China Economics Update New light on government borrowing Reforms just agreed should drastically reduce off-budget borrowing by local governments and make it much easier to monitor the build-up of government debt. These moves are long overdue but the fact... 3rd 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 Economics Update Renminbi regaining lost ground Renminbi appreciation is back in full swing but upwards momentum in Chinese equities appears to have faltered in August following a string of weak data releases. 29th August 2014 · 1 min read
China Economics Update On the cusp of another slowdown? China’s economy continues to face headwinds, particularly from the property sector. But the key lesson from recent months is that policymakers have plenty of tools at their disposal to shore up growth... 28th August 2014 · 1 min read
China Activity Monitor Economy loses momentum coming into Q3 Our China Activity Proxy (CAP) adds to evidence elsewhere that growth slowed in July after a strong end to Q2. Construction of affordable housing has helped shore up activity in the property sector... 22nd August 2014 · 1 min read
Global Economics Update Global economy too reliant on the US Preliminary business surveys for August, which were published by Markit today, suggest that growthcontinues to be sluggish in Japan and the euro-zone and that China’s economy is slowing. In contrast... 21st August 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
China Chart Pack Constraints on banks, not demand, behind loan slump A record RMB2.0trn fall in bank deposits in July, which put pressure on banks’ loan-to-deposit ratios (LDRs), appears to have been the main factor behind last month’s weakness in lending. LDRs are a... 19th August 2014 · 1 min read
China Economics Update Hong Kong's economy should rebound from Q2 drop Hong Kong's economy contracted in the second quarter, due to weak domestic demand and services exports, but an expected pick-up in the global economy should underpin a rebound over the coming quarters... 15th August 2014 · 1 min read
Commodities Update Can China’s steel producers export their way out of trouble? Despite weak domestic demand, China’s steel industry continues to raise output. Exports are providing an outlet for some of the oversupply, but this is only a partial solution. Prices will remain... 14th August 2014 · 1 min read
China Economics Update A softer start to Q3 Today’s data on lending, output and spending for July suggest that, after a strong Q2, China’s economy slowed at the start of Q3. Policymakers are likely to continue to provide targeted support to... 13th August 2014 · 1 min read
Commodities Update Soybean imports likely to fall next month China’s imports of key commodities were mixed in July, reflecting opportunisticbuying, the slowdown in the property sector and lower import activity related tofinancing deals. 8th August 2014 · 1 min read
China Data Response Trade (Jul.) China’s trade surplus in July rebounded to a record high on the back of strong export demand and a fall in import growth. With export demand set to remain strong as the global recovery gains momentum... 8th August 2014 · 1 min read
Emerging Markets Economics Update Emerging Market Consumer Snapshot (Q3 2014) Having slowed over the past couple of years, there are signs that consumer spending in some parts of the emerging world is starting to recover. However, the pick-up has so far been confined to EMs in... 7th August 2014 · 1 min read
China Economics Update Inflation Monitor (Aug.) Headline inflation looks set to remain roughly stable in the near term. Although it is likely to rise again over the next few quarters on the back of rising pork prices and an increase in utility... 6th August 2014 · 1 min read
Emerging Markets Economics Update Asia drives rebound in EM manufacturing According to the latest batch of PMI data, manufacturing activity across the emerging world strengthened in July supported largely by a continued improvement in Emerging Asia, in particular China... 4th August 2014 · 1 min read
