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
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- China reportedly plans to improve its housing model by banning pre-sale housing.
- The move would allow the authorities to control the supply of housing better, stabilising prices.
- China’s foreign reserves rose on the back of a bigger revaluation effect, thanks to the weaker USD in April.
- The PBoC yesterday announced targeted policy-rate and RRR cuts to bolster growth ahead of trade talks.
- The interest rate cut came earlier than we expected, capitalising on room created by CNY strength.
- The Bank is guiding to targeted mortgage rate cuts to support the stumbling ‘ordinary’ housing market.
Caixin services PMI points to business jitters over tariff worries
- Industrial profitability improved further in Q1, on the back of strong manufacturing production.
- China’s industrial output was bolstered by stimulus demand and tariff front-loading activity.
- External uncertainty does not bode well for producers’ profit outlook, as overcapacity issues are worsening.
- Behind-the-scenes diplomacy has set the stage for Sino-US trade dialogue.
- We expect the bilateral relationship to thaw as internal pressure forces both to the negotiating table.
- Korea fast-tracks US trade talks as tariffs weaken exports and drive industrial activity to a 31-month low.
BoJ's newly bearish tone on inflation risks supports our view that rate hikes are on hold this year
BoJ's newly bearish tone on inflation risks supports our view that rate hikes are on hold this year
- The Bank of Japan left rates on hold yesterday to no-one’s surprise, but adopted a more bearish outlook.
- Governor Ueda denied that the prospect of delay in attaining the inflation goal means delayed rate hikes.
- It probably does for this year, but Ueda is maintaining room to shift policy in light of trade uncertainty.
Manufacturing activity bashed by tariff war
Manufacturing activity bashed by tariff war
Non-manufacturing activity slows
- China’s April PMIs reveal the initial hit from the tariff stand-off, with steep drops in new export orders.
- Neither the US nor China appears ready to relent at this stage, so further weakness lies ahead.
- China is rolling out an eclectic set of growth-support measures, but won’t go for mega-stimulus.
