26 Mar 2026
More recent developments
June 2, 2026
Infrastructure SPB issuance slows further in May
Local government infrastructure investment slumped in May. Per government data, in May local governments issued RMB 141 billion worth of infrastructure special-purpose bonds (SPBs), down 59.1% y/y. This marks the third consecutive month of declining SPB issuance. All major investment… Read More »
June 2, 2026
Corporate profits key to RMB appreciation
The RMB has been appreciating aggressively against the dollar in recent months. We think its got further to go – but the longevity of its rally depends on corporate profits. Some context: China's central bank (PBoC) maintains a managed float… Read More »
June 2, 2026
Top 100 developers snap seven-month sales decline
The property market’s tentative revival strengthened in May. Per data from China Real Estate Information Corp. (CRIC), an independent data provider: New home sales by China's top 100 developers hit RMB 295 billion in May, up 13.8% m/m On a… Read More »