The export data published by China’s customs bureau appear to have become less reliable recently and subject to unusually large revisions. Alternative indicators suggest that the true level of exports...

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...

Consumer price inflation slipped into negative territory in July. But this probably won’t last more than a quarter or two and has less to do with the health of domestic demand than many think...

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...