Commodities Focus

China’s gold rush has much further to run

Against the backdrop of central bank buying, strong physical gold demand, and a surge in ETF holdings, China appears to have been a key driver of the rally in gold prices earlier this year. Looking...

29th August 2024 · 16 mins read

China Rapid Response

PBOC buys bonds today but will be selling soon

The PBOC has just revealed that it purchased RMB400bn of government bonds from primary dealers today. This might seem like an odd move given that the central bank has spent recent months trying to...

29th August 2024 · 2 mins read

China Economics Update

PBOC at the mercy of leadership’s muddled priorities

The PBOC appears poised to step up its efforts to prevent bond yields from falling, even though lower borrowing costs would help the economy right now. The inconsistencies in its policy approach are...

29th August 2024 · 6 mins read

Australia & New Zealand Rapid Response

Australia Monthly CPI Indicator (Jul. 2024)

28th August 2024 · 2 mins read

India Chart Pack

India Chart Pack (August 2024)

The economy is on course to grow by 6.5-7% per year between 2024 and 2026, which would put India on course to become the world’s third-largest economy in the next couple of years. Headline CPI...

27th August 2024 · 1 min read

FX Markets Update

We think Asian currencies’ rallies will slow, not stop

We expect most Asian currencies to make further gains against the US dollar over time, even if their biggest rallies may now be behind them.

27th August 2024 · 5 mins read

Japan Economics Update

Producer price inflation set to slow further

The persistent strength in producer price inflation probably still mostly reflects the lagged influence of the surge in import costs rather than any pick-up in wage growth. If the yen keeps...

26th August 2024 · 4 mins read

Japan Chart Pack

Japan Chart Pack (Aug. 2024)

Our Japan Chart Pack has been updated with the latest data and our analysis of recent developments. Wage growth is starting to outpace inflation and with real incomes rising, the rebound in consumer...

26th August 2024 · 1 min read

Europe Economics Weekly

No need to cry over subsidised milk

This week’s EU-China spat over EV and dairy duties was interpreted by the EU’s Chief diplomat as a sign that a trade war may be “unavoidable”, but we think it is actually evidence that both sides will...

23rd August 2024 · 8 mins read

China Economics Weekly

Officials ease price controls, mull direct homebuying

Allowing local governments to use special bond issuance to directly purchase unsold homes could address the lack of SOE participation in the current property destocking scheme. But this approach would...

23rd August 2024 · 4 mins read

India Economics Weekly

Debate over inflation target misses the point

A longstanding debate in Indian policymaking circles over which measure of consumer price inflation - headline or core - the RBI should target has been reignited in recent weeks. But the more...

23rd August 2024 · 4 mins read

Japan Economics Weekly

Too early to declare end of tightening cycle

Bank of Japan Governor Ueda’s view that financial markets remain unstable suggests that the Bank may not raise rates as soon as October as we’re anticipating. However, Ueda reiterated that the Bank...

23rd August 2024 · 4 mins read

Australia & New Zealand Economics Weekly

RBA will look past buoyant public demand

We are resending this publication because we have adjusted our forecast for the monthly CPI indicator due next week. The minutes of the RBA's August meeting revealed that the Bank remains concerned...

23rd August 2024 · 4 mins read

Asia Economics Weekly

Taiwan defies dovish shift among Asia’s central banks

The common theme across the three central bank meetings in Asia this week was that inflation concerns are fading, partly due to a rebound in currencies, and policymakers appear a bit more concerned...

23rd August 2024 · 5 mins read

Japan Rapid Response

Japan Consumer Prices (July 24)

With underlying inflation falling below 2% for the first time since 2022 and set to decline further, the case for further monetary tightening is starting to diminish.

23rd August 2024 · 2 mins read