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foreign exchange losses, according to preliminary figures submitted Tuesday to
Shanghai Stock Exchange, where the company is listed.
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last year, from previous double-digit rates.
The moderation is a by-product of efforts to steer the Chinese economy away from a manufacturing and credit-fueled growth model to one based more on
innovation, the service sector and consumer spending.
Baosteel's share price surged 3.08 percent to 6.02 yuan on Tuesday, and the Shanghai index climbed 3.22 percent, despite the growth data.
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