9/18/2011

Source: Bloomberg/Horowitz & Company

China Economics
May-11

Nov-10

May-10

Nov-09

May-09

Nov-08

China Retail Sales

Jul-11

May-11

Mar-11

Jan-11

Nov-10

Sep-10

Jul-10

May-10

Mar-10

Jan-10

Nov-09

Sep-09

Jul-09

May-09

Mar-09

Jan-09

Nov-08

Source: Bloomberg/Horowitz & Company

May-08

Source: Bloomberg/Horowitz & Company

Nov-07

May-07

Nov-06

May-06

Nov-05

May-05

Nov-04

May-04

Nov-03

May-03

Nov-02

May-02

Nov-01

China GDP Constant Price YoY

May-01

USD-CNY X-RATE

Aug-11

Jun-11

Apr-11

Feb-11

Dec-10

Oct-10

Aug-10

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

Dec-08

Oct-08

Aug-08

Jun-08

Apr-08

Feb-08

Dec-07

Apr-11

Jul-10

Oct-09

Jan-09

Apr-08

9.00
8.75
8.50
8.25
8.00
7.75
7.50
7.25
7.00
6.75
6.50
6.25
6.00

Sep-08

Jul-08

Sep-11

Sep-11

Aug-11

Jul-07

Oct-06

Jan-06

Apr-05

Jul-04

Oct-03

Jan-03

Apr-02

Jul-01

Oct-00

Jan-00

Apr-99

Jul-98

Oct-97

Jan-97

Apr-96

Jul-95

Oct-94

Jan-94

USD-CNY X-RATE

Nov-00

May-00

Mar-11

May-10

Jul-09

Sep-08

Nov-07

Jan-07

Aug-11

Jul-11

Jul-11

Jun-11

Jun-11

May-11

May-11

Apr-11

Apr-11

Mar-11

Chinese Yuan Close Up

Mar-06

May-05

China GDP

Jul-04

Sep-03

Nov-02

Jan-02

Mar-01

May-00

Jul-99

Sep-98

Nov-97

Jan-97

Mar-96

May-95

Jul-94

Sep-93

Nov-92

Jan-92

Mar-91

Chinese Yuan Historical

China's Export Trend

60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
-40.00%

Source: Bloomberg/Horowitz & Company

China's Import Trend

6.60
100.00%

6.55
80.00%

60.00%

6.50
40.00%

6.45
20.00%

0.00%

6.40
-20.00%

-40.00%

6.35
-60.00%

Source: Bloomberg/Horowitz & Company

China Retail Sales Value YoY

15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
24%
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%

Source: Bloomberg/Horowitz & Company

9/18/2011
Source: Bloomberg/Horowitz & Company

China Economics
Aug-11

Jun-11

Aug-11

Jun-11

Apr-11

Feb-11

Nov-10

Aug-11

Jun-11

Apr-11

Feb-11

Dec-10

Oct-10

Aug-10

Jun-10

71.802

Apr-11

China's Consumer Prices

Feb-11

Dec-10

Sep-10

China's Industrial Production

Oct-10

Source: Bloomberg/Horowitz & Company

Jul-10

Apr-10

Feb-10

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

Dec-08

U.S. Dollar Index

Aug-10

May-10

Mar-10

Dec-09

Oct-09

Aug-09

Jun-09

Source: Bloomberg/Horowitz & Company

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

-5%

Aug-09

China PPI YoY

Jun-09

38

Apr-09

CONTRACTION ZONE

Apr-09

China Manufacturing PMI SA

Feb-09

-5%
Oct-08

Feb-09

-1%

Dec-08

4%

Aug-08

6.5

Nov-08

8%

Oct-08

Jun-08

12%

Sep-08

7.5

Aug-08

16%

Apr-08

20%

Jul-08

24%

Feb-08

8.5

Jun-08

28%

Consumer Price Index

May-08

Dec-07

Jul-11

Sep-10

Nov-09

USD-CNY X-RATE

Apr-08

Jun-11

Mar-11

Jan-09

Mar-08

May-07

Aug-11

Jun-11

Apr-11

China's Produce Prices

Feb-11

Dec-10

Sep-10

Jul-06

Sep-05

Nov-04

Jan-04

Mar-03

May-02

Jul-01

Sep-00

Nov-99

Jan-99

Mar-98

May-97

Jul-96

Sep-95

Nov-94

Jan-94

USD vs. CNY Currency Rate

China CPI YoY

Dec-10

Oct-10

Aug-10

Jun-10

Mar-10

Dec-09

Sep-09

Jun-09

Mar-09

Dec-08

Sep-08

Jun-08

Mar-08

China's Purchasing Index

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

Dec-08

Oct-08

Aug-08

Jun-08

Apr-08

Dec-07

Chinese Yuan vs. CPI

DOLLAR INDEX SPOT

72.933
90
88
86
84
82
80
78
76
74
72
70

Source: Bloomberg/Horowitz & Company

China Industrial Production YoY

20%

58
18%

53
16%

14%

48
12%

10%

43
8%

6%

4%

Source: Bloomberg/Horowitz & Company

China CPI YoY

15%
10%

10%
8%

6%

5%
4%

0%
2%

w
0%

-2%

-10%
-4%

Source: Bloomberg/Horowitz & Company

China's Flash PMI

China's Stock Market

HSBC Flash China Manufacturing PMI

Shanghai Shenzhen CSI 300 Index

54

5500
5000

53

4500
52

4000

51

3500
3000

50

2500
49

CONTRACTION ZONE

2000

Source: Bloomberg/Horowitz & Company

Aug-11

Jun-11

Apr-11

Feb-11

Dec-10

Oct-10

Aug-10

Jun-10

Apr-10

Feb-10

4.0%

1.8%

3.0%

1.6%

2.0%

1.4%

1.0%

1.2%

0.0%

1.0%

China Economics

Jul-11

2.0%

Jun-11

5.0%

May-11

2.2%

Apr-11

6.0%

Mar-11

2.4%

Feb-11

7.0%

Jan-11

2.6%

Source: Bloomberg/Horowitz & Company

9/18/2011

China Newly Built Residential Buildings

YoY - Shanghai

Shanghai Home Prices

8.0%

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-11

Source: Bloomberg/Horowitz & Company

China Newly Built Residential Buildings

YoY - Beijing

Beijing Home Prices

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

Dec-08

Oct-08

Aug-08

Jun-08

Apr-08

Feb-08

1500

Dec-07

Aug-11

Jul-11

Jun-11

May-11

Apr-11

48

Source: Bloomberg/Horowitz & Company