May 2026 - China+ Chartbook

CHINA+ OUTLOOK

• - CHINA'S Q2 WEAK START ONLY PARTLY DUE TO IRAN WAR
• - BOJ LIKELY TO RESUME POLICY NORMALISATION IN JUNE
• - NEW BOK GOVERNOR LIKELY TO SET HAWKISH TONE

CN Datanote: Flash Services PMI Japan, May

In one line: Japan's services activity stalls in May, likely hit by slowing inbound tourism

CN Datanote: Flash Manufacturing PMI, Japan, May

In one line: Japan’s manufacturing expansion slows in May, but precautionary front-loading continues

CHINA+ DATA WRAP 20 May 2026: Rates on hold, despite April slowdown

In one line: Policy rate cut only likely after several months of flagging growth

CHINA+ DATA WRAP 18 May 2026: China hits a speed bump in April

In one line: April's weak economic data due to energy shock and severe weather

PM Datanote: Money & Credit, China, April

In one line: rise in fiscal deposits likely points to temporary building activity disruptions due to severe weather.

CN Datanote: Exports, China, March

In one line: China trade surplus hit by soft exports and hi-tech driven imports

PM Datanote: Whole Economy PMI, Hong Kong, March

In one line: Hong Kong PMI falls below 50 for first time since August 2025 amid war uncertainty in the Middle East

PM Datanote: RatingDog Services PMI, China, March

In one line: China’s RatingDog services PMI cools on payback effect, wither employment softening

CN Datanote: CPI, China, March

In one line: China CPI: Post LNY decline less pronounced as energy contribution rises 

CN Datanote: PPI, China, March

In one line: China ends 41-month of PPI deflation as war-driven energy spike lifts prices

CN Datanote: PPI, China, April

In one line: China’s PPI jumps on energy shock as war-driven reflation accelerates

CN Datanote: CPI, China, April

In one line: China’s CPI surprises to the upside as energy inflation accelerates in April

CN Datanote: Exports, China, April

In one line: China trade surplus rebounds as tech demand outweighs war-driven energy shock

CN Datanote: Foreign Reserves, China, April

In one line: China’s reverse jump in reserves reflects changes in market risk appetite

CN Datanote: RatingDog Services PMI, China, April

In one line: China’s RatingDog services PMI lifted by domestic demand on new product launches and innovation

CN Datanote: Whole Economy PMI, Hong Kong, April

In one line: Hong Kong PMI weakens as employment and domestic demand deteriorate amid war uncertainty

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.

PM Datanote:Industrial Profits, China, March

In one line: Hi-tech and energy-related upstream sectors drive Chinese industrial profit growth higher in Q1