Story thread

China's weak demand

While most of the world fights inflation, China's prices are barely rising and its bond yields sit near record lows. The signs of soft demand, and how Beijing responds.

The story so far, oldest first

31 Oct 2026China's factories slip back into contraction as demand stays softThe official manufacturing PMI fell to 49.3 in October from 50.1, against a forecast of 50.0. China's inflation was 0.9% in September and its 10-year bond yield about 1.65%, while much of the world fights 3–4% inflation.China · Link 5 · Real economy · Effect
2 Nov 2026China's two factory surveys disagree. What each one is measuringThe RatingDog manufacturing PMI, compiled by S&P Global, was 52.0 in October, down from 52.1 and above the 51.6 forecast. The official PMI was 49.3. Factory-gate and export prices fell as competition intensified.China · Link 5 · Real economy · In the chain
8 Nov 2026China is running short of copper, even with weak demand. Here's whyThe Shanghai spot copper premium averaged a record 2,615 yuan a tonne on 6 November, up 515 yuan in a day, SMM said. The gap between November and December futures widened to about 2,000 yuan, and SHFE warehouse warrants fell to 4,327 tonnes.China · Global · External shock → Link 1 · In the chain
9 Nov 2026China's two inflations: factory prices up 5.7%, shop prices up 0.7%Producer prices rose 5.7% (forecast 5.3%, September 5.0%). Consumer prices rose 0.7% (forecast 0.8%, September 0.9%) and were flat on the month. China's planning agency describes the economy as "strong supply and weak demand".China · Link 1 · Inflation · Effect
10 Nov 2026China's trade surplus passes $1 trillion again, even as imports jump 42%Exports rose 35.2% on the year in October (forecast 33.5%) and imports 41.6% (forecast 32%). The monthly surplus, $105.3bn, was the smallest since May, but the January–October total passed $1tn, about 9% more than a year earlier.China · Link 3 · Currencies and trade · Effect