China Says No More Local Government Guarantees For Corporate Bonds

Chinese companies issuing bonds can no longer seek debt guarantees from local governments, or tell their investors that their bonds are backed by local governments, according to a new measures announced by China’s top State planning body. A notice detailing new rules for corporate bond issuance issued Monday by the National Development and Reform Commission stated: "It is strictly forbidden for reporting enterprises to require or accept the local government and its subordinate departments in various names to provide guarantee …

China Exports Decline 4.1%, Imports Down 0.4% In May

China’s export growth in U.S. dollar terms declined 4.1% year-on-year in May, compared to -1.8% in April, largely in line with market expectations. Imports growth in U.S. dollar terms picked up to a slight decrease of 0.4% year-on-year from -10.9% in April, much stronger than expected.

China’s PMI Softened To 50.1 In April

China’s official manufacturing Purchasing Managers’ Index (PMI) edged down to 50.1 in April from 50.2 in March, slightly lower than market consensus of 50.3. New orders and production eased in April after a strong rebound in March from previous months, while other sub-indices also softened.

China’s Exports Down 20.6%, Imports Drop 8% In February

China’s exports contracted 20.6% year-on-year in February, compared with a decline of 6.6% in January. Meanwhile, imports fell 8.0% year-on-year, an improvement from a drop of 14.4% previously. As exports declined faster than imports, the trade surplus narrowed to RMB209.5 billion (US$32.6 billion) in February.

China’s Official PMI Drops To 49 In February

China’s February official manufacturing PMI was disappointing, with the headline index declining to 49.0 from 49.4 in January in the seventh consecutive month that the manufacturing PMI came in below the benchmark level of 50.

China’s New Home Prices Up 0.4% In January

The average new home prices among 70 major Chinese cities increased 0.4% month-on-month. Prices of previously-owned homes went up 0.6% compared to December, according to data released by the National Bureau of Statistics of China.

China Exports Fell 11.2%, Imports Drop 18.8% In January

China’s exports fell 11.2% year-on-year in January in the seventh straight month of decline, while imports tumbled 18.8%, the 15th month of decline. Both exports and imports came in far worse than expected. Exports declined after China has allowed the RMB to weaken nearly 6% against the U.S. dollar since last August.

China’s CPI Up 1.6%; PPI Declines 5.9% In December

China’s consumer price index (CPI) edged up to 1.6% in December, from 1.5% in November. The rise was largely driven by food prices, which rose 2.7%, and contributed 0.91 percentage point to the headline CPI. The producer price index (PPI) declined 5.9% in December, flat from the previous month, as commodity prices continued to slide. For the full year, CPI rose by 1.4% on average, much lower than the official target of 3%. "As deflationary pressure continues to build up, …

China’s Official PMI Edges Up To 49.7 In December

China’s official manufacturing purchasing managers index (PMI), edged up to 49.7 in December, less than market expectation. Despite the uptick in December, the PMI has remained below the benchmark level of 50 for the fifth consecutive month, suggesting that manufacturing sector continued to contract.

China’s New Loans Rebound To RMB709B In November

China’s new RMB loans rebounded to RMB708.9 billion in November, compared with RMB513.6 billion recorded in October. Aside from seasonal factors driving up new loans, the rebound was weaker than expected and lower than the RMB852.7 billion in November 2014, indicating that domestic demand remained soft and banks were cautious to provide new loans amid rising credit risks.

China’s CPI Up 1.5%; PPI Declines 5.9% In November

China’s consumer price index (CPI) rose 1.5% year-on-year in November, slightly up from 1.3% in October as food inflation accelerated. Producer price index (PPI) declined 5.9% year-on-year in November, flat from the previously month, reflecting weak domestic demand and lower commodity prices. In the first eleven months of 2015, China’s CPI inflation remained subdued at an average rate of 1.4% year-on-year, while PPI declined 5.1% over the same period. "On the back of overcapacity, falling commodity and energy prices, and …

China’s New Loans Drop Sharply To RMB514B In October

China’s RMB loans declined sharply to RMB513.6 billion in October, from RMB1,050 billion in September, below market expectations of RMB800 billion. The country’s total social financing aggregate also fell to RMB476.7 billion in October, much lower than RMB1.3 trillion recorded in September.

China’s New Loans Rose To RMB1.05T In September

China’s new RMB loans rose to RMB1.05 trillion in September, above market expectations and compared with RMB809.6 billion recorded in August. For the third quarter as a whole, new loans surged to RMB3.34 trillion, compared with RMB2.88 trillion in the second quarter 2015 and RMB1.94 trillion in the third quarter 2014. The increase is partly due to the stock market rescue, which boosted lending to the financial sector. China’s total social financing aggregate increased to RMB1.3 trillion in September, up …

China’s CPI Up 1.6%; PPI Declines 5.9% In September

China’s consumer price index (CPI) moderated to 1.6% year-on-year increase in September, down from 2.0% in August, due to a high base for comparison and a moderation in food inflation. Producer price index (PPI) declined 5.9% year-on-year in September, unchanged from August, reflecting weak domestic demand and soft global commodity prices. "The PPI remains negative and price pressure continues to trend down. As economic activities and business outlook head south, banks are still reluctant to extend credit to the real …

China’s Exports Drop 1.1%, Imports Fell 17.7% In September

China’s exports in RMB terms fell 1.1% year-on-year in September, above market consensus of a decline of 7.4%, and compares with a 6.1% drop in August. Imports remained weak and contracted 17.7% year-on-year in September, compared with a decline of 14.3% in August, reflecting soft domestic demand and commodity price declines.