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China Macro Weekly #1, 2026-08-07: Reflation Arrived From Outside, and the Stimulus Never Did. Edition #1 of China Macro Weekly: a new dated edition every Wednesday, tracking the PBoC's open market operations, the currency fixing, high-frequency property and freight data and the policy flow between the monthly National Bureau of Statistics prints, and landing those prints in the edition that follows them. Edition #2 will be free, so you can judge a full edition before paying for the ones after it. As of 2026-08-07. The annual policy settings in here (growth target, deficit ratio, bond quo

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