Asia Economics Update MAS tightening and strong economy will support SGD The Monetary Authority of Singapore (MAS) tightened monetary policy again at its meeting today. With growth set to remain strong and core inflation likely to stay elevated, we expect the MAS to... 14th April 2022 · 3 mins read
China Data Response China Trade (Mar.) Goods trade dropped back sharply last month. While disruptions from the latest COVID-19 outbreak are partly to blame, shifts on the demand-side played a bigger role. 13th April 2022 · 3 mins read
China Data Response China Bank Lending & Broad Credit (Mar.) Broad credit growth was much stronger than expected last month amid increased policy support. With more easing on the horizon, we expect a further acceleration although a sharp pick-up in lending... 11th April 2022 · 2 mins read
China Data Response China Consumer & Producer Prices (Mar.) Factory gate inflation picked up last month, though this was masked in the headline figures by base effects. Consumer prices continued to rise as well. Although the price of some goods will stay high... 11th April 2022 · 2 mins read
China Economics Weekly Housing market revival delayed by outbreak Prior to the latest COVID-19 outbreak, China’s housing market had appeared on the cusp of a rebound. But movement restrictions and weaker consumer confidence have since caused home sales to slump... 8th April 2022 · 7 mins read
China Economics Weekly Services suffering Incoming data over recent days have been worse than generally expected and probably still don’t fully reflect the extent of current economic disruption in China. The week has ended with some positive... 1st April 2022 · 4 mins read
China Data Response China Caixin Manufacturing PMI (Mar.) The Caixin manufacturing index published today fell under 50 last month as measures to contain the latest virus outbreak weighed heavily on industry and, taken together with the official survey... 1st April 2022 · 3 mins read
China Chart Pack Waiting for action Efforts to stabilise China’s financial markets have been a short term success. Although in aggregate March was one of the worst months on record for portfolio outflows from onshore markets, there were... 31st March 2022 · 12 mins read
China Data Response China Official PMIs (Mar.) The surveys add to growing evidence of a large blow to service sector activity amid the latest virus surge. The hit to industry looks to have been much more modest. But even so, the economy is in the... 31st March 2022 · 3 mins read
China Economics Weekly Omicron continues to take a toll Virus cases remain elevated and although authorities appear to be identifying and isolating a rising share of infections, new outbreaks are still popping up in parts of the country. The resulting... 25th March 2022 · 5 mins read
China Activity Monitor A stronger start to 2022 gives way to fresh weakness Our China Activity Proxy (CAP) suggests that the economy started the year on a stronger footing than it ended 2021. But these gains are already being derailed by China’s worst virus outbreak since... 22nd March 2022 · 3 mins read
China Economics Weekly Liu reassures market, lockdowns to stay targeted Liu He's promise this week to be more considerate to market investors in how new policies are communicated and implemented doesn't constitute a fundamental change of direction. Meanwhile, the risk of... 18th March 2022 · 5 mins read
China Data Response China Activity & Spending (Jan. & Feb.), PBOC Rates (Mar.) Activity data for the first two months of the year was stronger than anticipated, which probably explains why the People’s Bank (PBOC) unexpectedly kept its policy rates on hold today. But the economy... 15th March 2022 · 4 mins read
China Economics Weekly The near-term outlook has deteriorated The National People’s Congress concluded today with a pledge of policy support for the ailing economy from Premier Li. The next dose could come next week, when the PBOC has a chance to lower its MLF... 11th March 2022 · 6 mins read
China Data Response China Trade (Jan. & Feb.) Trade volumes remained strong last month but are likely to soften over the coming quarters as China’s import-intensive construction sector cools further and rising inflation dampens demand for... 7th March 2022 · 3 mins read
China Economics Weekly Hong Kong underlines risks of zero-COVID opening Mainland China and Hong Kong both have high vaccination rates in aggregate. But they share a common weakness in having few of their elderly vaccinated. A surge in deaths in Hong Kong is now... 4th March 2022 · 7 mins read
