Pantheon Publications

China+ Datanote: BoJ Decision, Japan, July

In one line: BoJ stands pat today, nudges up its inflation forecast; Ueda dovish at presser 

China+ Datanote: Official Non-Manufacturing PMI, China, July

In one line: NBS non-manufacturing PMI dragged down by construction activity in July.

China+ Datanote: Official Manufacturing PMI, China, July

In one line: China PMI signals weakening manufacturing momentum at the start of H2; policy support likely ahead

China+ Datanote: Industrial Profits, China, June

In one line: China’s industrial profits slid further in June, weighed down by oversupply, weak demand and excessive competition.

China+ Datanote: Loan Prime Rates, China, July

In one line: China keeps LPR unchanged, further easing expected in the second half of 2025

China+ Datanote: 20-Day Exports, Korea, July

In one line: Korea’s early export data remains sturdy on WDA basis amid US trade uncertainty 

China+ Datanote: Exports, Japan, June

In one line: Japan’s exports slip unexpectedly in June, raising risk of a technical recession

12 August 2025 China+ Monitor China's low-inflation environment being addressed by policymakers

• China’s consumer prices are teetering on the brink of deflation, with July’s rate falling back to 0.0%.
• Producer deflation has deepened further. Any progress on anti-involution will take time to appear.
• Trade uncertainty will weigh on factory-gate prices regardless; all eyes are on the 15th five-year plan.

8 August 2025 China+ Monitor China's foreign reserves dip on USD strength and bond losses in July

• China’s FX reserves fell less than the market expected, but still staged the first drop since December.
• The currency-valuation effect was the main downward driver, and the bond-valuation effect to a lesser extent.
• The evolution of China’s FX reserves in H2 hinges critically on the outlook for USD and the Fed.

July 2025 - China+ Chartbook

• - CHINA’S PRICE WARS WILL PROMPT POLICY RESPONSE
• - BOJ STRIKES CAUTIOUS TONE ON GROWTH OUTLOOK
• - BOK LIKELY TO EASE, DESPITE CURRENCY WORRY