China+ Publications
Below is a list of our China+ Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Daily Monitor
- Policymakers on Friday announced a raft of property support measures aimed at tackling oversupply...
- ...But the funding allocated to buy up unsold housing inventory is just the start, and more will be needed.
- In April, second-hand housing prices plunged at their steepest rate since September 2014.
Duncan WrigleyChina+
- Japan’s preliminary Q1 GDP surprised the market to the downside, with growth turning negative.
- Weak domestic demand, such as business investment and consumption, was the culprit.
- The sluggish growth does not warrant an early rate hike, as markets suggest; we stick to our Q4 call.
Kelvin Lam (Senior China+ Economist)China+
- China consumer prices rose in April, after volatility in Q1 caused by holidays and base effects.
- The CPI changes were driven by higher energy and core inflation, but domestic demand was still feeble.
- The PBoC will use “flexible, precise and effective” monetary policy to promote reflation.
Kelvin Lam (Senior China+ Economist)China+
- China’s Ministry of Finance yesterday announced ultra-long special-bond issuance will start on Friday.
- April’s credit data hit a wall, due to government-bond and bankers’ acceptances repayments .
- Rising government-bond issuance should lift bond yields and credit growth from May onwards.
Duncan WrigleyChina+
- China export growth bounced in April, thanks partly to receding high base from last year.
- Adjusted for seasonal factors, monthly exports actually steepened its fall, pointing to still fragile recovery.
- While exports share to US decreased over the years, those to Vietnam and Mexico are on the rise
Duncan WrigleyChina+
- April’s RMB343B PSL net repayment is probably related to the PBoC’s desire to cushion bond yields.
- The April Caixin services activity PMI barely slowed, a rosier picture than the drop in the official index.
- The Caixin index is tracking the service-sector output data better than the official index.
Duncan WrigleyChina+
- Korea’s April manufacturing PMI points to improving output and demand trends year-to-date.
- But burgeoning cost pressures are making firms cautious on hiring and inventory purchasing.
- The BoK is likely to worry about these cost pressures disrupting the slowing trend in consumer inflation.
Duncan WrigleyChina+
- Korea’s WDA exports have grown solidly in recent months, pointing to a sustained recovery in demand.
- Semiconductors accounted for 70% of growth in April; both US and Chinese demand was resilient.
- Weak currency played a role in supporting exports; the level of export values is still below that in 2022.
Kelvin Lam (Senior China+ Economist)China+
- Both China’s April PMIs agree that manufacturing output is going from strength to strength...
- ...But the official gauge shows demand fading slightly, while the Caixin indicates further robustness.
- It was announced at yesterday’s Politburo meeting the reform-oriented Third Plenum will be held in July.
Duncan WrigleyChina+
- China’s structural problems, notably in the property sector, are limiting the efficacy of interest rate cuts.
- But varied public views on the management of bond yields hint at a broader internal policy debate.
- Labour-market issues are compounded by credit constraints for private firms, especially SMEs.
Duncan WrigleyChina+
- The BoJ is likely to keep the policy rate unchanged, as Japan hasn’t attained sustainable inflation yet.
- Broad wage growth is likely to lag strong pay rises at large employers, while consumption looks soft.
- But building pressure on JPY will probably force the Bank to strike a more hawkish tone on future rates.
Duncan WrigleyChina+
- China’s loan prime rates were left unchanged in April after the PBoC’s earlier decision to hold the MLF.
- The PBoC has less room to cut rates in the near term as market bets on a delayed Fed cut rate increase.
- Early Korean export data show strong memory-chip demand; US shipments remain solid.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s exports grew solidly in March, thanks to burgeoning Chinese demand and a weaker JPY.
- Demand from the US and EU slowed, car-related shipments fell sharply, but chip exports soared.
- The export recovery will be safeguarded by the ICT upturn, while capital goods demand should improve.
Kelvin Lam (Senior China+ Economist)China+
- China’s Q1 GDP growth picked up, thanks to robust industrial output and consumer services spending.
- But a marked fall in industrial capacity utilisation points to burgeoning oversupply issues...
- …Fiscal stimulus should boost demand to mitigate the oversupply, eventually; meanwhile, PPI deflation.
Duncan WrigleyChina+
- The PBoC left the MLF rate unchanged yesterday, likely wary of currency pressure.
- Social financing growth slowed in March, due to soft domestic demand and lower bond issuance.
- Government-bond issuance is likely to pick up in Q2, the key plank of short-term growth support.
Duncan WrigleyChina+