China’s government has launched a new “Special Action Plan” to support consumption. Talk of prioritising consumption is encouraging on paper. But the leadership has been talking about this since a...

China’s economy appears to have slowed last month, likely due to a pullback fiscal borrowing. We expect a renewed pick-up later this year as fiscal support ramps up again. But any near-term...

Two-year government bond yields in China are now 25bp higher than they were when the PBOC adopted an apparently more dovish “moderately loose” stance late last year. There have been no policy rate...

While bank loan growth continued to slow to record lows in February, that was more than offset by stronger growth in non-bank credit. Strong government bond issuance should continue to provide a prop...