China Data Response Bank Lending & Broad Credit (Apr.) Credit growth accelerated further last month, a trend that will probably continue given signals from the PBOC’s Q1 monetary report published over the weekend that more stimulus measures are in the... 11th May 2020 · 2 mins read
China Data Response Trade (Apr.) China’s exports were much stronger than anticipated in April but are likely to drop back sharply this month. In contrast, the recent resilience of imports faltered in April as inbound shipments began... 7th May 2020 · 2 mins read
China Data Response Hong Kong GDP (Q1 Preliminary) Hong Kong’s economy contracted by the most on record last quarter as tourism collapsed, trade flows slowed sharply and social distancing weighed on domestic spending. 4th May 2020 · 2 mins read
China Data Response PMIs (Apr.) The latest survey data shows that renewed weakness in the manufacturing sector was offset by a pick-up in construction and services, leaving the overall pace of recovery broadly unchanged in April. 30th April 2020 · 2 mins read
China Data Response GDP (Q1), Activity & Spending (Mar.) GDP contracted in Q1 for the first time since China began publishing quarterly data in 1992, though we suspect that the slump in output was even deeper than officials claim. The monthly data suggest... 17th April 2020 · 3 mins read
China Data Response Trade (Mar.) Shipments picked up last month as factories re-opened and domestic demand began to recover. But with economic activity in the rest of the world now collapsing, the worst is still to come for China’s... 14th April 2020 · 2 mins read
China Data Response Caixin Manufacturing PMI (Mar.) The Caixin manufacturing PMI strengthened last month from February’s abysmal levels and suggests that the contraction in activity has already bottomed out. But weak foreign demand and labour market... 1st April 2020 · 2 mins read
China Data Response Official PMIs (Mar.) The latest survey data add to broader evidence that activity has started to rebound but suggest that weak foreign demand and labour market strains remain headwinds. 31st March 2020 · 3 mins read
China Data Response Activity & Spending (Jan. & Feb.) The latest activity and spending data were much weaker than expected and point to a far deeper downturn than during the Global Financial Crisis. While domestic conditions should improve slowly in the... 16th March 2020 · 4 mins read
China Data Response Bank Lending & Broad Credit (Feb.) Credit growth was stable last month despite the slump in economic activity. In most countries, credit growth would slow sharply in response to a shock such as the coronavirus, as households defer... 11th March 2020 · 2 mins read
China Data Response Consumer & Producer Prices (Feb.) The coronavirus outbreak is putting downward pressure on inflation. While supply chain disruptions have kept food prices high, weaker demand has weighed on the price of other goods and services. 10th March 2020 · 2 mins read
China Data Response Trade (Jan. & Feb.) Exports dropped the most since 2008 at the start of this year. Imports held up better but at the expense of a jump in inventories. Inbound shipments will soon play catch-up with the slump in domestic... 9th March 2020 · 2 mins read
China Data Response PMIs (Feb.) The latest PMI readings were in line with our downbeat expectations but will come as a shock to most analysts, who had anticipated a much smaller hit to business activity from the coronavirus outbreak... 2nd March 2020 · 3 mins read
China Data Response Bank Lending & Broad Credit (Jan.) Strong government bond issuance left growth in outstanding broad credit unchanged last month, though weaker corporate borrowing suggests that the uncertainty caused by the coronavirus was starting to... 20th February 2020 · 2 mins read
China Data Response Consumer & Producer Prices (Jan.) Seasonal volatility and coronavirus disruptions pushed up consumer prices in January. But the PBOC is likely to look through this temporary rise in inflation when setting policy. 10th February 2020 · 2 mins read
China Data Response FX Reserves (Jan.) The PBOC doesn’t appear to have deployed its FX reserves last month to limit renminbi depreciation triggered by the coronavirus outbreak. But there are signs that it has intervened in other ways. 7th February 2020 · 2 mins read
