East Asia Econ

China – monetary data a bit softer in October

Relative to my idea that the underlying economy could be stabilising, today's monetary data for October are a little soft. In particular, both M1 growth and the M1:M2 ratio ticked down, and mortgage lending also slowed. Credit growth also dropped, but only because of less government borrowing.

Paul Cavey

Nov 13, 2025 • 2 min read

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East Asia Today

Today's releases show Japan PPI turning up, and China credit growth slowing down. Also today, my latest data visualisation tool, mapping China's provincial data. The first data covered is FAI, showing the weakest province in September to be Guangdong, which would usually be regarded as a powerhouse.

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Japan – PPI still rising

The gap between import prices and PPI in the October data illustrates the sort of pent-up inflationary pressure in Japan that is likely to be exposed if the JPY remains so weak. Today's data also show a decent rise in auto export prices, but to a level that is still 6% below the pre-tariff level.

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East Asia Today

The continued fall in interest rates in the real economy shown in yesterday's monetary policy report from the PBC, another strong sentiment survey in Japan, and some thoughts on Korea in light of yesterday's minutes of the October BOK meeting and today's labour market data.