China Data Response Caixin Manufacturing PMI (Aug.) Stronger manufacturing PMI readings for August suggest that industrial output remains resilient. However, momentum elsewhere in the economy has weakened. 1st September 2017 · 1 min read
China Data Response Official PMIs (Aug.) The latest official PMI readings suggest that China’s manufacturing activity may have strengthened in August but point to weaker momentum in the rest of the economy. 31st August 2017 · 1 min read
China Data Response Bank Lending & Broad Credit (Jul.) New lending declined in July, masking an uptick in underlying credit growth. We doubt this will translate to a sustained pick-up, however, since efforts to slow the build-up of debt mean that market... 15th August 2017 · 1 min read
China Data Response Activity & Spending (Jul.) The activity and spending data for July all came in below expectations, reversing most of improvement seen at the end of Q2. Nonetheless, industrial production still looks unsustainably strong given... 14th August 2017 · 1 min read
China Data Response Hong Kong GDP (Q2) Hong Kong’s economy continued to expand at a rapid pace in Q2, driven by strong household spending and investment. But we think GDP growth will slow in the second half of the year. The recent strength... 11th August 2017 · 1 min read
China Data Response Consumer & Producer Prices (Jul.) Rising steel prices aside, broader price pressures appear to have cooled last month. We expect the reflation of the past year to continue to fizzle out in coming quarters as policy tightening dampens... 9th August 2017 · 1 min read
China Data Response Trade (Jul.) Chinese trade softened at the start of Q3, with a slowdown in commodity imports suggesting that policy tightening may be weighing on investment spending. 8th August 2017 · 1 min read
China Data Response FX Reserves (Jul.) China’s foreign exchange reserves suggest that outflow pressures eased further last month, which seems to have encouraged the People’s Bank to halt its FX sales entirely. This shift is helping to... 7th August 2017 · 1 min read
China Data Response Caixin Manufacturing PMI (Jul.) Yesterday’s official PMI reading had hinted at a softer start to Q3. But today’s unofficial PMI suggests that manufacturing activity has held up better than previously thought and points to a pick-up... 1st August 2017 · 1 min read
China Data Response Official PMIs (Jul.) The latest official PMI readings suggest that China’s growth momentum may have waned at the start of Q3 as foreign demand cooled. 31st July 2017 · 1 min read
China Data Response GDP (Q2) & Activity & Spending (Jun.) Both the official GDP figures and our own measure of economic activity suggest growth held up well last quarter, with more timely data showing few signs of a slowdown heading into Q3. That said, we... 17th July 2017 · 1 min read
China Data Response Trade (Jun.) Chinese trade ended Q2 on a positive note but headwinds remain. In particular, while the slowdown in import growth appears to have eased recently, policy tightening means that the current resilience... 13th July 2017 · 1 min read
China Data Response Bank Lending & Broad Credit (Jun.) New lending rose by more than anticipated in June. But this masks a continued slowdown in underlying credit growth which will start to weigh on economic activity before long. 12th July 2017 · 1 min read
China Data Response Consumer & Producer Prices (Jun.) In June, core consumer price inflation hit its highest level, Chinese New Year aside, since 2011. And after falling since February, producer price inflation stabilised. But with economic activity set... 10th July 2017 · 1 min read
China Data Response FX Reserves (Jun.) China’s foreign exchange reserve figures for June suggest that, having eased markedly since the start of the year, capital outflow pressures remained muted last month. We think this shift could prove... 7th July 2017 · 1 min read
China Data Response Caixin Manufacturing PMI (Jun.) Today’s PMI reading suggests that growth in China may have edged up at the end of Q2. Nonetheless, it is still consistent with more subdued economic activity than during much of the past few quarters... 3rd July 2017 · 1 min read
