Our China Activity Proxy shows that China’s economy slowed in October, driven by weaker services sector activity. And the rebound in the trade-weighted exchange rate looks to have weighed on exports, which contracted in y/y terms. We think exports will start rising again soon. Still, the continued drag from the property sector as well as a fading fiscal tailwind will keep economic growth in the region of just 3% y/y, although official figures are likely to continue to show growth of around 5% y/y.