In macro surveillance work, we often find it difficult to assess the state of the Mainland economy based on unadjusted monthly or quarterly data as the underlying economic trends are obscured by seasonal variations and the effect of moving holidays. Standard procedures exist for seasonal...

As the Hong Kong economy became increasingly integrated with that of Mainland China, it has benefited tremendously from the strong performance of the Mainland economy. At the same time, skilful macroeconomic management and sustained structural reforms on the Mainland have engendered a virtuous...

Recent surges of capital inflows to mainland China have prompted the People's Bank of China (PBoC) to improve its monetary management techniques. Increasing sophistication in open market operations has allowed the PBoC to sterilise the impact of foreign exchange intervention on domestic...