China Data Response Bank Lending & Broad Credit (Oct.) Broad credit growth continued to slow in October, supporting our view that, despite recent liquidity injections, the People’s Bank (PBOC) is seeking to keep credit growth on a downward trajectory. 14th November 2014 · 1 min read
China Data Response Fixed investment, industrial output, retail sales (Oct.) Today's activity and spending data have brought further evidence that Q4 has got off to a slow start. But with President Xi sounding relaxed about the prospect of a drop to 7% GDP growth, a shift in... 13th November 2014 · 1 min read
China Data Response Trade & Inflation (Oct.) Over-invoicing continues to distort both China's exports and its imports, but the underlying picture is of healthy foreign demand and subdued demand at home. Meanwhile, the inflation data have... 10th November 2014 · 1 min read
China Data Response Manufacturing PMIs (Oct.) Although the PMIs diverged in October, the breakdown of both is consistent with cooling domestic demand and a further slowdown in growth going into Q4. 3rd November 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Oct.) Today's PMI reading supports our view that the labour market remains healthy. That said, it also suggests that cooling domestic demand is still putting downward pressure on growth going into Q4. 23rd October 2014 · 1 min read
China Data Response Q3 GDP & September Activity Data Today's data suggest that slowing investment, particularly in the property sector, continues to put downwards pressure on growth. That said, healthy consumption growth and strong foreign demand mean... 21st October 2014 · 1 min read
China Data Response Lending, credit (Sep.) & FX reserves (Q3) Credit growth slowed further last month, on the back of continued efforts by policymakers to address credit risks. Meanwhile, the fall in China's FX reserves reflects a stronger dollar, not FX sales... 16th October 2014 · 1 min read
China Data Response Consumer & Producer Prices (Sep.) Although today's inflation data suggest that broad price pressures remain subdued, we aren't yet concerned about deflation risks. Rising pork prices mean the fall in food inflation last month is... 15th October 2014 · 1 min read
China Data Response Trade (Sep.) The September trade data suggest that foreign demand remains healthy, albeit probably not as strong as the pick-up in export growth suggests. Import growth also strengthened but it was driven by a... 13th October 2014 · 1 min read
China Data Response Official Manufacturing PMI (Sep.) Today's official PMI suggests that while conditions have held up better than many had expected on the back of healthy foreign demand, the cooling property sector has continued to weigh on economic... 1st October 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Sep.) Today's PMI reading suggests that conditions in the manufacturing sector have held up better than expected recently on the back of healthy export demand. That said, the economy still faces significant... 23rd September 2014 · 1 min read
China Data Response Bank Lending & Broad Credit (Aug.) Broad credit growth continued to slow in August. However, a rebound in net new bank loans last month suggests that concerns about weak demand for credit, following a collapse in lending in July, were... 12th September 2014 · 1 min read
China Data Response Consumer & Producer Prices (Aug.) Today's inflation data suggest that price pressures remain subdued due to falling commodity prices and a relatively neutral monetary policy stance. As a result, even though pork prices and utility... 11th September 2014 · 1 min read
China Data Response Trade (Aug.) Stronger-than-expected export growth for August points to healthy foreign demand. In contrast, weaker-than-expected import growth suggests that cooling investment, particularly in the property sector... 8th September 2014 · 1 min read
China Data Response Manufacturing PMIs (Aug.) Today's PMI readings suggest that economic activity softened further last month. That said, policymakers are rolling out new measures to offset some of this downwards pressure and ensure a gradual... 1st September 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Aug.) Today's PMI reading points to cooling conditions in the manufacturing sector on the back of moderating policy support and weak lending activity last month. But with lending set to recover this month... 21st August 2014 · 1 min read
