

ULAANBAATAR, Aug 18- Mongolia raised its benchmark interest rates by 4.5 percentage points to 15 percent on Thursday, the central bank said, as it struggles to stabilize a currency that has been in free-fall. The landlocked North Asian country, wedged between China and Russia, has been struggling with weak demand for its chief export commodities, coal and copper,...

Source: Reuters