East Asia Econ

East Asia Today

China's detailed monetary data for September are important, showing three positive trends. Elsewhere, the BOK didn't change policy, with just hints of becoming more positive. In Taiwan, IP and retail sales data for September continue to show the desynchronisation of the export and domestic cycles.

Paul Cavey

Oct 23, 2025 • 2 min read

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China – three shifts in underlying monetary data

Detailed monetary data for China continue to look more positive. Three trends stand out: a further slowing of the flow of household money into time deposits; a resumption of capital inflows; and continuation of the faster pace of PBC lending to the financial sector.

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Korea – BOK slightly less negative

There were slight hints of a shift from the BOK today, but the governor also stressed the need for more certainty in areas like the Korea-US trade talks, and overall, the bank's basic stance was unchanged. For a clearer shift, I think business sentiment and monthly economic output need to rise.

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East Asia Today

Lots of data to analyse today: exports in Japan, PPI in Korea, and export orders (released yesterday for Taiwan). Also, a longer piece taking stock of the Korean cycle and thinking about the BOK before tomorrow's monetary policy meeting.