It's not a closely followed report but it's definitely headline-grabbing

CBB International, a New-York-based research group, puts out a private survey called the China Beige Book and it says conditions deteriorated across the board in Q4.

National sales revenue, volumes, output, prices, profits, hiring, borrowing, and capital expenditure were all weaker than the prior three months. Manufacturing and the service sector performed poorly.

Analysts at the company wrote that the fall in profits was particularly disturbing and showed "pervasive weakness"

The PBOC is the central bank to watch once today's BOJ decision is out of the way (preview here). The Shanghai Securities News reported earlier this month that the reserve requirement ratio is expected to be cut by 50 basis points in this month.