May PPI hit +3.9% YoY, fastest since July 2022, on cost-push energy prices, while CPI missed at +1.2%, pushing the wedge to 2.7pp. Household credit contracted for a seventh straight month: Beijing's stimulus is reaching the supply side but not consumers.
PBoC added 10 tonnes of gold in May, extending its buying streak to 19 months and lifting reserves to a record 2,331 tonnes as retail investors reduced gold ETF holdings. Source
