China Data Response

Bank Lending & Broad Credit (Jul.)

The latest slowdown in lending highlights the need for further monetary easing if policymakers are to succeed in putting a floor beneath growth.

12th August 2019 · 2 mins read

China Data Response

Consumer & Producer Prices (Jul.)

Weakening demand dragged producer price inflation into negative territory last month even as surging pork prices continued to push up consumer price inflation. Both have downbeat implications for the...

9th August 2019 · 2 mins read

China Data Response

Trade (Jul.)

Shipments in and out of China held up better than expected last month, but a sustained turnaround still looks unlikely in the near-term.

8th August 2019 · 2 mins read

China Data Response

FX Reserves (Jul.)

The latest FX reserves figures are consistent with the People’s Bank (PBOC) having remained on the sidelines of the FX market last month. But the relative calm of July will give way to a more eventful...

7th August 2019 · 3 mins read

China Data Response

Caixin Manufacturing PMI (Jul.)

The latest Caixin survey suggests that factory activity remained weak last month but that downward pressure eased somewhat, painting a similar picture to the official manufacturing PMI released...

1st August 2019 · 2 mins read

China Data Response

Hong Kong GDP (Q2 preliminary)

Hong Kong’s economy lost momentum last quarter. Slower trade flows are more to blame for this than the recent protests, adding to downbeat signs on the health of the global economy.

31st July 2019 · 3 mins read

China Data Response

Official PMIs (July)

The latest surveys remain consistent with a renewed slowdown in growth. Downward pressure on factory activity eased this month, but momentum in services and construction weakened.

31st July 2019 · 2 mins read

China Data Response

GDP (Q2), Activity & Spending (Jun.)

A stronger end to the quarter didn’t prevent growth from slowing in Q2 and we see more weakness on the horizon. Activity held up better than anticipated, but we expect this strength to be temporary.

15th July 2019 · 2 mins read

China Data Response

Trade (Jun.)

Exports declined last month as a result of the step-up in US tariffs in May and waning global demand. Imports also weakened on the back of a renewed domestic slowdown.

12th July 2019 · 2 mins read

China Data Response

Bank Lending & Broad Credit (Jun.)

A shift toward fiscal easing helped to push up credit growth last month but the pace of lending remained relatively weak and still looks consistent with a further slowdown in economic growth.

12th July 2019 · 2 mins read

China Data Response

Consumer & Producer Prices (Jun.)

Lower oil prices kept headline inflation stable last month despite a further rise in pork prices. But with pig stocks still tumbling we think increases in consumer prices will start to accelerate...

10th July 2019 · 2 mins read

China Data Response

PMIs (June)

The latest survey data suggest that China’s economy is coming under renewed pressure as a result of cooling foreign demand and waning fiscal support, which should trigger further monetary easing.

1st July 2019 · 2 mins read

China Data Response

Activity & Spending (May)

Another disappointing batch of activity data in May reinforces our view that growth will probably weaken a bit more this quarter. With consumer and business sentiment likely to sour further as the...

14th June 2019 · 1 min read

China Data Response

Bank Lending & Broad Credit (May)

Credit growth remained broadly stable in May. Policy easing has not yet been effective in generating a sustained pick-up in credit growth and is one of the reasons why we don’t expect a strong...

12th June 2019 · 1 min read

China Data Response

Consumer & Producer Prices (May)

Headline inflation was once again boosted by a sharp rise in pork prices in May. But with core inflation declining to a three-year low, it is clear that demand-side pressures on prices remain muted.

12th June 2019 · 1 min read