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25 matches for " local governments":
China's industrial profits tanked in January/ February, falling 14.0% year-to-date year-over-year, after a 1.9% drop year-over-year in December.
China's economic targets are AWOL this year, thanks to Covid-19 disruptions to the legislative calendar... and because policymakers seem unsure of what targets to set in such uncertain times.
China's finance minister Liu Kun provided his report on China's current fiscal situation to the legislature last Friday.
We've suspected that China's GDP targeting system was on its last legs for some time now.
Wednesday's State Council meeting implies that the authorities are starting to take more serious coordinated fiscal measures to counter the virus threat to the labour market and to banks.
China's PMIs show no sign of a recovery yet, but the authorities are sticking to the playbook; they've done the bulk of the stimulus and are waiting for the effects to kick in, but are recognising that they need to make some adjustments.
Following the much-anticipated meeting between Presidents Xi and Trump over the weekend, the U.S. will now leave existing tariffs on $200B of Chinese goods at 10%, rather than increasing the rate to 25% in January, as previously slated.
The escalation of the second wave of Covid-19 in Japan in July did little to stop the recovery in labour cash earnings growth.
China's authorities recognised, around the middle of this year, that activity was slowing and that monetary conditions had become overly tight.
Wednesday's industrial production report in Brazil was terrible, despite overshooting market expectations.
So that happened.
This week real data in Brazil supported the idea that the worst of the recession is likely over, but a V-shaped rebound is not in the cards.
A PBoC rate cut is looking increasingly likely. Policy is already on the loosest setting possible without cutting rates, but the Bank has little to show for its marginal approach to easing, with M1 growth still languishing.
China's October activity data showed signs of the infrastructure stimulus machine sputtering into life. Consensus expectations appear to hold out for a continuation into November, but we think the numbers will be disappointing.
Monetary policy loosening over the last year implies that China's M1 growth already should be picking up.
China's money and credit data for February were reassuring, at least when compared with the doomsday scenario painted, so far, by other key indicators for last month.
China's M2 growth stabilised in November, at 8.0% year-over-year, matching the October rate.
Last week, while we were taking our spring break at home, markets behaved relatively well in LatAm.
Mexican policymakers stuck to the script yesterday and voted unanimously to cut the main rate by 50bp to 5.50%, its lowest level in more than three years.
We lack an adjective sufficiently strong to describe China's February activity data.
While we were away, the Monetary Policy Committee of the Reserve Bank of India voted unanimously to keep its benchmark repo rate unchanged, at 4.00%, defying expectations for a 25-basis point cut.
Official industrial production growth in China plunged to 5.4% year-over-year in April, from 8.5% in March.
Colombian activity data released this week were relatively strong, but mostly driven by the primary sectors; consumption remains sluggish compared to previous standards.
Economic activity remains under severe strain in the Andes.
Chief U.S. Economist Ian Shepherdson on the lack of new U.S. Fiscal stimulus
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