China Macro Data Follow-Up – January 2012
I’ve been quite busy on my day job in last weeks, so now when I finally have some spare time I will follow-up China macro data since the start of the year.
To sum up, Chinese authorities have started to loosen monetary policy after slowdown in manufacturing and slowdown of imports (especially imports of goods which are consumed in China).
Official (China Federation of Logistics & Purchasing and National Bureau of Statistics) China PMI for December rose from 49.0 to 50.3. HSBC/Markit PMI was reported at 48.7 vs. 47.7 in November.
Chinese banks issued CNY 641 billion of new loans in December vs. CNY 562 billion in November. New loan issuance in 2011 was 5.6% lower than in 2010.
The most broad measure of money supply – M2 rose 17.3% y-o-y in December.
China trade balance in December was reported at USD 16.5 billion vs. USD 14.5 billion in November. Export and import growth were running at 13.4 and 11.8 percent vs. 13.8% and 22.1% in November.
Total accumulated surplus for 2011 was USD 157.9 billion vs. USD 184.6 in full year 2010, down 14.5%.
China Exports, China Imports, China Industrial Production, China Loan Issuance, China Money Supply, China PMI, China Trade Balance