East Asia Econ

East Asia Today

The S&P services PMI for China remained better than the official version, while PBC's liquidity injections eased off in October. In Taiwan, fx reserves fell last month. That is consistent with the weakening of the currency, but contrasts with this year's remarkable growth in exports.

Paul Cavey

Nov 5, 2025 • 2 min read

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East Asia Today

High-frequency data for China through end-October show the stability in upstream prices has persisted. The implication is PPI deflation isn't worsening. In Korea, October CPI inflation ticked up. That's probably temporary, but inflation has remained stickier than I'd expected.

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Korea – inflation up in October

The rise in inflation in October has partly due to demand related to last month's extended holiday, and so shouldn't persist. However, inflation remains much stickier than I would have expected, given the ongoing weakness in the economy.

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East Asia Today

China's S&P PMI softened in October, though still paints a better picture of the industrial sector than suggested by the official survey. Korea's PMI also weakened, and neither that nor the BOK's sentiment survey point to a big coming lift in exports.