China Rapid Response China Activity & Spending (May 2025) The US-China trade truce was not enough to prevent a broader loss of economic momentum last month. With tariffs set to remain high, fiscal support waning and structural headwinds persisting, growth is... 16th June 2025 · 2 mins read
China Rapid Response China Bank Lending & Broad Credit (May.) Bank loan growth continued to slow last month, but broad credit growth held steady, thanks to the continued strength of non-bank borrowing. With deflation keeping real lending rates elevated, despite... 13th June 2025 · 2 mins read
China Rapid Response China Merchandise Trade (May 2025) The slowdown in export growth in May should partially reverse this month, as it reflects the drop in US orders before the trade truce, which took time to feed through to actual shipments. But with... 9th June 2025 · 4 mins read
China Rapid Response China Consumer & Producer Prices (May 2025) Headline inflation remained in negative territory last month but core inflation continued to recover and is now at its highest in almost a year. This improvement looks fragile, however, and we still... 9th June 2025 · 2 mins read
China Rapid Response China PMIs (May 2025) The rise in the Caixin services PMI for May is reassuring and suggests that the US-China trade truce has boosted consumer and business sentiment. But it wasn’t enough to prevent the composite PMI from... 2nd June 2025 (Updated 5th June 2025) · 2 mins read
China Rapid Response China Loan Prime Rate (May 2025) Today’s reductions to both the one-year and five-year Loan Prime Rates (LPR) probably won’t be the last this year. But rate cuts are likely to remain modest as the PBOC appears to think they could... 20th May 2025 · 3 mins read
China Rapid Response China Bank Lending & Broad Credit (Apr.) Bank loan growth resumed its slowdown last month, but broad credit growth continued to accelerate on the back of a surge in government bond issuance. While monetary easing should help drive up private... 14th May 2025 · 2 mins read
China Rapid Response China Consumer & Producer Prices (Apr. 2025) Core inflation has recovered somewhat in recent months, even as headline inflation has slipped back into negative territory. But the outlook for underlying inflation is still deteriorating, with the... 11th May 2025 · 2 mins read
China Rapid Response China Merchandise Trade (Apr. 2025) Export growth slowed by less than most had anticipated in April, as the drop in export orders from the US is taking time to feed through to actual shipments and many exporters are also finding ways... 9th May 2025 · 3 mins read
China Rapid Response China PMIs (Apr. 2025) The drop in the Caixin services PMI mirrors the fall in its official counterpart and provides further evidence that the trade war is weighing on economic activity in China, even beyond the... 30th April 2025 (Updated 6th May 2025) · 2 mins read
China Rapid Response China Politburo Meeting (Apr. 2025) The meeting readout signalled that monetary policy easing is still on its way and that existing plans for fiscal spending will be accelerated. It stopped short of committing to additional deficit... 25th April 2025 · 3 mins read
China Rapid Response China GDP (Q1) & Activity (Mar. 2025) China’s economy regained some momentum in March thanks to fiscal support, which helped the Q1 GDP figures beat expectations. Still, this wasn’t enough to deliver faster growth over the quarter as a... 16th April 2025 · 2 mins read
China Rapid Response China Merchandise Trade (Mar. 2025) Export growth accelerated in March, as manufacturers rushed to ship goods to the US ahead of “Liberation Day”. But shipments are set to drop back over the coming months and quarters. We think it could... 14th April 2025 · 2 mins read
China Rapid Response China Bank Lending & Broad Credit (Mar. 2025) Bank loan growth accelerated for the first time in over two years last month, helping to take broad credit growth to a 10-month high. While some further gains are likely, we still expect a more modest... 14th April 2025 · 2 mins read
China Rapid Response China Consumer & Producer Prices (Mar. 2025) Deflationary pressures persisted last month and will almost certainly deepen over the coming quarters as it becomes more difficult for Chinese firms to export their excess supply. 10th April 2025 (Updated 10th April 2025) · 2 mins read
