The Shanghai Composite, China's benchmark stock market index, dropped 2.9 per cent on Thursday after release of the data increased fears of impending monetary tightening.

上证综合指数，中国基准股票市场指数，在数据发布引发经济即将紧缩的担忧后，于周四下降了百分之二点九。

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Shanghai Composite Index is an important index for Chinese stock market, and we apply the Least Squares Method with roughness penalty to smooth its historical data, using spline functions.

上证综合指数是股票市场的一个重要指标，我们采用样条函数，将带光滑参数的最小二乘法应用于拟合该指标的历年数据。

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The other sharp equities move in Asia was in the Philippines, where the PSE Composite dropped 3.2% as strong first quarter growth data beat expectations, triggering profit-taking in a market that has already gained 21% so far in 2013.

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