PPI Deflation Arrives In China, Putting PBoC In Policy Bind

PPI Deflation Arrives In China, Putting PBoC In Policy Bind

PPI deflation has arrived in China. Producer prices contracted 0.3% YoY in July, three times the 0.1% decline forecast by economists. The range was -1.1% to +1.7%. This is the first time factory prices have contracted since 2016, and anyone inclined to fret about the prevailing macro backdrop will doubtlessly say this underscores the urgency of resolving the trade conflict. Durables, manufacturing and raw materials all contracted, and the prospects for a bounce in August have obviously dimm
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