China Chart Pack The People’s Bank is not pleased The People’s Bank purchased nearly $6bn in foreign exchange last month, by our estimate. That’s not much in the context of China’s cross-border trade and investment flows. But it was the biggest... 22nd December 2021 · 12 mins read
China Chart Pack Omicron tests China’s zero-COVID strategy The global spread of a more transmissible COVID variant is a particular challenge for a country trying to remain COVID-free. But after nearly two years of success suppressing infections domestically... 29th November 2021 · 13 mins read
China Chart Pack Energy shortages starting to ease Despite a flurry of media reports in September hinting at widespread disruption, the data suggest that China’s recent power shortages have not been too severe. Electricity output actually rose 0.6% in... 29th October 2021 · 7 mins read
China Chart Pack Power shortages another blow to global supply chains We still don’t have enough data to judge the extent of the disruption to China’s factory output from power rationing with much certainty. But with supply chains already stretched, even a modest hit to... 30th September 2021 · 13 mins read
China Chart Pack Party soon to target property and healthcare costs A WeChat post by a prominent blogger voicing support for Xi Jinping’s “common prosperity” campaign has been widely re-published by state media, giving it a rare seal of Party approval. The post argues... 31st August 2021 · 13 mins read
China Chart Pack Investors refocus on long-term concerns Questions about the strength of China’s post-lockdown rebound have become louder since the People’s Bank cut the required reserve ratio three weeks ago. But the trigger for this week’s sharp equity... 30th July 2021 · 13 mins read
China Chart Pack No, China isn’t exporting inflation Some believe that China is adding to global inflationary pressure. The opposite is closer to the truth: the large increase in China’s trade surplus over the past year signals that supply from China... 30th June 2021 · 13 mins read
China Chart Pack The three-child policy: too little, too late State media announced today that China’s family planning policy will be relaxed to allow all families to have three children, up from the current limit of two. This comes shortly after China’s once-a... 31st May 2021 · 13 mins read
China Chart Pack Jump in input costs weighing on industry The Q1 industrial profits data published this week were very strong. Net profits continued rise rapidly and are now 50% higher than they were two years ago. Only a third of this is due to higher sales... 30th April 2021 · 12 mins read
China Chart Pack Vaccination steps up a gear China’s vaccination campaign has accelerated sharply over the past week. The daily pace of vaccination is now only just short of the five million needed to hit the target of inoculating 40% of the... 1st April 2021 · 11 mins read
China Chart Pack Defaults by state firms surge Incoming data continue to point to strength in domestic activity, spending and revenues. Yet strains in China’s corporate bond market continue to grow, with the value of defaults hitting all-time... 25th February 2021 · 12 mins read
China Chart Pack Surge in interbank rates a hawkish signal from PBOC Short-term funding costs for banks have risen sharply during the past couple of weeks. The 7-day depository repo rate (DR007), which has been flagged by the PBOC as a key benchmark and focus of... 29th January 2021 · 13 mins read
China Chart Pack And the winner of 2020 is… COVID-19 has wreaked havoc on the world economy, which is set to contract the most since WWII this year. China has not been immune – it is on track for its slowest growth since the Mao era – but set... 23rd December 2020 · 12 mins read
China Chart Pack Financial risks once again at centre stage There is no clearer sign that China’s economy is back to normal than the return to centre stage of concerns about property developers, the bad debts of SOEs and financial risks. Regulators’ tolerance... 25th November 2020 · 12 mins read
China Chart Pack The high stakes for China’s Five-Year Plan China’s leaders concluded their discussions on the 14th Five-Year Plan today. The initial post-meeting communique offered few new details but more may be revealed at a press conference tomorrow. The... 29th October 2020 · 12 mins read
China Chart Pack Policymakers refocus on property developer debt The speed at which officials in China have pivoted from crisis response to another round of restrictions on property developers has caught many by surprise. Developers might have hoped that they would... 28th September 2020 · 11 mins read