China: GDP, inflation and policy rate GTM –UK | 33 Real GDP growth Inflation Nov 2016 % change year on year GDP growth % change year on year Headline CPI* 2.3% 18 Investment CoreCPI 1.9% Consumption Headline PPI** 3.3% y Net exports 12 Q316: 6.7% Global econom 6 Policy rate and reserve ratio requirement (RRR)*** % policy rate on one-year renminbi deposits (LHS); % RRR (RHS) RRR 0 -6 PBoC policy rate '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 Source: (Left and top right) FactSet, National Bureau of Statistics of China, J.P. Morgan Asset Management. *CPI is the Consumer Price Index. Core CPI is defined as CPI excluding food and energy. **PPI is the Producer Price Index. (Bottom right) FactSet, People’s Bank of China (PBoC), J.P. Morgan Asset Management. ***Average RRR for large and small banks. Guide to the Markets - UK. Data as of 31 December 2016. 33