China Data Response Bank Lending & Broad Credit (Apr.) In the face of calls for stimulus, China’s government appears comfortable with a continued slowdown in credit growth. 12th May 2014 · 1 min read
China Data Response Consumer & Producer Prices (Apr 14.) Worries about deflation following the release of today’s price data from China are overdone. Last month's drop in consumer price inflation was due to a sharp fall of vegetable price inflation, which... 9th May 2014 · 1 min read
China Data Response Trade (Apr.) Today's trade data are more upbeat about the state of foreign demand than the recovery in the headline numbers suggests. If we strip out exports to Hong Kong and Taiwan, which were most affected by... 8th May 2014 · 1 min read
China Data Response Official Manufacturing PMI (Apr 14.) Today’s second successive pick-up in the official PMI is another piece of evidence that economic conditions have stabilised somewhat recently. This should ease concerns of an imminent hard landing... 1st May 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Apr.) Today's PMI reading suggests that while conditions in the manufacturing sector continue to weaken, they are no longer deteriorating as rapidly as before. It adds to growing evidence that, with... 23rd April 2014 · 1 min read
China Data Response Lending, credit (Mar.) & FX reserves (Q1) Despite a surge in bank loans and relatively loose interbank liquidity conditions in March, today's data show that the credit slowdown is still on track. Meanwhile, although the foreign exchange... 15th April 2014 · 1 min read
China Data Response Consumer & Producer Prices (Mar.) Despite a seasonal pick-up in food inflation, today's data provide further evidence that general price pressures remain subdued. 11th April 2014 · 1 min read
China Data Response Trade (Mar 14.) Today's trade data should be interpreted with care, as sharp contractions in trade with Hong Kong and Taiwan appear to be distorting the broader picture. Exports to other regions actually grew 7.8% y... 10th April 2014 · 1 min read
China Data Response Manufacturing PMIs (Mar.) Taken at face value, today's PMIs appear to offer conflicting messages. In practice however, their divergence provides useful clues into the state of the manufacturing sector, suggesting that large... 1st April 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Mar.) Today's weak PMI reading is the latest sign that slowing credit and investment growth are weighing on domestic demand. That said, with no sign of stress in the labour market, the slowdown does not yet... 24th March 2014 · 1 min read
China Data Response Bank Lending & Broad Credit (Feb.) Despite looser monetary conditions in China and concerns that the government is adopting a more “pro-growth” stance, today’s data show that credit has continued to slow. 10th March 2014 · 1 min read
China Data Response Manufacturing PMIs (Feb.) The latest PMI surveys confirm the continued slowdown in manufacturing. We think the outlook for the sector remains downbeat. Despite the recent surge in liquidity we suspect that policymakers will... 3rd March 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Feb.) Despite uncertainty surrounding the seasonal impact of Chinese New Year, today's downbeat PMI suggests that conditions in the manufacturing sector continue to deteriorate. With no loosening of... 20th February 2014 · 1 min read
China Data Response Consumer & Producer Prices (Jan.) Chinese New Year usually delivers a spike in consumer price inflation, however inflation remained subdued in January. 14th February 2014 · 1 min read
China Data Response Trade (Jan.) China's exports did far better than expected in January. Over-invoicing as a way to evade capital controls is being touted as one explanation but we can't find much evidence of that – indeed, if... 12th February 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Jan.) Today's downbeat PMI suggests that the slowdown in China's manufacturing sector is accelerating. Tighter monetary conditions appear to be slowing domestic demand and will continue to weigh on growth... 23rd January 2014 · 1 min read
