Goldman analyst Yu Song is out with a new note on China.
Here are some key points
- Inflation is back on the rise. Thanks to the drought, food prices have jumped in recent weeks. Pork prices are notable. May CPI will be 5.5$, up from 5.3% in April.
- Industrial activity growth has stabilized. The latest PMI numbers were solid, however, the main reason the slowdown has tapered is that power shortages have abated. It's supply side, not demand side. May industrial production growth will be 13.9% vs. 13.4% in April.
- Export growth is moderating. May exports will grow 20% year-over-year vs. 29.0% in April.
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Source: http://feedproxy.google.com/~r/businessinsider/~3/pPiKUtPc5qg/goldman-on-chinese-inflation-2011-6
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