China Financial Daily

Suspect macro data, the risk of further leaks: 3.1% CPI increase, exports increase 50%
Sources said the May CPI, export growth was 3.1% and 50%

Morning News Despite repeated orders relevant departments have been asked to prevent the disclosure of macroeconomic data, but about five this week of economic data released in May, it seems that once again been leaked.

Reuters published an article yesterday afternoon manuscript sources have been quoted as saying government officials to the sources, in May exports up (over a year earlier) increased by about 50% to about 130 billion U.S. dollars.

This data than expected. Furthermore, the market seems to describe the use of far more than expected is not too much. After all, the European crisis in the haze of this month once the market worried about the export situation will not optimistic (non-official statistics, exports to Europe account for about 20% of China’s export share.).

In addition, these sources also disclosed that in May the consumer price index (CPI) rose 3.1%, for the first time during the 3% target set by the Government.

The representative of the situation of inflation data, broadly in line with market expectations, further circumstantial evidence of economic activity remained strong.

If we take into account in May of about 630 billion yuan of new credit, you can bring the parties back to concerns about China’s economy significantly reduced.

“If the data close to the real situation, this is no doubt the Chinese economy is a big plus, should be able to dispel concerns about China’s economic downturn.” Strategist at Royal Bank of Canada, Brian Jackson (Brian Jackson) will be given in the case evaluation.

In fact, many market participants, will be staged yesterday’s A-share market this terrible reversal, due to this.

However, noteworthy is that, although data is still beautiful, but considering the uncertainty of the external situation, the parties have decision-making level would resist “Erci bottom” Er reduce the macro control right now is almost a consensus.

Just yesterday evening, the notice issued by the central bank showed that the central bank open market operations plan today issued 10 billion yuan in 3-month bills. This means that if the central bank today is not to repurchase operation, then this week the central bank will inject liquidity into the money market net 176 billion yuan.

This figure will be the third consecutive week the central bank recently put to the net capital market, and the recent launch one with the largest. Last week the central bank capital injection of only 14 billion yuan.