CHINA+ DATA WRAP 30 April 2026: Manufacturing sector resilient to energy shock

In one line: China's manufacturing sector holds up well in April; Services slows after the holiday boost; Construction PMI drop is puzzling

1 May 2026 China+ Monitor China's April manufacturing PMIs hint at front-loading by exporters

• China’s manufacturing PMIs held up well in April, despite the disruption from the war in the Middle East.
• This resilience should continue in the near term, though exports are likely to slow as global demand fades.
• The weak construction PMI likely reflects bad weather; the infrastructure investment rebound should continue.

29 April 2026 China+ Monitor Governor Ueda's attempt to 'thread the needle' leaves currency exposed

• The BoJ held the policy rate steady at 0.75% yesterday, amid uncertainty in the Middle East.
• Governor Ueda’s mixed message on policy direction could invite speculation on USDJPY.
• We think a June rate hike is still on the table, as long as prospects for a lasting ceasefire have improved by then.

CHINA+ DATA WRAP 16 April 2026: Q1 GDP growth bump likely the high-water mark

In one line: China's lopsided Q1 GDP growth bump likely the year's high-water mark

17 April 2026 China+ Monitor All that glitters is not gold: China's flawed Q1 GDP print

• China’s GDP growth rose to 5.0% in Q1, but it was highly dependent on robust exports...
• ...Which are likely to slow as the oil price shock hits global growth.
• Real household spending slowed and underlying consumption activity remains sluggish.

PM Datanote: Money & Credit, China, March

In one line: Private sector credit showing early but uneven improvement 

14 April 2026 China+ Monitor China's credit data indicates areas of stronger activity

• China’s March credit data, albeit soft overall, points to a tentative private credit revival in select areas.
• Rising pre-existing home sales likely drove mortgage demand; bottoming out is happening albeit slowly.
• Policy-driven infrastructure investment probably supported improving underlying corporate credit.

PM Datanote: Foreign Reserves, China, March

In one line: China’s big drop mainly due to global market volatility, rather than domestic economy

PM Datanote: NBS Manufacturing PMI, China, March

In one line:  China’s manufacturing PMI buoyed by post-holiday seasonality; oil price shock hits input prices

CHINA+ DATA WRAP 31 March 2026: China's manufacturing activity resilient

In one line: China's manufacturing activity resilient, despite jump in energy-related costs

CHINA+ DATA WRAP 20 March 2026: LPRs steady; PBoC aims for "price recovery"

In one line: LPRs steady; PBoC aims for "price recovery"

CHINA+ DATA WRAP 16 March 2026: China's activity data improves in Jan-Feb

China's consumer spending was boosted by longer holiday
infrastructure investment rebounds thanks to policy support
Industrial output lifted by export demand

CHINA+ DATA WRAP 9 March 2026: Consumer inflation gets holiday bump

In one line: Consumer inflation gets holiday bump; Producer inflation continued to improve, ahead of oil price surge

CHINA+ DATA WRAP 5 March 2026: China's lower growth target

In one line: China's lower growth target signals priority for structural adjustment over short-term growth

CHINA+ DATA WRAP 24 February 2026: LPRs unchanged

In one line: LPRs unchanged, with China relying on fiscal policy to support growth

CHINA+ DATA WRAP 13 February 2026: Hints of a coming property policy shift

In one line: Hints of shifting property market policy, as prices extend their decline

CHINA+ DATA WRAP 4 February 2026: RatingDog services PMI posts a modest gain

In one line: China's RatingDog services PMI posts a modest gain, largely reflecting pre-holiday seasonality

CHINA+ DATA WRAP 2 February 2026: China's manufacturing PMIs diverge

In one line: China's manufacturing PMIs indicate sharp divergence between old and new industries; Korean PMI lifted by AI-related chip sector

CHINA+ DATA WRAP 19 January 2026: China's Q4 GDP reports torpid domestic demand

In one line: China's Q4 GDP reports torpid domestic demand versus vibrant industrial output

China+ Datanote: Money & Credit, China, December

In one line: Non-government credit demand still sluggish amid structural adjustment