Pantheon Macroeconomics

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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, or contact your account rep

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MLF rate

23 July 2021 PBoC RRR Cut versus Fed Taper is a False Dichotomy

From all the PBoC's vast toolbox, the most important thing right now is the clues to be gleaned over intentions on rates from open market operations.

Freya Beamish (Chief Asia Economist)23rd Jul 2021 00:00China+


PBoC goes back to regular programming. Japan exits outright deflation, thanks largely to food prices.

Freya Beamish (Chief Asia Economist)20th Jul 2021 15:09China+

16 July 2021 Data are Conflicting, but we Think China's Growth Slowed in Q2

Sometimes when you put together the Chinese data, it feels like you are drawing from multiple jigsaw puzzles, each with pieces missing.

Freya Beamish (Chief Asia Economist)16th Jul 2021 00:00China+

China+ Datanote: PBoC MLF Injection; BoK Decision, July 2021

In one line: The PBoC's smaller MLF injection confirms that the RRR cut was not an easing

Freya Beamish (Chief Asia Economist)15th Jul 2021 14:58China+

15 July 2021 Supporting Green Finance Could Become a Major BoJ Policy Plank

The BoJ's policy meeting on Friday is set to provide an outline of the fund-provisioning scheme, announced at its June meeting, to support green finance.

Freya Beamish (Chief Asia Economist)15th Jul 2021 00:00China+

12 July 2021 The RRR Cut was About Managing Interbank Liquidity

The PBoC followed through with a Reserve Requirement Ratio cut of 0.5 percentage points on Friday, hot on the heels of a strong hint to do so from the State Council meeting...

Freya Beamish (Chief Asia Economist)12th Jul 2021 00:10China+

21 June 2021 The BoJ's New Fund-Provisioning Programme will be Different

The Bank made a surprise announcement at its meeting last week.

Freya Beamish (Chief Asia Economist)21st Jun 2021 00:10China+


BoJ balance sheet to keep expanding till March 2022. All quiet for Japan's CPI beyond energy.

Freya Beamish (Chief Asia Economist)18th Jun 2021 16:37China+

16 June 2021 The BoJ has Ended QE Already, the Loan Programme will be Extended

The BoJ meeting this week could be live, with an extension of the Special Funds Supplying operation, likely to March next year, from September currently.

Freya Beamish (Chief Asia Economist)16th Jun 2021 00:00China+

7 June 2021 Having Your Cake and Eating it as the Household Savings Rate Falls

China is at a critical point in the recovery. The economy is switching lanes from the supply-led, export-supported manufacturing surge to consumer and services drivers.

Freya Beamish (Chief Asia Economist)7th Jun 2021 00:10China+

4 June 2021 Did the U.S. Stimulus Give the Trade Cycle a Final Boost in May

Chinese exports have recovered much more quickly than elsewhere, thanks in large part to the still strong command element of the economy. 

Freya Beamish (Chief Asia Economist)4th Jun 2021 00:00China+

2 June 2021 Bottlenecks are Biting in the North East Asian Supply Chain

China's PMIs strongly suggest that supply-side bottlenecks, if anything, are worsening.

Freya Beamish (Chief Asia Economist)2nd Jun 2021 00:00China+

21 May 2021 Questions are Being Answered for China, but Some Remain

Questions are Being Answered for China, but Some Remain

Freya Beamish (Chief Asia Economist)21st May 2021 00:10China+


PBoC in a holding pattern, for now.  Japan's exports likely are lagging developments elsewhere in North East Asia

Freya Beamish (Chief Asia Economist)20th May 2021 15:55China+

18 May 2021 Industry and Capex are Losing Steam, the Retail Wobble is Nothing

Industry and Capex are Losing Steam, the Retail Wobble is Nothing

Freya Beamish (Chief Asia Economist)18th May 2021 00:10China+

13 May 2021 Fiscal Hawkishness is Tightening Monetary Conditions

Fiscal Hawkishness is Tightening Monetary Conditions

Freya Beamish (Chief Asia Economist)13th May 2021 00:00China+

6 May 2021 The PBoC's Digital Yuan is Just Another Way of Keeping Control

The PBoC's Digital Yuan is Just Another Way of Keeping Control

Freya Beamish (Chief Asia Economist)6th May 2021 00:00China+


Fiscal 2021 inflation downgrade is partly due to mobile phone charge reweighting. Chinese profits are accelerating at the margin.

Freya Beamish (Chief Asia Economist)27th Apr 2021 16:12China+

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