Inflation data from China
CPI 2.8% y/y (Highest since April 2020)
- expected 2.8%, prior 2.5%
- food CPI +8.8% y/y, non-food +1.5% y/y
- more interesting is the m/m 0.3% (expected 0.4%, prior -0.1%)
PPI 0.9% y/y
- expected 1.0%, prior 2.3%
- -0.1% m/m
CPI is cracking higher, but still within the PBOC target band, leaving the Bank policy room should they desire. Gov Yi says more support is coming:
Offshore yuan update:
