China - Crushed in the middle   [推广有奖]

• There is little clear evidence of PPI feeding through into CPI
  
  
• But energy prices will still flow downstream
  
  
• If we are right about consumer weakness, then margins will be hit instead
  
  

Contacts:
Stephen Green
+86 21 5887 1230 ext. 5223
Standard Chartered (China) Limited
Head of Research, China
Stephen.Green@standardchartered.com

Li Wei
+86 21 5887 1230 ext. 5223
Standard Chartered (China) Limited
Economist, China
Li-Wei.CN@standardchartered.com

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