We will see the January Caixin Composite and Services PMIs to start the week, and if the CFLP data follows, a small rebound can be expected. January foreign reserves data will be released on Thursday, where we will likely see a minor fluctuation after two consecutive months of relatively large increases.
CPI and PPI inflation data will also be released on Friday. CPI inflation is expected to remain in negative territory perhaps for the last month, affected by the Lunar New Year effect. High-frequency data indicates that food prices fell sequentially, but at a slower pace than the previous two months.
Aggregate data on financing, lending and money supply are likely to be released on Friday, where we expect an increase in lending activity at the start of the year.