China+ Publications
Below is a list of our China+ Publications for the last 6 months. If you are looking for reports older than 6 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.
Daily Monitor
- China saw a smaller decline of $13.8B in its FX reserves, to $3,101B, in October...
- ...Thanks to a less significant valuation effect and lower capital outflows via the Stock Connects.
- We expect capital outflows to moderate in Q4 as fundamentals strengthen on stimulus measures.
Kelvin Lam (Senior China+ Economist)China+
- Shenzhen’s backing for Vanke offers a possible blueprint for resolving Chinese developers’ issues...
- ...But only a few private developers are truly similar to Vanke, leaving many firms in a grey area.
- Japan’s wage growth picked up in October, mainly due to a downward revision of September’s data.
Duncan WrigleyChina+
- China's industrial profits posted a second straight month of growth in September.
- Revenue is growing faster than costs, as demand and pricing power improve.
- Industrial profits should continue to improve in Q4, due to a gradual rebound in domestic demand.
Kelvin Lam (Senior China+ Economist)China+
- China's October manufacturing PMIs were hit by falling export orders and output.
- Input costs rose, on the lagged effect of the global energy and commodity price surge in September.
- China's Financial Work conference Focused on real economy support and tackling hidden risks.
Duncan WrigleyChina+
- The BoJ announced another change to make itsyield curve control policy more flexible yesterday.
- The switch to a soft "reference" target, from a hard cap, is likely to lead investors to test the BoJ.
- The Bank is likely to hold the line, just, until U.S. yields fall next year, relieving pressure on the JPY.
Duncan WrigleyChina+
- China said on Tuesday it will issue RMB1T of special treasury bonds for post-disaster rebuilding.
- Local governments have also issued more than RMB900B in debt-refinancing bonds this month.
- Fiscal stimulus, equivalent to 1.2% of GDP, is acting as a growth buffer against the property-sector drag.
Duncan WrigleyChina+
- Japan’s flash manufacturing PMI for October reported a fifth straight monthly fall in activity.
- Demand is dropping, both at home and abroad, while severe cost pressures ease only slowly.
- The October flash services PMI sank, due to softening external demand; probably for tourism.
Duncan WrigleyChina+
- Japan’s national CPI cools to its lowest since last September on slowing energy and core inflation.
- The weaker yen and rising oil prices complicate the BoJ’s monetary policy, but it’s likely to hold fast.
- Early Korean export data suggest a modest pick-up in intra-regional trade activity in October.
Kelvin Lam (Senior China+ Economist)China+
- China’s headline consumer inflation flat-lined in September, but this is deceptive...
- ...Core inflation is plodding along at a reasonable clip, in line with the modest consumer recovery.
- Producer price deflation has bottomed out, lifted by higher energy prices and industrial demand.
Duncan WrigleyChina+
- China’s Q3 GDP growth ticked up q/q, thanks to targeted stimulus and household spending...
- ...Despite severe headwinds from the struggling property sector and declining exports.
- Policymakers will stick to focused support, in light of these results; don’t expect a mega-stimulus.
Duncan WrigleyChina+
