China Data Response

Bank Lending & Broad Credit (Dec.)

Bank lending in China jumped last month as higher bond yields encouraged firms to turn to banks rather than capital markets for funding. However, broad credit continued to slow.

12th January 2017 · 1 min read

China Data Response

Consumer & Producer Prices (Dec.)

A drop in food inflation pulled down headline consumer price inflation in December. We expect it to leap in January, but the increase is unlikely to be a major concern for policymakers.

10th January 2017 · 1 min read

China Data Response

Bank Lending & Broad Credit (Nov.)

The jump in new lending last month was largely seasonal. Broad credit growth did pick up slightly but the increase was small and is unlikely to elicit a major policy response.

14th December 2016 · 1 min read

China Data Response

Activity & Spending (Nov.)

Another set of broadly positive data suggest that China is on track to end this year on a strong note. But signs that the property sector may now be entering a correction add weight to our view that...

13th December 2016 · 1 min read

China Data Response

Consumer & Producer Prices (Nov.)

Consumer and producer price inflation both accelerated last month. Rather than exporting deflation as many had previously feared, China is now a source of global inflationary pressure.

9th December 2016 · 1 min read

China Data Response

Trade (Nov.)

Better-than-expected trade data out of China today reflects both an uptick in global demand as well as the continued strength of the domestic economy.

8th December 2016 · 1 min read

China Data Response

FX reserves (Nov.)

A big decline in China’s FX reserves last month confirms that the People’s Bank had to step up intervention in the face of a surging US dollar and more rapid capital outflows.

7th December 2016 · 1 min read

China Data Response

PMIs (Nov.)

Although the divergence in the official and unofficial manufacturing PMIs last month suggests that some firms are faring better than others, the data nonetheless signal that China’s recovery remains...

1st December 2016 · 1 min read

China Data Response

Activity & Spending (Oct.)

The latest data for industrial production and retail sales undershot expectations but a closer look at the underlying data on output volumes suggests that the recent recovery in economic activity has...

14th November 2016 · 1 min read

China Data Response

Bank Lending & Broad Credit (Oct.)

The drop in new lending last month was seasonal and does not reflect a shift in broad credit growth, which was stable in October. This stability may not last, however, and we expect credit growth to...

11th November 2016 · 1 min read

China Data Response

Hong Kong GDP (Q3)

Hong Kong’s economy is currently growing close to trend, despite continued subdued growth in exports. The overheated property market remains the major concern, with the recent rebound in prices after...

11th November 2016 · 1 min read

China Data Response

Consumer & Producer Prices (Oct.)

Consumer and producer prices are both rising at a comfortable pace, with worries over deflation fading into the distance.

9th November 2016 · 1 min read

China Data Response

Trade (Oct.)

Imports continue to recover, helped by the recent strength of domestic demand, but exports remain subdued. With both global and domestic growth unlikely to accelerate much further, the medium-term...

8th November 2016 · 1 min read

China Data Response

FX reserves (Oct.)

The biggest decline in the value of China’s foreign exchange reserves since the start of the year has more to do with movements in exchange rates and asset prices than sales by the People’s Bank...

7th November 2016 · 1 min read

China Data Response

PMIs (Oct.)

Today’s better-than-expected PMI readings, which are the strongest in over two years, are a welcome sign that the recent cyclical recovery continued to gain momentum going into Q4. The caveat is that...

1st November 2016 · 1 min read