Pantheon Publications

China+ Datanote: Foreign Reserves, China, September

In one line: China’s FX reserves edge higher, supported by portfolio inflows and persistently strong trade surplus.

China+ Datanote: Exports, Korea, September

In one line: Korea’s headline export surge masks WDA slump; Strong chip demand still underpins outlook.

China+ Datanote: Tankan Survey, Japan, Q3

In one line: Fimer Tankan readings pave way for BoJ policy normalisation in October.

China+ Datanote: Manufacturing PMI ,Korea, September

In one line: Korean manufacturing activity surged in September on stronger orders and output.

8 October 2025 China+ Monitor Japan's Takaichi wins LDP election; equities drive China's FX reserves

• Ms. Takaichi’s win in Japan’s LDP leadership election reduces the likelihood of a BoJ hike in October.
• China’s FX reserves rose in September, fuelled by non-valuation effects, such as capital inflows.
• We think USD strength and the Fed’s rate path will be the key drivers of China’s FX reserves into early 2026.

China+ Datanote: Industrial Profits, China, August

In one line: China’s industrial profit rebound lacks breadth, with only seven industries show accelerating positive gains.

2 October 2025 China+ Monitor Korea's export surge masks WDA slump; Manufacturing rebounds

• Korea’s working-day-adjusted export value growth fell sharply in September, partly due to base effects.
• Manufacturing activity grew the most in 13 months, but the US ‘chip content’ tariff renews uncertainty.
• We expect the BoK to cut rates by 25bp in Q4, once financial stability risk from the housing market lessens.

September 2025 - China+ Chartbook

• - CHINA LIKELY TO LAUNCH INVESTMENT STIMULUS SOON
• - BOJ SHOULD STILL HIKE, DESPITE POLITICAL RUCTIONS
• - KOREA’S EXPORTS TUMBLE IN SEPTEMBER

Global Datanote: 20-Day Exports, Korea, September 2025

In one line: Korea’s September WDA exports plunge, led by US and China.

Global Datanote: BoJ Decision, Japan, September 2025

In one line: BoJ stays put on rates in September, starts ETFs and J-REITs offloading plan

Global Datanote: LPR, China, September 2025

In one line: China’s commercial banks keep LPR steady in September; PBoC wary of a buoyant equity market

China+ Datanote: LPR, China, September

In one line: China’s commercial banks keep LPR steady in September; PBoC wary of a buoyant equity market

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

In one line: Korea’s September WDA exports plunge, led by US and China.

China+ Datanote: BoJ Decision, Japan, September

In one line: BoJ stays put on rates in September, starts ETFs and J-REITs offloading plan

23 September 2025 China+ Monitor Xi-Trump call: Trust rebuilding, finer TikTok details still being ironed out

• Presidents Xi and Trump’s phone call last Friday to talk about trade paved the way for a summit in October.
• Korean 20-day WDA exports fell sharply in September, thanks to weaker demand across most destinations.
• Most Korean goods are still subject to higher tariffs than pre-Trump. We expect the BoK to cut in Q4.

18 September 2025 China+ Monitor Hong Kong Policy Address fast- tracks Northern Metropolis

• Hong Kong Policy Address proposes to strengthen technology ties with the mainland and boost growth.
• Japan’s annual export growth fell for the fourth straight month, but monthly momentum improves.
• BoJ will keep rates on hold this week, but we expect it to resume its rate hike cycle in late October.

China+ Datanote: FX Reserves, China, August

In one line: Valuation effects lift China’s FX reserves in August; expect them to drive reserves higher in H2

Global Datanote: Exports, China, August, 2025

In one line: China exports slow on low-tech weakness; US, Africa and LatAM slump offsets ASEAN strength

China+ Datanote: Exports, China, August

In one line: China exports slow on low-tech weakness; US, Africa and LatAM slump offsets ASEAN strength

China+ Datanote: Wages, Japan, July

In one line: Japan's real wage turned positive for the first time in seven months, paving the way for an October BoJ hike.