China Data Response Consumer & Producer Prices (Mar.) Consumer price inflation remained tepid last month, suggesting that there was more to the drop in February than just seasonal factors. Producer price inflation remains rapid but has begun to come off... 12th April 2017 · 1 min read
China Data Response FX reserves (Mar.) China’s foreign exchange reserves were broadly stable last month, suggesting that the recent easing of capital outflows has allowed the People’s Bank to step back from FX intervention. 7th April 2017 · 1 min read
China Data Response Official PMIs (Mar.) Today’s PMI readings suggest that China’s economy continued to perform well in March, though we doubt the current strength will be sustained for much longer. 31st March 2017 · 1 min read
China Data Response Activity & Spending (Jan. & Feb.) A jump in infrastructure spending and strong property sales have helped sustain China’s recovery into early 2017. Both these tailwinds look likely to run out of steam in the coming quarters, however... 14th March 2017 · 1 min read
China Data Response Bank Lending & Broad Credit (Feb.) Bank lending in China held up better than expected last month but at the expense of other forms of credit, which have become less attractive following the recent rise in market interest rates. 9th March 2017 · 1 min read
China Data Response Consumer & Producer Prices (Feb.) Producer prices rose at their fastest pace since 2008 last month. But consumer price inflation remains well below the government’s 3% threshold. 9th March 2017 · 1 min read
China Data Response Trade (Feb.) The latest trade data suggest that, seasonal distortions aside, both exports and imports strengthened at the start of 2017. 8th March 2017 · 1 min read
China Data Response FX reserves (Feb.) The rise in China’s foreign exchange reserves last month suggests that the People’s Bank purchased foreign exchange in February and that capital outflows stalled. But the picture is murkier than usual... 7th March 2017 · 1 min read
China Data Response PMIs (Feb.) February’s PMI readings suggest that the recent pick-up in global demand is keeping China’s recovery mostly intact for now. 1st March 2017 · 1 min read
China Data Response Bank Lending & Broad Credit (Jan.) The huge increase in net new lending in China last month was seasonal. Growth in outstanding loans actually slowed to a ten-year low in January. Broad credit growth also slowed last month and is set... 14th February 2017 · 1 min read
China Data Response Consumer & Producer Prices (Jan.) Consumer and producer price inflation both accelerated last month. But we expect both to peak soon and think hopes for a sustained reflation in China will be disappointed. 14th February 2017 · 1 min read
China Data Response Trade (Jan.) Headline trade growth jumped in January. Seasonal factors played a large part but underlying demand also appears to have strengthened. 10th February 2017 · 1 min read
China Data Response FX reserves (Jan.) China’s foreign exchange reserves are now worth less than $3trn for the first time since 2011. That said, they remain sufficiently large not to warrant any immediate concerns over the sustainability... 7th February 2017 · 1 min read
China Data Response Caixin Manufacturing PMI (Jan.) Today’s Caixin manufacturing PMI reading was less upbeat than the official PMI reading published a couple of days ago and suggests that the Chinese economy, while still holding up well, may have lost... 3rd February 2017 · 1 min read
China Data Response Official PMIs (Jan.) Today’s PMI readings suggest that China’s economy continued to perform well last month, though we doubt the current strength will be sustained for much longer. 1st February 2017 · 1 min read
China Data Response GDP (Q4) & Activity & Spending (Dec.) GDP growth edged up last quarter, though few still take the official figures at face value. Our own measure of economic activity points to a much more pronounced recovery but one that is unlikely to... 20th January 2017 · 1 min read
