Is policy support reaching private demand?
The source assessed Early Risk-on / R2. New orders stayed above 50 for two months, while sustained private credit confirmation remained absent. The latest orders reading fell slightly.
A framework for observation; evidence is needed at each step.
USD/CNY, CFETS, fixing deviation and broad appreciation
Reading report evidence…
CFETS, explicitly dated onshore intraday readings and fixings are separate. Spot and fixing each have one reading, not a continuous FX trend. Model deviation cannot be calculated without an expected fixing.
Net settlement, conversion ratios and cross-border flows, alongside trade surplus and capital leakage
Reading report evidence…
Net settlement, cross-border net receipts and trade surplus are separate. Bank-client settlement has two July–August report readings, retaining the 61.51 vs rounded 61.5 distinction. FX purchase ratios, longer settlement history and capital-leakage series are missing.
Social financing, government vs private credit, household / corporate long-term loans and M1 / M2
Reading report evidence…
Several indicators have only one reported month; these do not establish sustained credit recovery.
PPI YoY / MoM and components, core CPI and industrial profits
Reading report evidence…
PPI YoY / MoM and upstream contribution are separate, as are monthly / YTD profits. Several added indicators have one reading; price components and profit breadth still lack history.
PMI, new orders, services orders, retail and investment
Reading report evidence…
Services-only and non-manufacturing orders are distinct, as are monthly retail sales and cumulative investment growth. New demand indicators have only August report readings; sustained recovery remains unconfirmed.
The charts below cover the linked numeric series. Other checkpoints remain report evidence; a linked chart alone does not confirm an entire module.
USD/CNY, CFETS, fixing deviation and broad appreciation
CFETS RMB basket index · Irregular
History: 2 observations · Limited history; no trend verdict
Preserves actual dates cited by the reports: September 18 is a weekly observation; September 24 is the cited as-of date. This is not a regular weekly series.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (points) | Type |
|---|---|---|
| 2026-09-24 | 102.93 | Complete per source |
| 2026-09-18 | 102.54 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
截至9月24日，CFETS指数已经升到 **102.93，创2022年7月以来新高**Preserves actual dates cited by the reports: September 18 is a weekly observation; September 24 is the cited as-of date. This is not a regular weekly series.
CFETS人民币指数 102.54，周涨1.05；Preserves actual dates cited by the reports: September 18 is a weekly observation; September 24 is the cited as-of date. This is not a regular weekly series.
USD/CNY onshore intraday reading · Irregular
History: 1 observations · Limited history; no trend verdict
Preserves explicitly dated onshore intraday readings quoted by the weekly report, not daily closes. A lower value means a stronger RMB against the dollar. One observation does not establish a trend; subtracting the fixing does not establish deviation from a market model.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (CNY/USD) | Type |
|---|---|---|
| 2026-09-21 | 6.695 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
与此同时，9月21日在岸人民币一度升至 **6.6950**，创三年半以上新高；央行当天中间价6.7487，也是2023年2月以来最强，而且近期中间价相对市场模型的“压升值力度”正在减弱。Preserves explicitly dated onshore intraday readings quoted by the weekly report, not daily closes. A lower value means a stronger RMB against the dollar. One observation does not establish a trend; subtracting the fixing does not establish deviation from a market model.
USD/CNY daily fixing · Irregular
History: 1 observations · Limited history; no trend verdict
The September 21 fixing quoted by the report, in CNY per USD; separate from intraday spot and market-model expectations. No model deviation is calculated without an expected fixing, and other dates remain absent.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (CNY/USD) | Type |
|---|---|---|
| 2026-09-21 | 6.7487 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
与此同时，9月21日在岸人民币一度升至 **6.6950**，创三年半以上新高；央行当天中间价6.7487，也是2023年2月以来最强，而且近期中间价相对市场模型的“压升值力度”正在减弱。The September 21 fixing quoted by the report, in CNY per USD; separate from intraday spot and market-model expectations. No model deviation is calculated without an expected fixing, and other dates remain absent.
Net settlement, conversion ratios and cross-border flows, alongside trade surplus and capital leakage
Net FX settlement · Monthly
History: 1 observations · Limited history; no trend verdict
Read net FX settlement alongside the exchange rate.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (USD 100m) | Type |
|---|---|---|
| 2026-08-31 | 485 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
净结汇 +485亿美元Non-bank cross-border net inflow · Monthly
History: 1 observations · Limited history; no trend verdict
Non-bank cross-border receipts minus payments; distinct from bank FX settlement.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (USD 100m) | Type |
|---|---|---|
| 2026-08-31 | 624 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
非银行部门涉外收入7768亿美元、付款7144亿美元：
**跨境净流入 +624亿美元。**Non-bank cross-border receipts minus payments; distinct from bank FX settlement.
Monthly trade surplus · Monthly
History: 1 observations · Limited history; no trend verdict
Retains the precise August value from the report. Rounded repetitions in later reports are not new observations.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (USD 100m) | Type |
|---|---|---|
| 2026-08-31 | 1,190.9 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月出口4014.4亿美元、进口2823.6亿美元，贸易顺差 **1190.9亿美元**Retains the precise August value from the report. Rounded repetitions in later reports are not new observations.
Bank-client FX settlement ratio (report excerpt) · Monthly
History: 2 observations · Limited history; no trend verdict
The weekly report quotes July 57.23% and August 61.51%, with another passage rounded to 61.5%. The cited NBD article, republished by Eastmoney, labels this bank-client settlement, not all enterprises; the official calculation denominator is not independently verified. Two months show a monthly rise, not a sustained trend. Changes use percentage points; no zero reference.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 61.51 | Complete per source |
| 2026-07-31 | 57.23 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
**57.23% → 61.51%。**The weekly report quotes July 57.23% and August 61.51%, with another passage rounded to 61.5%. The cited NBD article, republished by Eastmoney, labels this bank-client settlement, not all enterprises; the official calculation denominator is not independently verified. Two months show a monthly rise, not a sustained trend. Changes use percentage points; no zero reference.
**57.23% → 61.51%。**The weekly report quotes July 57.23% and August 61.51%, with another passage rounded to 61.5%. The cited NBD article, republished by Eastmoney, labels this bank-client settlement, not all enterprises; the official calculation denominator is not independently verified. Two months show a monthly rise, not a sustained trend. Changes use percentage points; no zero reference.
Social financing, government vs private credit, household / corporate long-term loans and M1 / M2
Household long-term loans · Monthly
History: 1 observations · Limited history; no trend verdict
Monthly flows are seasonal; compare like-for-like periods.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (CNY 100m) | Type |
|---|---|---|
| 2026-08-31 | -822 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月 -822亿元Corporate long-term loans · Monthly
History: 1 observations · Limited history; no trend verdict
Track longer-term financing while distinguishing policy support from private demand.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (CNY 100m) | Type |
|---|---|---|
| 2026-08-31 | 3,200 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月 +3200亿元M1 growth YoY · Monthly
History: 1 observations · Limited history; no trend verdict
YoY growth quoted from the original weekly report. One observation does not establish a trend.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 4.1 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
M1 **+4.1%**YoY growth quoted from the original weekly report. One observation does not establish a trend.
M2 growth YoY · Monthly
History: 1 observations · Limited history; no trend verdict
Read alongside M1. Report excerpts have not been independently verified.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 7.5 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
M2 **+7.5%**Read alongside M1. Report excerpts have not been independently verified.
M1 minus M2 growth gap · Monthly
History: 1 observations · Limited history; no trend verdict
Uses the percentage-point gap explicitly stated in the report; no inferred monthly history.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (pp) | Type |
|---|---|---|
| 2026-08-31 | -3.4 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
M1-M2剪刀差从 -3.7pp 小幅收窄至 **-3.4pp**。Uses the percentage-point gap explicitly stated in the report; no inferred monthly history.
New aggregate social financing · Monthly
History: 1 observations · Limited history; no trend verdict
The reported CNY 1.66 trillion is converted to CNY 16,600 × 100 million. Read alongside government bonds and private loans.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (CNY 100m) | Type |
|---|---|---|
| 2026-08-31 | 16,600 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
社融新增 **1.66万亿元**The reported CNY 1.66 trillion is converted to CNY 16,600 × 100 million. Read alongside government bonds and private loans.
Government bond net financing · Monthly
History: 1 observations · Limited history; no trend verdict
The reported approximate CNY 1.01 trillion is converted to approximately CNY 10,100 × 100 million; retains estimated status.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (CNY 100m) | Type |
|---|---|---|
| 2026-08-31 | 10,100 | Estimate |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月政府债净融资约 **1.01万亿元**The reported approximate CNY 1.01 trillion is converted to approximately CNY 10,100 × 100 million; retains estimated status.
PPI YoY / MoM and components, core CPI and industrial profits
Industrial producer prices (YoY) · Monthly
History: 8 observations · Local history available
National industrial producer output prices, year-on-year change. Negative means below the same month a year earlier; positive means above. A rise does not necessarily indicate stronger demand. This history starts in 2026 using the official 2025 base.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 3.8 | Primary source value |
| 2026-07-31 | 3.5 | Primary source value |
| 2026-06-30 | 4.1 | Primary source value |
| 2026-05-31 | 3.9 | Primary source value |
| 2026-04-30 | 2.8 | Primary source value |
| 2026-03-31 | 0.5 | Primary source value |
| 2026-02-28 | -0.9 | Primary source value |
| 2026-01-31 | -1.4 | Primary source value |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
National industrial producer output prices, year-on-year change; not month-on-month change, input prices or a cumulative average. The 2026 series uses the 2025 base and each month’s official release.
CPI inflation YoY · Monthly
History: 1 observations · Limited history; no trend verdict
August YoY inflation quoted from the original report; not an independently verified NBS series.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 0.8 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
最新价格数据仍是8月：
**CPI +0.8%**August YoY inflation quoted from the original report; not an independently verified NBS series.
Core CPI inflation YoY · Monthly
History: 1 observations · Limited history; no trend verdict
August core CPI YoY, distinct from headline CPI and PPI; retains only explicit report values.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 1 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
**核心CPI +1.0%**August core CPI YoY, distinct from headline CPI and PPI; retains only explicit report values.
Industrial profits monthly YoY · Monthly
History: 1 observations · Limited history; no trend verdict
August monthly profit growth, not interchangeable with January–August cumulative growth. Traceable to the October 5 report only; not backfilled into the September 28 morning report.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 4.2 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月单月利润增速只有 **+4.2%**August monthly profit growth, not interchangeable with January–August cumulative growth. Traceable to the October 5 report only; not backfilled into the September 28 morning report.
Industrial profits YTD YoY · Monthly
History: 1 observations · Limited history; no trend verdict
The August period-end represents January–August cumulative YoY growth; charted separately from monthly growth.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 15.7 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
1—8月规模以上工业企业利润同比 **+15.7%**The August period-end represents January–August cumulative YoY growth; charted separately from monthly growth.
PPI inflation MoM · Monthly
History: 1 observations · Limited history; no trend verdict
August PPI month-on-month inflation, distinct from YoY. One month of price increases does not establish a domestic-demand recovery.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 0.4 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
**PPI环比 +0.4%。**August PPI month-on-month inflation, distinct from YoY. One month of price increases does not establish a domestic-demand recovery.
Four upstream sectors’ contribution to PPI MoM · Monthly
History: 1 observations · Limited history; no trend verdict
Combined contribution of oil extraction, refining, organic chemicals and nonferrous sectors to August PPI MoM, in percentage points. This is not their own price growth; the report value is approximate.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (pp) | Type |
|---|---|---|
| 2026-08-31 | 0.31 | Estimate |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
石油开采、炼油、有机化工和有色四个行业合计贡献了约 **0.31个百分点** 的PPI环比涨幅Combined contribution of oil extraction, refining, organic chemicals and nonferrous sectors to August PPI MoM, in percentage points. This is not their own price growth; the report value is approximate.
PMI, new orders, services orders, retail and investment
Manufacturing PMI: new orders · Monthly
History: 13 observations · Local history available
50 separates expansion from contraction. A single crossing needs confirmation.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (points) | Type |
|---|---|---|
| 2026-09-30 | 50.5 | Primary source value |
| 2026-08-31 | 50.6 | Primary source value |
| 2026-07-31 | 48.5 | Primary source value |
| 2026-06-30 | 51.2 | Primary source value |
| 2026-05-31 | 49.9 | Primary source value |
| 2026-04-30 | 50.6 | Primary source value |
| 2026-03-31 | 51.6 | Primary source value |
| 2026-02-28 | 48.6 | Primary source value |
| 2026-01-31 | 49.2 | Primary source value |
| 2025-12-31 | 50.8 | Primary source value |
| 2025-11-30 | 49.2 | Primary source value |
| 2025-10-31 | 48.8 | Primary source value |
| 2025-09-30 | 49.7 | Primary source value |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing new orders only; non-manufacturing new orders are excluded.
Manufacturing PMI · Monthly
History: 2 observations · Limited history; no trend verdict
50 separates expansion from contraction. Headline PMI is distinct from manufacturing new orders. August and September values are quoted from the October 5 report.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (points) | Type |
|---|---|---|
| 2026-09-30 | 50.1 | Complete per source |
| 2026-08-31 | 49.8 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
9月制造业PMI从49.8升至 **50.1**50 separates expansion from contraction. Headline PMI is distinct from manufacturing new orders. August and September values are quoted from the October 5 report.
9月制造业PMI从49.8升至 **50.1**50 separates expansion from contraction. Headline PMI is distinct from manufacturing new orders. August and September values are quoted from the October 5 report.
Non-manufacturing business activity · Monthly
History: 2 observations · Limited history; no trend verdict
Includes services and construction; not a services-only index. August and September values come from the same original report.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (points) | Type |
|---|---|---|
| 2026-09-30 | 50.2 | Complete per source |
| 2026-08-31 | 49 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
非制造业商务活动指数从49.0升至 **50.2**Includes services and construction; not a services-only index. August and September values come from the same original report.
非制造业商务活动指数从49.0升至 **50.2**Includes services and construction; not a services-only index. August and September values come from the same original report.
Non-manufacturing new orders · Monthly
History: 2 observations · Limited history; no trend verdict
Non-manufacturing new orders include services and construction. August 44.1 is not the services-only 44.5 reading; the series are not mixed.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (points) | Type |
|---|---|---|
| 2026-09-30 | 46.5 | Complete per source |
| 2026-08-31 | 44.1 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
非制造业新订单虽然仍只有 **46.5**，但比8月44.1明显改善Non-manufacturing new orders include services and construction. August 44.1 is not the services-only 44.5 reading; the series are not mixed.
非制造业新订单虽然仍只有 **46.5**，但比8月44.1明显改善Non-manufacturing new orders include services and construction. August 44.1 is not the services-only 44.5 reading; the series are not mixed.
Services PMI new orders · Monthly
History: 1 observations · Limited history; no trend verdict
August services-only new orders, distinct from non-manufacturing orders of 44.1, which include construction. 50 is the expansion threshold. No comparable September reading is supplied; non-manufacturing 46.5 is not a substitute.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (points) | Type |
|---|---|---|
| 2026-08-31 | 44.5 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月制造业新订单确实升到了 **50.6**，但只有一个月；制造业PMI整体仍只有49.8。与此同时非制造业商务活动指数49.0，服务业新订单只有 **44.5**。August services-only new orders, distinct from non-manufacturing orders of 44.1, which include construction. 50 is the expansion threshold. No comparable September reading is supplied; non-manufacturing 46.5 is not a substitute.
Retail sales monthly YoY · Monthly
History: 1 observations · Limited history; no trend verdict
August monthly retail-sales growth, distinct from January–August cumulative growth. One report reading does not establish a sustained trend.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | 0.4 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月零售同比仅 **+0.4%**；1—8月固定资产投资 **-7.2%**、民间投资 **-10.1%**。August monthly retail-sales growth, distinct from January–August cumulative growth. One report reading does not establish a sustained trend.
Fixed-asset investment YTD YoY · Monthly
History: 1 observations · Limited history; no trend verdict
January–August cumulative YoY growth, dated at August period-end. This is not August monthly growth or an investment amount.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | -7.2 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月零售同比仅 **+0.4%**；1—8月固定资产投资 **-7.2%**、民间投资 **-10.1%**。January–August cumulative YoY growth, dated at August period-end. This is not August monthly growth or an investment amount.
Private investment YTD YoY · Monthly
History: 1 observations · Limited history; no trend verdict
January–August cumulative YoY growth, separate from total fixed-asset investment. This is not a private-credit flow.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | -10.1 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月零售同比仅 **+0.4%**；1—8月固定资产投资 **-7.2%**、民间投资 **-10.1%**。January–August cumulative YoY growth, separate from total fixed-asset investment. This is not a private-credit flow.
Property investment YTD YoY · Monthly
History: 1 observations · Limited history; no trend verdict
Cumulative property-investment growth in the report’s August demand section, for January–August. Separate from sales floor area, developer loans and mortgage funding.
Unverified report excerpts. This separate curve does not replace or extend the main chart above. See the main chart’s source label for its verification status.
| Period | Value (%) | Type |
|---|---|---|
| 2026-08-31 | -19.9 | Complete per source |
Report and verification dates are labeled separately. Original release timestamps are shown when explicitly provided by the source. Quotations retain their source language.
8月零售同比仅 **+0.4%**；1—8月固定资产投资 **-7.2%**、民间投资 **-10.1%**。
地产端：
房地产投资 **-19.9%**Cumulative property-investment growth in the report’s August demand section, for January–August. Separate from sales floor area, developer loans and mortgage funding.
Await the next household and corporate lending releases.
Complete original public research is available in Chinese, including historical tables, judgments and source links.
Complete original public research is available in Chinese, including historical tables, judgments and source links.