Beige Book says it saw modest improvement in China's economy in Q2,

  • manufacturing and retail sectors outperforming

Looking ahead, risks are more serious though:

  • capex is flat
  • record levels of inventories
  • shadow finance increasing
  • surprise inflation pressures

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China Beige Book adapts methodology used by the U.S. Federal Reserve's "Beige Book"

  • It's a privately produced quarterly report
  • Uses quantitative & qualitative data to track conditions within the Chinese economy
  • The Beige Book is only available to subscribers to their service