China Activity & Spending (Jan. & Feb.), PBOC Rates (Mar.)

Activity data for the first two months of the year was stronger than anticipated, which probably explains why the People’s Bank (PBOC) unexpectedly kept its policy rates on hold today. But the economy looks set to come under renewed pressure over the coming months amid China’s worst COVID-19 outbreak since Wuhan. As such, we think it’s only a matter of time before the PBOC resumes its rate cuts.

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