China
Real Gross Domestic Product
Gross Domestic Product, constant prices, annual % change, SA, updates monthly
Real Gross Domestic Product measures the change in the inflation-adjusted value of all goods and services produced in the economy. It comprises private consumption and investment, inventory buildup, government spending and net exports. Markets watch this indicator to gauge the strength and composition of growth.
China
Activity Indicators
Retail Sales, Industrial Production, Fixed Asset Investment, annual % change, updates monthly
Assesses fluctuations in Chinese economic activity using three indicators: Retail Sales measures consumer spending on retail goods and services, Industrial Production captures gross value added from large industrial firms, and Fixed Asset Investment quantifies capital spending on real estate development, construction, and machinery and equipment by state-owned enterprises, private businesses, institutions and individuals. Note: Due to distortions introduced during the annual Lunar Week holiday, the National Bureau of Statistics combines January and February values.
China
Price Indices
All Items Consumer Price Index and Producer Price Index, annual % change, NSA, updates monthly
Measure of the change over time in the Consumer Price Index, which quantifies the average prices paid by urban and rural consumers for a market basket of goods and services, and the Producer Price Index, which calculates the average change in price of goods and services sold by manufacturers and producers. As the most widely used measures of inflation, changes in these indices are closely followed by policymakers, financial markets, businesses, and consumers to understand price pressures in China, and in the global economy.
China
Trade Balance
Merchandise Trade Balance by region, 12-month rolling sum, balance of payments basis, billions USD, SA, updates monthly
Measures the difference in value between imported and exported merchandise over the reported period, calculated as a 12-month rolling sum. A positive number indicates that more merchandise was exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.
China
Policy Rate
Loan Prime Rate, %
The Loan Prime Rate is the lending rate provided by Chinese commercial banks to their most creditworthy customers, and serves as the benchmark for most other loans. Although the Loan Prime Rate is derived from quotes submitted by a group of designated banks, it is believed the People’s Bank of China directly guides the process to achieve desired monetary policy outcomes.
China
Money Supply Growth
M2 Money Supply, annual % change, SA, updates monthly
A measure of currency that includes cash, checking deposits, and non-cash assets that can easily be converted into cash. Markets don’t typically respond directly to changes in M2, but growth in the money supply can influence inflation, interest rates, and exchange rates over longer time horizons.
China
Debt Ratios
Credit to General Government, Non-Financial Corporate (Market Value), and Household Sectors, % of gross domestic product, government at nominal value, others at market value, updates quarterly
Aggregate Debt Ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
China
Net International Investment Position
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates annually
The Net International Investment Position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
China
Currency Reserves
Official Reserve Assets, Foreign Currency Reserves (in convertible foreign currencies), billions USD, updates monthly
Currency Reserves show external holdings that are freely usable for settlement of international transactions, and are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in currency markets to affect exchange rates, and for other related purposes. Developed markets with widely used, freely tradeable international currencies typically provide reserve assets rather than engaging in reserve accumulation.
Latest Analysis
Fed aftershocks continue to ripple across financial markets
18 June, 2026
Good morning. Oil prices are nearing pre-war levels as supertankers begin moving through the Strait of Hormuz, and the dollar is trading near a one-year high after the Federal Reserve delivered a “hawkish...
Dollar surges after Fed turns dramatically more hawkish, wrong-footing markets
17 June, 2026
The Federal Reserve left interest rates unchanged, stripped forward guidance from its communications, and signalled a dramatic hawkish shift in its reaction function at Kevin Warsh’s first meeting...
Markets steady ahead of Fed decision
17 June, 2026
Good morning, and happy Federal Reserve day to all who celebrate. Markets are on tenterhooks ahead of Kevin Warsh’s first meeting as Federal Reserve chair, with Treasury yields firming, the dollar...
Relief rally slows ahead of Fed decision
16 June, 2026
Good morning. The dollar is flat, Treasury yields are edging lower across the curve, and oil prices continue to decline as traders await details of the US-Iran peace deal ahead of its signing on Friday...
RBA: Will they move again?
16 June, 2026
After delivering three consecutive interest rate hikes to start the year, as expected, the RBA kept the cash rate steady at 4.35% today. The decision was “unanimous” as the RBA Board steps into a “hold-and-assess...
Another ceasefire deal. Now what?
15 June, 2026
• US/Iran news. Oil fell & equities rose on the back of US/Iran news. FX more muted reflecting the uncertainty & macro challenges that remain.• Event radar. China data due today. BoJ expected to...
Oil and the dollar slide on Iran deal, risk assets rally
15 June, 2026
Oil prices have tumbled and the dollar is trading near a two-week low after Washington and Tehran announced they had reached a tentative agreement to pause the war in the Middle East and reopen the Strait...
US-Iran deal hopes lift global asset prices
12 June, 2026
Good morning. Oil prices are falling and risk assets are climbing after signals from both Washington and Tehran suggested the two sides are closing in on an agreement to pause hostilities and reopen the...
Let's make a deal (again)
11 June, 2026
• US/Iran. Latest reversal by President Trump boosted risk sentiment. US equities rose, oil & bond yields fell. USD weaker. AUD rebounds after a torrid run.• Macro pulse. Energy/supply-chain disruption...
Dollar advances as rate differentials remain positive
11 June, 2026
Good morning. The dollar is trading on a stronger footing ahead of a producer price report that could lend further support. Firmness in the components that feed into the Federal Reserve’s preferred inflation...