China Data Response China Bank Lending & Broad Credit (Dec.) Broad credit growth picked up again in December amid increased policy support. We think lending will continue to rebound in the coming months although officials are likely to prevent a sharp jump. 12th January 2022 · 2 mins read
China Data Response China Consumer & Producer Prices (Dec.) Chinese inflation dropped back last month, consistent with our view that the acceleration in price gains in earlier months would prove temporary. We think factory-gate inflation will continue to... 12th January 2022 · 2 mins read
China Data Response China PMIs (Dec.) The latest surveys suggest that the pace of industrial growth picked up by more than expected last month. This was largely thanks to improving supply chain conditions and lower raw material prices... 4th January 2022 · 4 mins read
China Data Response China Activity & Spending (Nov.) Industry in China continued to rebound last month from disruptions caused by power shortages while the recovery in services activity was held back by renewed virus outbreaks. A new COVID outbreak in... 15th December 2021 · 4 mins read
China Data Response China Bank Lending & Broad Credit (Nov.) Broad credit growth edged up for the first time in nine months in November. Given increased policy support we think the recent slowdown in lending has come to an end. But we think officials will seek... 9th December 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (Nov.) Consumer price inflation rose above 2% for the first time in over a year last month. But this was almost entirely due to food prices. Core inflation remains subdued and producer prices have levelled... 9th December 2021 · 2 mins read
China Data Response China Trade (Nov.) Exports and imports beat expectations last month thanks to stronger demand and easing semiconductor shortages. In the near-term, the emergence of the Omicron variant is likely to support demand for... 7th December 2021 · 3 mins read
China Data Response China Caixin Manufacturing PMI (Nov.) The Caixin manufacturing index published today slipped under 50 last month on the back of softer domestic demand. This contrasts with the official survey released yesterday. Taken together, the... 1st December 2021 · 3 mins read
China Data Response China Official PMIs (Nov.) The official PMIs suggest that industrial activity rebounded this month thanks to easing disruptions from power shortages while a renewed virus flare-up held back the recovery in services. And while... 30th November 2021 · 3 mins read
China Data Response China Activity & Spending (Oct.) Industrial growth rebounded last month as energy shortages eased. But this pick-up is likely to be short-lived given the deepening downturn in property construction. And while retail sales also... 15th November 2021 · 3 mins read
China Data Response China Bank Lending & Broad Credit (Oct.) Broad credit growth levelled off in October having previously decelerated to its slowest pace since December 2005. There are some signs that PBOC policy is turning more supportive in response to... 10th November 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (Oct.) Producer price inflation continued to surge and reached a new high last month. But this largely reflects temporary disruption in a handful of industries from energy shortages, which are already easing... 10th November 2021 · 3 mins read
China Data Response China Trade (Oct.) Exports continued to soar last month while imports took another leg down despite directives to raise coal supply amid power rationing. As a result, the trade surplus reached its highest level since... 8th November 2021 · 3 mins read
China Data Response Hong Kong GDP (Q3 Preliminary) Hong Kong’s economy largely treaded water last quarter, with weaker exports and investment meaning the rebound from Q2’s downturn was much more tepid than expected. The pace of recovery is likely to... 1st November 2021 · 2 mins read
China Data Response China PMIs (Oct.) The manufacturing PMIs diverged again this month. But the big picture is that power rationing and supply shortages continued to constrain output and push up prices. 1st November 2021 · 4 mins read
China Data Response China GDP (Q3), Activity & Spending (Sep.) In q/q terms, official GDP growth slowed to a crawl last quarter. And our China Activity Proxy points to a sharp contraction. Although some of the recent weakness in services is now reversing... 18th October 2021 · 3 mins read
