🇨🇳 China's record trade windfall cannot fix what the balance sheet is breaking
🇨🇳 PBOC holds for a record 13th month. Bank margins, not caution, are the constraint.
🇨🇳 China's rate freeze extends to 13 months, but the export surplus propping up the yuan looks increasingly fragile into H2
🇨🇳 China's retail sales turned negative in May for the first time since the COVID lockdowns, and the PBoC held rates anyway
🇨🇳 China's FDI contraction is slowing, but the capital replacing Western inflows is a weaker grade
🇨🇳 China's first retail contraction since the pandemic exposes a widening production-consumption split
🇨🇳 China's factory output climbs while the consumer stalls, and the gap is no longer cyclical
🇨🇳 China's 41-month deflation subsidy ends as PPI hits a near four-year high
🇨🇳 China's PPI surge is the wrong kind of reflation for a demand-starved economy
🇨🇳 China's PPI at a near four-year high while the consumer economy goes the other way
