China Data Response China Trade (Jun.) Headline trade growth was stronger than expected last month, partly thanks to an increased supply of semiconductors. But exports remained below their recent peak and we still think shipments will... 13th July 2021 · 4 mins read
China Data Response China Bank Lending & Broad Credit (Jun.) Credit growth levelled off in June having previously decelerated to the pre-pandemic pace. We suspect this is a pause rather than an end to the slowdown – today’s RRR cut notwithstanding. Either way... 9th July 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (Jun.) After reaching a 12-year high in May, producer price inflation dropped back in June as the rally in global commodity prices faltered. Consumer price inflation declined too, on the back of a sharp drop... 9th July 2021 · 3 mins read
China Data Response China Caixin Manufacturing PMI (Jun.) The Caixin manufacturing index published today dropped back last month and adds to signs from the official PMI released yesterday that momentum in industry is waning. The surveys point to a levelling... 1st July 2021 · 2 mins read
China Data Response China Official PMIs (Jun.) The latest surveys suggest that growth softened this month. A slower improvement in services activity was mostly to blame. But supply shortages also continued to hold back output in the manufacturing... 30th June 2021 · 2 mins read
China Data Response China Activity & Spending (May) Headline growth on all the key indicators dropped back last month. But after adjusting for base effects the picture was more mixed, with investment slowing, industrial output growth holding steady and... 16th June 2021 · 4 mins read
China Data Response China Bank Lending & Broad Credit (May) Broad credit growth continued to slide in May and is now at its slowest since February last year. Evidence of policy tightening weighing on borrowing is clearest in bank loan growth which, apart from... 10th June 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (May) Producer price inflation continued to surge and reached its highest level since September 2008 last month, on the back of a further rise in global commodity prices. That said, there are some signs in... 9th June 2021 · 3 mins read
China Data Response China Trade (May) Headline trade growth remained elevated last month. But trade volumes dropped back in levels terms and, while supply constraints are partly to blame, there are signs that demand may have peaked too. 7th June 2021 · 3 mins read
China Data Response China Caixin Manufacturing PMI (May) Unlike the official PMI survey released yesterday, the Caixin manufacturing index published today rose last month. The key takeaway is that while output edged up on the back of still strong demand... 1st June 2021 · 2 mins read
China Data Response China Official PMIs (May) The latest surveys suggest that stronger construction activity nudged up overall growth this month and that supply shortages are pushing up prices even as final demand for manufactured goods appears... 31st May 2021 · 2 mins read
China Data Response China Activity & Spending (Apr.) Year-on-year growth on all indicators dropped back last month. This partly reflects a less flattering base for comparison. But current momentum was also a bit softer, especially for retail sales. We... 17th May 2021 · 3 mins read
China Data Response Bank Lending & Broad Credit (Apr.) Both bank lending and broad credit dropped off more sharply than most expected in April. Apart from during last year’s lockdown, loan growth hasn’t been this slow in nearly two decades. 12th May 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (Apr.) Producer price inflation was the strongest since October 2017 last month, as upstream price pressures remained significant due to supply constraints. This is feeding through to a rebound in consumer... 11th May 2021 · 2 mins read
China Data Response China Trade (Apr.) Headline trade growth picked up last month thanks to favourable base effects. But in seasonally-adjusted terms, exports continued to level off and the rebound in imports stalled. This partly reflects... 7th May 2021 · 3 mins read
China Data Response Hong Kong GDP (Q1 Preliminary) Hong Kong’s y/y GDP growth turned positive in Q1 for the first time since Q2 2019. Even after accounting for base effects, the economy expanded impressively thanks to the strength of exports. With the... 3rd May 2021 · 3 mins read
