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Both M1 and M2 growth missed expectations in July, but the former arguably is due a turnaround.
Slowing household demand for credit isn't exactly concerning, as they are still sitting on piles of cash.
Japanese machine tool orders remain solid, indicating that the recovery in global IP is on track.
PPI inflation is proving stubborn, while CPI inflation is just getting started.
Services inflation continues to rise, despite the broadening Delta scare.
Trade figures highlight the "mid-cycle" falter, as exports soften but imports stumble too.
July exports likely weakened, while imports will be boosted by the tail end of commodities inflation.
PPI inflation may not yet have peaked; headline CPI inflation is just about food prices.
M1 growth should now be troughing, but an RRR cut is looking more likely nonetheless.
China's weak July PMIs play into a wider story of underperformance in trade and manufacturing.
The official and Caixin reports are at odds on prices, but we reckon PPI inflation ticked higher in July.
The non-manufacturing gauge suggests that no fis- cal rescue has been forthcoming.
China's PPI inflation is at or near its peak, and CPI inflation remains relatively tame...
... But underlying inflationary pressure is more ad- vanced in China, thanks to the early recovery.
More limited slack means services inflation is on a sustained uptrend.
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.
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 earlier in the week.
It's easy to fall into the trap of thinking that the Chinese monetary authorities are shifting to a broad-based easing stance.
The PBoC injected RMB 30B through seven-day reverse repos yesterday, breaking with the more than three-month stretch in which the Bank routinely injected just RMB 10B.
The PBoC continues to hold off on tightening, as it waits for something closer to herd immunity, and to see how the economy responds to "freedom".
The PBoC has had its foot off the brake for most of this year so far, following tightening through the second half of 2020, culminating in its efforts to shake out speculative activity through a spike in interbank markets in January.
The PBoC has slowed up on the pace of tightening in recent months, with a question mark hanging over the economy.
M1 growth dropped further in April, to 6.2% year- over-year, from March's already-low 7.1%.
We have to admit that the speed of China's recovery outpaced our initial expectations last year.
The Loan Prime Rate was unchanged yesterday, at 3.85%, where it has been for a year now.
In January this year, PBoC advisor Ma Jun pointed to bubbles in equity markets.
China's sovereign debt and equity markets have stood out globally in the last few weeks, for very different reasons.
We've been waiting with bated breath to see how far China's M1 acceleration would go.
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