Julian Evans-Pritchard - Capital Economics


Last quote by Julian Evans-Pritchard

A year ago people were worried about how long China's hard currency reserves would last as they were burning through them to try and support the currency. And now we have had FX reserves rising for a few months. The scope that the yuan can appreciate is limited by how willing the PBOC is to let it appreciate.feedback
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Sep 08 2017 RMB
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Julian Evans-Pritchard is associated, including China and PBOC. Most recently, Julian Evans-Pritchard has been quoted saying: “The surveys point to resilient industrial activity last month. Investment growth has cooled recently and we anticipate a further slowdown as the impact of tighter monetary conditions continues to feed through. If we are right, the current strength of industrial activity can't be sustained for long.” in the article GLOBAL ECONOMY-What slowdown? Asian factories chug along as global demand holds up.
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Julian Evans-Pritchard quotes

Apr 21 2017 - China

The issue for the Chinese leadership is how to deal with those layoffs in a way that maintains political stability and in a way that the workers are relocated and continue to contribute to the economy.feedback

Apr 21 2017 - China

The Chinese are not going to be happy about it, but I do think there are more concerns about Trump's trade policy than there were previously under Obama. They're less willing to push as hard against these kinds of probes, because they don't want to escalate tensions.feedback

Apr 17 2017

The upshot is that China's economy continued to experience strong growth last quarter and the upbeat data for March suggests that some of this strength will likely extend into Q2. Nonetheless, with the acceleration in credit growth that helped drive the recent recovery now being reversed, we still expect the economy to begin slowing before long.feedback

Apr 13 2017

External demand appears to have strengthened further. On the other hand, however, there are signs that the jump in imports on the back of China's recent economic recovery may now be starting to lose steam.feedback

Apr 07 2017

We expect the Fed to raise rates more rapidly this year and the next, faster than what the markets expect. We do think the dollar will start to strengthen at some point.feedback

Mar 27 2017

The base effects are not going to be as flattering in coming quarters. We're going to see a decline in profit growth and producer price inflation from now onwards. We shouldn't get too excited about some of these growth rates. There is a real risk that by the end of the year the economy could be looking quite a bit weaker. I think all those signals suggest that this quarter is probably as good as its going to get.feedback

Mar 21 2017

I think that kind of spooked [China] a little bit, and hence a couple of weeks later, we got capital controls on outbound investment.feedback

Mar 14 2017

This strength remains heavily reliant on rapid investment growth that will be difficult to sustain given clear signals that the fiscal and monetary policy stance will be less supportive this year.feedback

Mar 08 2017

We suspect that this largely reflects the boost to import values from the recent jump in commodity price inflation, but it also suggests that domestic demand remains resilient. Looking ahead, we expect external demand to remain fairly strong during the coming quarters which should continue to support exports.feedback

Feb 28 2017

We estimate that if trade with the U.S. halted overnight, China would take a hit of 3 percent of GDP, taking into account knock on effects on employment and consumer spending.feedback

Feb 28 2017

But trade with the U.S. won't dry up completely even if Trump does impose steep tariffs. The largest categories are laptops, mobile phones and tablets, goods for which China is responsible for over 70 percent of global production. This means that in the short run at least, U.S. consumers will have little choice but to continue to purchase many Chinese made products, implying a much smaller and manageable hit to Chinese GDP.feedback

Feb 14 2017

The base effects that have boosted inflation in recent months are soon going to go into reverse. Meanwhile, tighter monetary policy, slowing income growth and cooling property prices should keep broader price pressure contained over the medium-term.feedback

Feb 07 2017 - RMB

With $3 trillion viewed by some as an important threshold, this decline will likely spark renewed debate over how long the People's Bank (PBOC) can continue intervening to support the renminbi.feedback

Feb 01 2017

Today's PMI readings suggest that China's economy continued to perform well last month. China's recent recovery appears to remain largely intact for now.feedback

Jan 20 2017 - Snapchat

With tailwinds from policy stimulus now fading, we expect clearer signs of a renewed slowdown to emerge during the next couple of quarters.feedback

Jan 13 2017

The slowdown is disappointing given signs from recent business surveys, and from Korea and Taiwan's export data, that global demand continued to strengthen in December.feedback

Dec 18 2016 - RMB

Regulators have a lot of control over what happens to those deposits, and they can control the rate of inflows into onshore FX deposits.feedback

Dec 16 2016

I'm sceptical that the People's Bank will really tighten conditions as much as people are expecting. The bond rout looks like it's gone a bit too far for me.feedback

Dec 13 2016

Another set of broadly positive data suggest that China is on track to end this year on a strong note.feedback

Dec 08 2016 - Taiwan

Most countries have yet to publish trade data for November but the other early reporters, Korea and Taiwan, also posted larger-than-expected pick-ups in export growth.feedback

Dec 08 2016

The improvement (in exports) reflects a strengthening in global demand, with recent business surveys suggesting that developed economies are on track to end the year on a strong note.feedback

Dec 08 2016

While global demand has recovered somewhat recently, lower trend growth in many developed and emerging economies means that further upside is probably limited.feedback

Dec 08 2016

Better-than-expected trade data out of China today reflects both an uptick in global demand as well as the continued strength of the domestic economy.feedback

Dec 01 2016

The strength in PMI numbers is unlikely to be sustained as much of it can be explained by previous stimulus measures. We see increased signs of slowdown in domestic economies, particularly in China.feedback

Nov 30 2016

The question is then what's going to happen to sales growth – it's probably not going to recover much further than it already has. If I was a Chinese firm, I'd have some concerns about the macroeconomic outlook over the next couple of years.feedback

Nov 10 2016

Declining U.S. influence would give China more freedom to shape the regional landscape.feedback

Nov 08 2016

We think producer price inflation will recover further in coming quarters but will top out at a little over 4 percent y/y before dropping back again.feedback

Nov 07 2016

Most indicators suggest that domestic demand is still improving and import values will also benefit from the latest step up in commodity prices.feedback

Nov 07 2016

A sudden turnaround this month (for exports) seem unlikely, (however) stronger growth in developed markets ... should at least prevent shipments from slipping further.feedback

Oct 19 2016

Nonetheless, the recent recovery is ultimately on borrowed time given that it has been driven in large part by faster credit growth and a property market boom, both of which policymakers are now working to rein in.feedback

Oct 19 2016

We won't get the full breakdown until tomorrow but we suspect that the key driver was stronger growth in real estate services, on the back of buoyant property sales. Financial sector growth is also likely to have recovered as last year's equity bubble dropped out of the base for comparison.feedback

Oct 19 2016

It's a question of reversing the previous distortions.feedback

Oct 19 2016

It suggests quite significant smoothing of the data behind the scenes. Even by Chinese standards, this is quite rare.feedback

Oct 19 2016

It's definitely unusual in an international context. There are almost no countries that have such stable GDP growth rates.feedback

Oct 19 2016

As the boost from policy stimulus begins to wear off – probably at some point early next year – continued structural drags mean the economy is set to begin slowing again.feedback

Oct 19 2016

The official GDP figures remain too stable to tell us much about the performance of China's economy. Our own measure of economic activity suggests that growth actually picked up last quarter, though the improvement clearly won't last.feedback

Oct 15 2016

The government has been able to stabilize the economy this year with quite a lot of stimulus, but it hasn't actually been as effective as a lot of people had expected.feedback

Oct 15 2016

We tend to focus on less high-profile, volume-based indicators, which don't have to be deflated with price indices, such as freight volume, passenger traffic, floors under construction, among other measures.feedback

Oct 13 2016

This could be an early sign that the recent recovery in economic activity is losing momentum.feedback

Oct 12 2016

The data we have so far suggests that a drop in import volumes of a number of key commodities, including iron ore and copper, are partly responsible.feedback

Oct 06 2016 - RMB

It's almost $20 billion, which is quite a considerable fall. I think there is still quite significant intervention in the currency markets by the PBOC and I think today's data highlights that.feedback

Sep 13 2016

Property sales continue to expand at a rapid pace. We are skeptical how long this can last given that fundamental factors point to housing demand growth in the low single digits.feedback

Sep 09 2016

The picture is still one of rising price pressures, and for that reason I'd be skeptical of claims this latest drop in inflation is going to increase the likelihood of further monetary easing by the central bank. What's holding them back from further easing is not inflation concerns, it's concerns of credit risks.feedback

Sep 08 2016

A gradual recovery in global demand probably means some further upside to export growth in the coming quarters. Import growth should also pick up further on the back of stronger domestic demand and a further recovery in global commodity prices.feedback

Sep 01 2016

While the official non-manufacturing PMI remains strong, it did soften from 53.9 to 53.5 last month. This was entirely due to a fall in the construction sector sub-index. The stats bureau has blamed the drop on disruptions due to flooding and unusually hot weather but it may also be a sign that the recent property boom is starting to run out of steam.feedback

Sep 01 2016

I think eventually they'll come under pressure to ease further, but given the economy is still stable, I don't think it'll happen this year.feedback

Sep 01 2016

Our view is that the People's Bank of China doesn't really have any reason to ease until we start to see clear signs of another downturn.feedback

Aug 17 2016

It is a sign that policymakers remain committed to financial reform and capital account liberalization.feedback

Jul 25 2016 - RMB

China has been pushing for the SDR to become more widely used for some time, as a way to challenge the dominance of the dollar without pushing the renminbi as a direct competitor.feedback

May 13 2016

They don't include all the new government debt issuance - a significant portion of which is being used to refinance existing local government financing vehicle debt.feedback

Mar 08 2016

Exports were very strong last year in February because the Lunar New Year started so late and much of the usual disruption from the holiday was pushed into March. So the implication is that we'll probably see a significant reversal and a stronger number next month.feedback

Mar 02 2016

Ideally, we'd like to see a bigger overhaul of the state sector including a lot more privatization.feedback

Jan 05 2016

Around this time of year, the PBOC does typically do large repo injections just for seasonal reasons. That said, it seems a bit early to do that now given Chinese New Year is still a few weeks away. There might be an element of easing liquidity conditions a bit following the stock market fall yesterday.feedback

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