Strong hints from the People’s Bank that it is shifting the focus of its exchange rate management to a trade-weighted currency basket have intensified expectations of further renminbi declines. But...

China’s activity data for November provide further evidence that policy easing has helped to stabilise the economy. We continue to expect conditions to improve over the coming months.

The People’s Bank appears to be shifting its management of the renminbi to tracking a currency basket rather than the dollar. While some will see this as cover for currency devaluation, we suspect the...

Sentiment on China’s economic outlook remains downbeat with most anticipating a deeper downturn next year. In contrast, we think developments could surprise to the upside.