1/ Seasonal adjustment factors associated to the official 🇨🇳 PMI create more volatility in Jan.-Mar. data.
2/ March data may overstate the ⬆ in activity as it usually the case when the Lunar New Year holiday took place in Feb.
4/ Metrics linked to trade remained in contractionary territory.
CHINA MAR NEW YUAN LOANS (CNY): 1.69T V 1.25TE
CHINA MAR M2 MONEY SUPPLY Y/Y: 8.6% V 8.2%E
*Real M1 ⬆ 2.3% YoY v 0.5% in Feb.
➡ Figures confirm that Chinese economy may have bottomed in 1Q19 and is likely to rebound in 2H19.
*VOLKSWAGEN SALES CHIEF SAYS CHINA DEMAND PICKED UP IN APRIL - BBG
MAR INDUSTRIAL PRODUCTION Y/Y: 8.5% V 5.9%E (fastest since July 2014)
*Motor Vehicles output: -2.6% vs -5.3% in the first two months of the year
*Mobile Phones output: -7.0% vs -12.3% in the first two months of the year
*Production by state-owned enterprises accelerated to +4.5% YoY YTD in Mar. (vs +4.4% in Feb.) which confirms public support is also gaining traction.
*CHINA TO SPEND 100B YUAN TO BOOST EMPLOYMENT: STATE COUNCIL
*CHINA TO OFFER MORE TAX BREAKS TO KINDERGARTENS: CCTV
*CHINA CAR SALES RISE FOR FIRST TIME IN 13 MONTHS, PCA SAYS
My proxies show that car passenger sales ⬆ in the last 3 weeks of June amid larger discounts and gvt supportive measures
*CHINA JUNE PASSENGER VEHICLE WHOLESALES 1.73M UNITS: CAAM
*Real M1 ⬆ 1.7% YoY (3-month high) v +0.7% YoY prior.
*Undiscounted Bankers Acceptances ⬇ CNY131.1B (v ⬇ CNY77.0B in May)
*Entrusted loans ⬇ CNY82.5B (v ⬇ CNY63.1B in May)
*Trust loans ⬆ CNY1.5B (v ⬇ CNY5.2B in May)
*Cars output YoY: -16.8% vs -23.8% prior (lowest decline since March 2009)
*Industrial output by SOEs YoY: 6.2% vs 6.0% prior (highest since July 2018)
*State Owned & State Holdings FAI: 6.9% v 7.2% prior (3-month low)
*Private FAI: 5.7 v 5.3% (3-month high)
*CHINA ENCOURAGES FOREIGN CAPITAL IN WEALTH UNITS OF LENDERS
*CHINA ALLOWS FOREIGN INVESTORS IN PENSION MANAGEMENT SECTOR
*CHINA MAKES PLAN FOR 2H ECONOMIC WORK IN MEETING: XINHUA
*CHINA SHOULD IMPLEMENT PROACTIVE FISCAL POLICY: POLITBURO
*CHINA TO SPEED UP CLEANUP OF 'ZOMBIE COMPANIES': POLITBURO
*CHINA WON'T USE PROPERTY AS SHORT-TERM ECO STIMULUS: POLITBURO
*CHINA TO SPEED UP LOCAL GOVT SPECIAL BOND USE: RADIO
*CHINA TO CONTINUE PRUDENT MONETARY POLICY: CCTV
*CHINA CENTRAL BANK SAYS SOME QUALIFYING BANKS WILL GET AN ADDITIONAL RRR REDUCTION OF 100 BPS - RTRS
*FTSE CHINA A50 FUTURES EXTEND GAIN TO 0.7% AFTER RRR CUT
*PBOC SAYS EXTRA 1 PPT RRR CUT EFFECTIVE OCT. 15, NOV. 15
➡ CHINA SAYS RRR CUTS TO RELEASE 900B YUAN IN LIQUIDITY
CHINA AUG NEW YUAN LOANS (CNY): 1.210T V 1.200TE
CHINA AUG AGGREGATE FINANCING (CNY): 1.98T V 1.605TE
*As a reminder, that date marks the 70th anniversary of the People’s Republic.
*CHINA TO KEEP REASONABLY AMPLE LIQUIDITY: FINANCIAL COMMITTEE
*That pace was down from +236% YoY in the first three quarters.
*CHINA PREMIER LI KEQIANG HOLDS MEETING WITH LOCAL OFFICIALS: TV