BEIJING (MNI) - China's economy expanded by 12.2% on a seasonally adjusted annualized q/q, suggesting an acceleration from the 11.3% growth rate recorded during the last three months of 2009 as the recovery gained traction, data released by the People's Bank of China Friday indicated.

FRANKFURT (MNI) - The European Central Bank said Friday that a total of E48.245 billion Eurosystem covered bond purchases had settled as of April 22.

As of April 21, settled acquisitions had totaled E47.937 billion, the ECB said Thursday. The ECB plans to buy a total of around E60 billion covered bonds by the end of June 2010 at the latest.

The program is aimed at revitalizing a market segment that has been exceptionally hard hit by the financial turmoil.

BEIJING (MNI) - The People's Bank of China set the yuan's central parity rate at 6.8264 to the U.S. dollar on Friday, slightly lower than the previous trading day's central parity of 6.8263.

The yuan finished at 6.8263 against the US dollar on the over-the-counter (OTC) market Thursday, higher than Wednesday's close of 6.8275.

Based on today's parity, the yuan is up 0.05% y/y against the dollar, according to Market News International calculations.

By Heather Scott

WASHINGTON (MNI) - The International Monetary Fund's talks with Greece on a possible aid package have just begun so it is too early to discuss what it might include, IMF Managing Director Dominique Strauss-Kahn said Thursday.

PARIS (MNI) - The Portuguese government today named Carlos Costa, a long-time veteran of domestic and international banking, as the next governor of the Bank of Portugal, a spokeswoman at the central bank confirmed.

Costa will succeed Vitor Constancio at the helm of Portugal's central bank on June 1, the same date that Constancio will become the new vice president of the European Central Bank in Frankfurt.

FRANKFURT (MNI) - Portugal's 2009 deficit, reported this morning by Eurostat at 9.4% of GDP, was revised up from the most recent previous estimate of -9.3%, not 8.0% as Market News International reported earlier.

The 8.0% deficit estimate was included in a set of forecasts published by the European Commission last autumn, but the Portuguese government had more recently revised up the estimate to 9.3%.

By Sheila Mullan

By Sheila Mullan