China+ Datanote: Wages, Japan, May

In one line : Japanese wage growth is not as weak as it looks, the wage slump was mostly about bonuses.

China+ Datanote: Caixin Services PMI, China, June

In one line: China’s services momentum cools amid property drag and post-holiday blues; Caixin composite PMI signals softer Q2 GDP.

11 July 2025 China+ Monitor The BoK paused easing cycle in July due to financial stability worries

• The BoK kept the policy rate unchanged in July, citing concerns over trade policy and Seoul’s housing market.
• The MPB was torn, focusing its decision on trade- induced growth worries versus financial stability risk.
• We expect the Bank to resume rate-cutting once apartment prices show signs of easing in Seoul.

4 July 2025 China+ Monitor Hong Kong dollar peg here to stay, despite talk of its demise

• The HKMA intervened again on Wednesday to defend the currency peg, which has been in place since 1983.
• The LERS is a double-edged sword: Hong Kong loses monetary policy freedom but gains stability.
• Any talk of re-pegging the HKD is premature; China and HKSAR are not yet an Optimal Currency Area.

China+ Datanote: Flash Manufacturing PMI, Japan, June

In one line: Japan's manufacturing PMI rebound on stockpiling activity, but domestic demand softens

China+ Datanote: Flash Services PMI, Japan, June

In one line: Japan's services business activity grow faster in June, but slowing input cost increase bode ill for wage growth

China+ Datanote: Preliminary Current Account, China, Q1

In one line: China’s current account balance holds up in Q1, but deterioration likely in Q2.

China+ Datanote: Preliminary GDP, Japan, Q1

In one line: Japan’s GDP shrinks for the first time in a year, reinforcing the BoJ's wait-and-see stance.

China+ Datanote: 20 Day Exports, Korea, June

In one line: Korea's 20-day exports rebound in June on front loading ahead of reprieve expiry

China+ Datanote: National CPI, Japan, May

In one line: Japan's core inflation surprised on the upside, but unlikely to sway BoJ into hiking mode

June 2025 - China+ Chartbook

• - CHINA’S FLAGGING GROWTH TO PROMPT POLICY TWEAKS
• - BOJ OPTS FOR PRAGMATIC MIDDLE PATH ON BOND-BUYING
• - BOK LIKELY TO EASE, DESPITE CURRENCY WORRY