Market Report - China Woes Continue

WONG:
And in todays Market Report official data shows that China's imports and exports fell for the second consecutive month.

Crumbling oil prices have slashed China's commodities bill, but a slide in imports indicates the world's fourth-largest economy is grappling with the same weakness in homegrown activity as the rest of the world.

An estimated 10 million migrant workers have lost their jobs in recent months, fanning fears of social unrest.

Citigroup, looking to streamline its business, will close its private banking unit in China, which sought to tap the country's fast-growing rank of millionaires.

The three-year-old unit will be folded into Citigroup's consumer banking arm as America's third largest bank prepares to sell its stake in Smith Barnley retail brokerage to Morgan Stanley to shore up its balance sheet.

Korean chipmaker Hynix believes the market has bottomed after the worst slump in the industry's history, helping Seoul shares close two percent higher.

In Taiwan, TSMC led the bounce, saying orders were on the rise.

And in Macau gaming developer Melco Crown Entertainment says it is on track to open its 2.1 billion dollar City of Dreams on the Cotai strip this summer, creating 7,000 jobs. It expects the Asian gambling center to rebound from a sharp contraction and is also eyeing expansion in Taiwan's emerging casino market.

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