The PBOC’s expanded open market operations effectively narrow the interest rate corridor for short-term interbank rates. This won’t have any immediate consequences for monetary conditions. But it does...

Both bank loan and broad credit growth hit a record low in June. While further fiscal loosening may provide some support to credit growth in the near-term, the continued weakness of the property...

Export values grew y/y at the fastest pace in 15 months, with export volumes hitting record highs. We think exports will stay robust in the near term despite increased Western tariffs. Import volumes...

The continued weakness of the renminbi and the yen against the US dollar despite the narrowing of interest rate differentials via-a-vis the US is something of a conundrum, but our sense remains that...