China Data Response Trade & FX Reserves (Jul.) Today’s trade data disappointed, with stronger manufacturing activity among many of China’s key trading partners failing to lift export growth and import growth falling on the back of the renewed drop... 8th August 2016 · 1 min read
China Data Response PMIs (Jul.) Today’s better-than-expected PMI data are consistent with our view that we should see a policy-driven pick-up in growth during the second half of this year. 1st August 2016 · 1 min read
China Data Response Bank Lending & Broad Credit (Jun.) Credit is still expanding at a fast enough pace to provide support to the economy over the next couple of quarters. However, today's figures provided signs that the boost to credit growth from policy... 15th July 2016 · 1 min read
China Data Response Q2 GDP & June Activity While China is almost certainly expanding at a slower rate than its GDP data suggest, rapid state sector investment does appear to have kept growth broadly stable last quarter. Growth is more likely... 15th July 2016 · 1 min read
China Data Response Trade (Jun 2016) China’s trade data for June point to further tepid growth in global demand and steady growth in imports in volume terms, helped by continued healthy growth in demand for commodities. 13th July 2016 · 1 min read
China Data Response Consumer & Producer Prices (Jun.) Consumer price inflation declined slightly last month, owing to a drop in food inflation. Looking ahead, while we expect inflation in coming months to be close to the rates seen so far this year... 11th July 2016 · 1 min read
China Data Response FX reserves (Jun.) The surprise increase in the value of China’s foreign exchange reserves last month could be the result of the People’s Bank marking to market the value of some reserve assets at the end of June, in... 7th July 2016 · 1 min read
China Data Response PMIs (Jun.) The manufacturing PMIs continue to disappoint. But given the recent resilience of the service sector and signs of strength in construction, we still aren’t overly concerned about the near-term outlook... 1st July 2016 · 1 min read
China Data Response Bank Lending & Broad Credit (May) After accelerating since mid-2015, credit growth now appears to be stabilising. It may start to slow before long given that policymakers have in recent months refrained from further monetary easing. 15th June 2016 · 1 min read
China Data Response Activity & Spending (May) Industrial activity remained stable last month but a further slowdown in private sector investment raises concerns about the medium term outlook. 13th June 2016 · 1 min read
China Data Response Consumer & Producer Prices (May) Consumer price inflation edged down last month but remains at a healthy level. Meanwhile, producer prices continue to recover faster than anticipated on the back of rebounding commodity prices, easing... 9th June 2016 · 1 min read
China Data Response Trade (May) China’s exports remain weak on the back of subdued external demand. But at the same time, recovering commodity prices and relatively resilient domestic demand are driving a recovery in import growth. 8th June 2016 · 1 min read
China Data Response PMIs (May) The PMI readings for May were underwhelming. Although they suggest that activity held up reasonably well last month, they also offer few signs of improvement. 1st June 2016 · 1 min read
China Data Response Activity & Spending (Apr.) Investment and retail sales softened last month but industrial output still looks healthy relative to Q1 and the property sector remains buoyant. With credit growth still accelerating we think the... 16th May 2016 · 1 min read
China Data Response Hong Kong GDP (Q1) Hong Kong’s economy contracted in Q1, with output dragged down by falls in exports and household spending. We don’t expect a major rebound in the quarters ahead as interest rates rise further and the... 13th May 2016 · 1 min read
China Data Response Bank Lending & Broad Credit (Apr.) Many have rushed to interpret today’s below-consensus lending and credit data as signalling that a shift in policymakers’ focus back to controlling credit risks is already having an impact. While that... 13th May 2016 · 1 min read
