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The PBoC has adopted new language in the wake of a slowdown in bank lending...
...But we think this is unlikely to signal a sudden pivot in monetary policy, given other constraints.
The PBoC has no choice but to accept a higher debt ratio, unless it wants to deepen the recession.
Chinese CPI inflation jumped in April, due to soaring food prices, but that will not worry the PBoC.
Zero-Covid has pushed up food prices, even as it depresses core inflation.
The PBoC has joined fiscal policymakers in making announcements with no new information.
Japan’s Tokyo CPI broke through its 2% target, as widely expected, but policy won’t change.
Inflation driven by base effects, and food prices, is seen as unsustainable by the BoJ.
Imported inflation will be viewed in a similar light, so no change in the policy rate is on the horizon.
The Caixin Services PMI plummeted again in April, as the zero-Covid vice tightened further.
The employment picture is darkening rapidly, and will be a major worry for policymakers.
We are still waiting for a material shift in policy, even so; announcements so far contain nothing new.
The BoJ shrugged off currency fears, keeping rates on hold and even leaning into YCC.
Acting as a sign of determination to keep rates capped, markets duly reacted by dumping the yen.
Japan’s Ministry of Finance reacted swiftly, and irritably; intervention now looms on the horizon.
Japanese inflation is still rising, and is all but guaranteed to break through its target in April...
...But the BoJ has already indicated it has no intention of changing tack; rates won't rise this year.
Policymakers are flirting with the idea of currency intervention, but Kuroda won't take the lead.
China's currency is finally succumbing to pressure from multiple fronts, and has further to fall.
The renminbi poses a key constraint to PBoC policy, which Beijing will ultimately override.
April export data from Korea show that China's bat- tle with Covid will weigh heavily on global trade.
Lockdowns and shuttered factories in China appear to be the culprit behind slowing Japanese exports.
Further weakness seems inevitable as Chinese policy tightens, and regional supply chains collapse.
Underperforming exports again raise questions about the benefits of a weaker yen.
China's economy beat expectations in Q1, but is still falling short of the 2022 growth target.
The GDP data probably overstate economic growth, but either way things will get worse in Q2.
The battle with Covid is proving extremely costly; it will necessitate more stimulus, and soon.
China's trade surplus enjoyed a final lift in March, as import demand collapsed, and exports rose...
...But look through the seasonal distortions, and exports were weaker than they appeared.
Beijing has promised to offset some of the pain from zero-Covid, but stimulus looks light, to us.
China's inflation outlook remains very different to most major economies, despite the energy shock.
The PBoC is able to ease further, with inflation far from its target, but is proving reluctant.
Private sector demand for credit still looks soft, and the PBoC’s power is limited, absent fiscal action.
We are downgrading our outlook for Chinese growth, as zero-Covid policies continue to tighten.
Data quality is more questionable than ever, though February was softer than it looked.
Policy support will eventually arrive, but little of substance has materialised, so far.
China's FX reserves fell again in March, amidst reports of large portfolio outflows, thanks to Putin.
One by one, the key supports for the renminbi are being chipped away, and Q2 will be turbulent...
...but H2 will see a downward trend consolidate, as multiple headwinds force the RMB to submit.
Japan's services PMI rebounded in March, adding to evidence of a domestic recovery in late Q1.
Unfortunately, 2022 has had a slow start, and GDP probably fell in Q1, quarter-on-quarter.
Inflation still isn't behaving as the BoJ would like, but the sands are shifting on the yen.
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