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China+ Publications

Below is a list of our China+ Publications for the last 5 months. If you are looking for reports older than 5 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.

CHINA+ DATA WRAP 25 July 2025: Tokyo headline inflation slows

Tokyo headline inflation slows, despite rising food inflation

Duncan WrigleyChina+

28 July 2025 China+ Monitor BoJ will focus on rising food inflation in Tokyo CPI data

  • Tokyo headline inflation declined in July, due to energy subsidies for households.
  • But the BoJ will focus on the upward creep in food inflation, despite rice inflation slowing in some data.
  • The Bank is likely to take a somewhat rosier view of growth prospects at this Thursday’s meeting.

Duncan WrigleyChina+

CHINA+ DATA WRAP 24 July 2025: Japan's PMI should improve after deal

Japan's weak manufacturing PMI should rise after US-Japan trade deal

Services activity rose

Duncan WrigleyChina+

25 July 2025 China+ Monitor BoJ official hints at brightening growth outlook after trade deal

  • Deputy Governor Uchida said on Wednesday that the US-Japan tariff deal reduces uncertainty...
  • ...hinting that the BoJ will revise up its growth and inflation outlook next week.
  • The July composite flash PMI was steady, though services and manufacturing activity diverged.

Duncan WrigleyChina+

24 July 2025 China+ Monitor Japan's trade deal should bring forward BoJ's next rate hike

  • We are raising our growth and inflation forecasts for Japan, after yesterday’s relatively benign trade deal.
  • The BoJ is likely to resume rate hikes in October, as it forms an initial view on the 2026 wage outlook.
  • USDJPY is likely to strengthen moderately; but political risk was evident in the 40-year JGB auction yesterday.

Duncan WrigleyChina+

22 July 2025 China+ Monitor Japan faces political shift; Korea navigates export risk and trade talks

  • Japan’s Upper House election is done and dusted; the coalition has now lost its majority in both houses.
  • July’s 20-day exports held up on a WDA basis, despite the higher tariffs applied to Korean exports to the US.
  • A preliminary US-Korea trade deal may be reached before August 1, but anything agreed will be general.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 18 July 2025: Japan's headline consumer inflation slows

Japan's headline consumer inflation slows after energy subsidies restart
upper house election poses JGB risks

Duncan WrigleyChina+

21 July 2025 China+ Monitor BoJ likely to focus on food inflation and bond markets

  • Headline consumer inflation eased in June, as energy subsidies took effect.
  • Rice prices are star ting to fall week-to-week, but broader food inflation is picking up.
  • The bond market will probably be jittery after the Upper House election yesterday.

Duncan WrigleyChina+

18 July 2025 China+ Monitor Japan's exports slide in June, raising risk of technical recession

  • Japanese export growth was surprisingly weak, because of a drop in shipments to Taiwan and Canada.
  • Japan’s economy has probably entered a technical  recession in Q2, likely dragged down by net trade.
  • The LDP coalition is at risk of losing its Upper House majority; this will be bond-and yen-negative.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, China, June

In one line: Better external sector performance likely to support Q2 GDP due tomorrow.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: BoK Decision, Korea, July

In one line: BoK hold rates in July, keeping an eye on trade developments and overheating property market in Seoul.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: FX Reserves, China, June

In one line: China’s FX reserves rebounded in June on currency and bond revaluation gains.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Wages, Japan, May

In one line : Japanese wage growth is not as weak as it looks, the wage slump was mostly about bonuses.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Caixin Services PMI, China, June

In one line: China’s services momentum cools amid property drag and post-holiday blues; Caixin composite PMI signals softer Q2 GDP.

Kelvin Lam (Senior China+ Economist)China+

16 July 2025 China+ Monitor China's steady real GDP print masks intensifying deflation

  • .China’s Q2 real GDP growth weathered the tariff war, as exports to non-US markets picked up…
  • …But nominal GDP growth was the lowest since Q4 2022, as deflation steepened.
  • Consumption is likely to remain sluggish, with wage growth slowing in Q2.

Duncan WrigleyChina+

CHINA+ DATA WRAP 15 July 2025: China's real GDP steady, with steeper deflation

China's steadyish Q2 real GDP growth boosted by intensifying deflation; nominal growth lowest since Q4 2022

Duncan WrigleyChina+

15 July 2025 China+ Monitor China's 'glass half-full' money and credit data

  • China’s broad credit growth rose in June, but mainly thanks to government-bond issuance. 
  • The rise in corporate borrowing is distorted by the local-government debt swap; it’s likely still sluggish. 
  • M1 jump is hopeful but may prove a blip given the lack of supporting data elsewhere pointing to an upturn. 

Duncan WrigleyChina+

14 July 2025 China+ Monitor China's foreign reserves rise due to valuation effects and exports

  • Valuation effects explain 60% of China’s foreign exchange reserves rise in June.
  • A rush to ship exports ahead of the August 12 tariff deadline likely contributed to the rise in reserves.
  • Beijing’s moderate 2030 consumption growth target offers clues about China’s growth strategy.

Duncan WrigleyChina+

11 July 2025 China+ Monitor The BoK paused easing cycle in July due to financial stability worries

  • The BoK kept the policy rate unchanged in July, citing concerns over trade policy and Seoul’s housing market.
  • The MPB was torn, focusing its decision on trade- induced growth worries versus financial stability risk.
  • We expect the Bank to resume rate-cutting once apartment prices show signs of easing in Seoul.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 9 July 2025: China's producer deflation worsens

China's worsening producer deflation mainly due to bad weather
Low core consumer inflation reflects weak demand

Duncan WrigleyChina+

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