The RMB has risen modestly against the USD in recent weeks due to the USD’s renewed weakness, but it still lags other currencies.
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Huawei’s total revenue is nearly back to its peak, but its consumer business revenue has been slower to recover.
Strong retail sales, decent exports to non-US regions, and more industrial upgrades propped up the Chinese economy in May.
The number of “little giant” companies has rapidly multiplied in recent years, but most of them never see any central government subsidy money.
Many interest rates in China’s real economy are no higher than they were in the US during much of its ZIRP periods.
The Chinese economy held up okay in April despite triple-digit US tariffs, with exports and industrial production outperforming expectations.
The dizzying escalation and de-escalation of tariffs has made Chinese companies’ decisions around offshoring production much more complicated.
The PBOC cut policy rates by 10 bps but did not deliver any big surprises at its latest presser.
In this chartbook, we walk you through the latest developments in the Chinese economy and offer our outlook.