China Rapid Response Bank Lending & Broad Credit (Aug.) China’s bank loan growth stabilised in August after declining for three consecutive months, and broad credit growth edged up from July’s record low. We think that policy easing could drive a modest... 11th September 2023 · 3 mins read
China Rapid Response Consumer & Producer Prices (Aug.) CPI exited deflation in August, and PPI rose for the first time in nine months. Core inflation remained unchanged after hitting a 11-month high in July, while services inflation rose to its highest in... 11th September 2023 · 3 mins read
China Rapid Response China Trade (Aug.) China’s export values continued to contract in August but this mostly reflects lower prices. Export volumes continued to hold up well and are still above their pre-pandemic trend. We doubt this... 7th September 2023 · 3 mins read
China Rapid Response PMIs (Aug.) The PMI surveys suggest economic momentum stabilised in August after months of slowdown. Downward pressure on manufacturing activity appears to have dissipated, while construction activity accelerated... 31st August 2023 · 4 mins read
China Rapid Response Activity & Spending (Jul.) All the main activity indicators undershot consensus expectations in July, with most either stagnant or barely expanding in m/m terms. And with financial troubles at developers such as Country Garden... 15th August 2023 · 4 mins read
China Rapid Response Policy Rates (Aug.) The PBOC has lowered its policy rates for the second time in three months, amid growing concerns among policymakers about the health of China’s economy. A larger-than-usual MLF cut had hinted at a... 15th August 2023 · 4 mins read
China Rapid Response Bank Lending & Broad Credit (Jul.) China’s bank loan growth fell to its lowest in seven months in July, while broad credit growth dropped to a record low. We expect further policy rate cuts and a spike in government bond issuance in... 11th August 2023 · 3 mins read
China Rapid Response Consumer & Producer Prices (Jul.) CPI joined PPI in deflationary territory last month. But this was due to a sharp drop in food inflation caused by base effects. More importantly, core inflation rose to its highest since January and... 9th August 2023 · 3 mins read
China Rapid Response China Trade (Jul.) Chinese exports contracted in July by the most since the start of the pandemic. But the recent declines mostly reflect lower prices rather than volumes, which are still well above their pre-pandemic... 8th August 2023 · 3 mins read
China Rapid Response Hong Kong GDP (Q2 Preliminary) Hong Kong’s GDP contracted in q/q terms in Q2, underperforming most expectations. A sharp fall in government spending and further struggles in the trade logistics sector more than outweighed a... 31st July 2023 · 3 mins read
China Rapid Response PMIs (Jul.) The PMI surveys suggest that China’s economic recovery continued to lose momentum in July. Downward pressure on manufacturing intensified, construction activity decelerated sharply, and services... 31st July 2023 · 3 mins read
China Rapid Response Politburo Meeting (Jul. 23) The readout of the Politburo’s quarterly meeting on economic affairs has just been published by state media. It struck a dovish tone but fell short of delivering any major new announcements. 24th July 2023 · 3 mins read
China Rapid Response GDP (Q2) & Activity (Jun.) GDP growth slowed more quickly than expected in Q2 due to a rapid fizzling out of the reopening boost. Continued weakness in the property sector, possible loosening in the labour market and few signs... 17th July 2023 · 4 mins read
China Rapid Response China Trade (Jun.) Chinese exports contracted year-on-year in June by the most since March 2020, with export volumes falling to a 6-month low. And with the global downturn in goods demand continuing to weigh on exports... 13th July 2023 · 3 mins read
China Rapid Response Bank Lending & Broad Credit (Jun.) Although stronger than most had expected, bank loan growth still fell to its lowest in five months in June, while broad credit growth dropped to a record low. The continued deceleration adds to the... 11th July 2023 · 3 mins read
China Rapid Response Consumer & Producer Prices (Jun.) Producer price deflation deepened further last month to its lowest in more than seven years, and consumer price inflation dropped to a 28-month low of 0%. Core inflation continued to fall as the... 10th July 2023 · 3 mins read
