What are they indicating?

- HSBC Preliminary PMI for Mar remaining below 50

- Surprisingly large trade deficit in Feb

- Slowing growth of CPI in Feb ( 3.2% YoY v.s. 4.5% YoY in Jan)

- Reference exchange rate set by PBOC reached record high of 6.2891 RMB/USD on Friday

- GDP growth target cut to 7.5% announced earlier this month

- 2nd RRR cut in Feb since the tightening ended last year





Pete