{
  "as_of": "2026-08-24T15:58:52Z",
  "comparisons": [
    {
      "baseline_observations": 1,
      "claim": "No divergence claim: the rolling baseline has fewer than eight prior months.",
      "comparison_id": "headline-vs-physical-credit",
      "minimum_baseline_observations": 8,
      "period": "2026-07",
      "status": "abstain",
      "unit": "percentage points",
      "value": null
    }
  ],
  "coverage": {
    "adapter_ready_sources": [
      {
        "cadence": "monthly",
        "domains": [
          "activity",
          "agriculture",
          "commodities",
          "logistics",
          "trade"
        ],
        "evidence_url": "https://english.customs.gov.cn/Statics/fc662cee-21c3-474e-a7fb-4768bb1e295a.html",
        "independence_group": "gacc_trade_statistics",
        "name": "GACC customs statistics",
        "source_id": "gacc_trade"
      },
      {
        "cadence": "daily",
        "domains": [
          "activity",
          "commodities",
          "logistics",
          "trade"
        ],
        "evidence_url": "https://www.imf.org/en/news/seminars/conferences/2023/11/15/launch-of-the-portwatch-platform",
        "independence_group": "imf_portwatch_ais",
        "name": "IMF PortWatch port calls and shipment estimates",
        "source_id": "imf_portwatch"
      },
      {
        "cadence": "monthly",
        "domains": [
          "activity",
          "investment",
          "logistics",
          "trade"
        ],
        "evidence_url": "https://xxgk.mot.gov.cn/jigou/zhghs/202606/t20260629_4208435.html",
        "independence_group": "mot_transport_statistics",
        "name": "Ministry of Transport freight, port, passenger and investment tables",
        "source_id": "mot_transport"
      },
      {
        "cadence": "monthly",
        "domains": [
          "firm_health",
          "inflation",
          "property"
        ],
        "evidence_url": "https://www.stats.gov.cn/sj/zxfbhjd/202602/t20260213_1962617.html",
        "independence_group": "nbs_housing_prices",
        "name": "NBS 70-city residential price indices",
        "source_id": "nbs_70_city_housing"
      },
      {
        "cadence": "quarterly",
        "domains": [
          "activity",
          "firm_health",
          "investment",
          "labor",
          "trade"
        ],
        "evidence_url": "https://www.stats.gov.cn/zs/tjws/tjfx/202301/t20230101_1903945.html",
        "independence_group": "nbs_enterprise_survey",
        "name": "NBS enterprise-climate survey aggregates",
        "source_id": "nbs_enterprise_climate"
      },
      {
        "cadence": "monthly",
        "domains": [
          "activity",
          "commodities",
          "consumer_digital"
        ],
        "evidence_url": "https://www.nea.gov.cn/20260519/fdecbf091d654d53a9db438cdc356a5c/c.html",
        "independence_group": "nea_energy_statistics",
        "name": "NEA sector electricity consumption",
        "source_id": "nea_electricity"
      },
      {
        "cadence": "quarterly",
        "domains": [
          "activity",
          "credit",
          "firm_health",
          "inflation",
          "investment",
          "labor"
        ],
        "evidence_url": "https://www.stats.gov.cn/fw/bmdcxmsp/bmzd/202501/t20250126_1958478.html",
        "independence_group": "pboc_enterprise_survey",
        "name": "PBOC 5,000-enterprise survey aggregates",
        "source_id": "pboc_5000_enterprise"
      },
      {
        "cadence": "monthly",
        "domains": [
          "credit",
          "firm_health",
          "investment"
        ],
        "evidence_url": "https://www.pbc.gov.cn/diaochatongjisi/attachDir/2025/11/2025111416274070278.pdf",
        "independence_group": "pboc_credit_statistics",
        "name": "PBOC money, loans and total social financing",
        "source_id": "pboc_credit_tsf"
      },
      {
        "cadence": "monthly",
        "domains": [
          "credit",
          "investment",
          "trade"
        ],
        "evidence_url": "https://www.safe.gov.cn/safe/tjsj1/",
        "independence_group": "safe_external_statistics",
        "name": "SAFE external accounts and FX settlement statistics",
        "source_id": "safe_external_accounts"
      },
      {
        "cadence": "daily",
        "domains": [
          "activity",
          "commodities",
          "logistics"
        ],
        "evidence_url": "https://developers.google.com/earth-engine/datasets/catalog/COPERNICUS_S5P_NRTI_L3_NO2",
        "independence_group": "sentinel5p_atmosphere",
        "name": "Sentinel-5P TROPOMI NO2",
        "source_id": "sentinel5p_no2"
      },
      {
        "cadence": "monthly",
        "domains": [
          "activity",
          "consumer_digital",
          "logistics"
        ],
        "evidence_url": "https://gs.spb.gov.cn/gssyzglj/c100062/c100149/202602/7eb1f16ae95344de900a86f36baa9e73.shtml",
        "independence_group": "spb_postal_statistics",
        "name": "State Post Bureau express volume and revenue",
        "source_id": "spb_parcels"
      },
      {
        "cadence": "monthly",
        "domains": [
          "activity",
          "commodities",
          "investment",
          "logistics",
          "property"
        ],
        "evidence_url": "https://developers.google.com/earth-engine/datasets/catalog/NOAA_VIIRS_DNB_ANNUAL_V22",
        "independence_group": "viirs_radiance",
        "name": "VIIRS night-light composites",
        "source_id": "viirs_nightlights"
      }
    ],
    "live_independent_group_ids": [
      "cfets_benchmarks",
      "external_fx_reference",
      "hkex_market_flows"
    ],
    "live_source_ids": [
      "cfets_benchmarks",
      "external_cny_reference",
      "hkex_stock_connect"
    ],
    "matrix": [
      {
        "adapter_ready_groups": [
          "gacc_trade_statistics",
          "imf_portwatch_ais",
          "mot_transport_statistics",
          "nbs_enterprise_survey",
          "nea_energy_statistics",
          "pboc_enterprise_survey",
          "sentinel5p_atmosphere",
          "spb_postal_statistics",
          "viirs_radiance"
        ],
        "domain": "activity",
        "observed_groups": [
          "nbs_official_statistics",
          "nra_rail_statistics"
        ],
        "registered_live_groups": [],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "gacc_trade_statistics"
        ],
        "domain": "agriculture",
        "observed_groups": [],
        "registered_live_groups": [],
        "status": "adapter_ready"
      },
      {
        "adapter_ready_groups": [
          "gacc_trade_statistics",
          "imf_portwatch_ais",
          "nea_energy_statistics",
          "sentinel5p_atmosphere",
          "viirs_radiance"
        ],
        "domain": "commodities",
        "observed_groups": [
          "nbs_official_statistics"
        ],
        "registered_live_groups": [],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "nea_energy_statistics",
          "spb_postal_statistics"
        ],
        "domain": "consumer_digital",
        "observed_groups": [],
        "registered_live_groups": [],
        "status": "adapter_ready"
      },
      {
        "adapter_ready_groups": [
          "pboc_credit_statistics",
          "pboc_enterprise_survey",
          "safe_external_statistics"
        ],
        "domain": "credit",
        "observed_groups": [
          "cfets_benchmarks",
          "hkex_market_flows",
          "pboc_credit_statistics",
          "pboc_open_market_operations",
          "safe_external_statistics"
        ],
        "registered_live_groups": [
          "cfets_benchmarks",
          "hkex_market_flows"
        ],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "nbs_enterprise_survey",
          "nbs_housing_prices",
          "pboc_credit_statistics",
          "pboc_enterprise_survey"
        ],
        "domain": "firm_health",
        "observed_groups": [
          "nbs_official_statistics"
        ],
        "registered_live_groups": [],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "nbs_housing_prices",
          "pboc_enterprise_survey"
        ],
        "domain": "inflation",
        "observed_groups": [
          "cfets_benchmarks",
          "external_fx_reference"
        ],
        "registered_live_groups": [
          "cfets_benchmarks",
          "external_fx_reference"
        ],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "mot_transport_statistics",
          "nbs_enterprise_survey",
          "pboc_credit_statistics",
          "pboc_enterprise_survey",
          "safe_external_statistics",
          "viirs_radiance"
        ],
        "domain": "investment",
        "observed_groups": [
          "hkex_market_flows",
          "pboc_credit_statistics",
          "safe_external_statistics"
        ],
        "registered_live_groups": [
          "hkex_market_flows"
        ],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "nbs_enterprise_survey",
          "pboc_enterprise_survey"
        ],
        "domain": "labor",
        "observed_groups": [],
        "registered_live_groups": [],
        "status": "adapter_ready"
      },
      {
        "adapter_ready_groups": [
          "gacc_trade_statistics",
          "imf_portwatch_ais",
          "mot_transport_statistics",
          "sentinel5p_atmosphere",
          "spb_postal_statistics",
          "viirs_radiance"
        ],
        "domain": "logistics",
        "observed_groups": [
          "nra_rail_statistics"
        ],
        "registered_live_groups": [],
        "status": "observed"
      },
      {
        "adapter_ready_groups": [
          "nbs_housing_prices",
          "viirs_radiance"
        ],
        "domain": "property",
        "observed_groups": [],
        "registered_live_groups": [],
        "status": "adapter_ready"
      },
      {
        "adapter_ready_groups": [
          "gacc_trade_statistics",
          "imf_portwatch_ais",
          "mot_transport_statistics",
          "nbs_enterprise_survey",
          "safe_external_statistics"
        ],
        "domain": "trade",
        "observed_groups": [
          "external_fx_reference",
          "nra_rail_statistics",
          "safe_external_statistics"
        ],
        "registered_live_groups": [
          "external_fx_reference"
        ],
        "status": "observed"
      }
    ],
    "missing_source_ids": [
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      "imf_portwatch",
      "mot_transport",
      "nbs_70_city_housing",
      "nbs_enterprise_climate",
      "nea_electricity",
      "pboc_5000_enterprise",
      "pboc_credit_tsf",
      "safe_external_accounts",
      "sentinel5p_no2",
      "spb_parcels",
      "viirs_nightlights"
    ],
    "observed_independent_group_ids": [
      "cfets_benchmarks",
      "external_fx_reference",
      "hkex_market_flows",
      "nbs_official_statistics",
      "nra_rail_statistics",
      "pboc_credit_statistics",
      "pboc_open_market_operations",
      "safe_external_statistics"
    ],
    "observed_source_ids": [
      "cfets_benchmarks",
      "external_cny_reference",
      "hkex_stock_connect",
      "nbs-energy-release",
      "nbs-industrial-release",
      "nra-rail-release",
      "pboc-money-banking-release",
      "pboc-monthly-financial-release",
      "pboc-omo-release",
      "safe-settlement-release"
    ],
    "registered_independent_group_ids": [
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      "baidu_search",
      "cbb_private_panel",
      "cfets_benchmarks",
      "cfps_household_panel",
      "chfs_household_panel",
      "creis_property_panel",
      "external_fx_reference",
      "gacc_trade_statistics",
      "hkex_market_flows",
      "imf_portwatch_ais",
      "kantar_consumer_panel",
      "landchina_transactions",
      "listed_company_disclosures",
      "mot_transport_statistics",
      "nbs_enterprise_survey",
      "nbs_housing_prices",
      "nbs_labor_force_survey",
      "nbs_local_statistics",
      "nbs_official_statistics",
      "nea_energy_statistics",
      "pboc_credit_registry",
      "pboc_credit_statistics",
      "pboc_enterprise_survey",
      "safe_external_statistics",
      "samr_company_registry",
      "sentinel5p_atmosphere",
      "spb_postal_statistics",
      "tax_invoice_aggregate",
      "unionpay_transactions",
      "viirs_radiance",
      "wind_licensed_aggregation",
      "zhaopin_jobs_panel"
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    "registered_independent_groups": 33,
    "registered_sources": 33
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  "desks": [
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      "id": "activity",
      "independent_group_ids": [],
      "limitations": [
        "Current activity coverage is a narrow state-release comparison, not a representative private-firm panel or a GDP substitute."
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      "metrics": [],
      "n_metrics": 0,
      "source_classes": [],
      "status": "not_collected",
      "title": "Activity"
    },
    {
      "id": "money-credit-fx",
      "independent_group_ids": [
        "cfets_benchmarks",
        "external_fx_reference"
      ],
      "limitations": [
        "Daily rates and exchange references describe funding and policy pricing; they do not measure the whole real economy."
      ],
      "metrics": [
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          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
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            "status": "current"
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          "independence_group": "cfets_benchmarks",
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          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
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          "period_start": "2026-08-21",
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            "status": "original"
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          "source_class": "official",
          "source_id": "cfets_benchmarks",
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        {
          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
            "concept_id": "money-market-rate-percent"
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          "evidence": {
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            "url": "https://www.chinamoney.com.cn/ags/ms/cm-u-bk-currency/FrrHis?lang=EN&startDate=2026-07-26&endDate=2026-08-23"
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            "status": "current"
          },
          "independence_group": "cfets_benchmarks",
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          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
          "metric_id": "cn-cfets-fdr007",
          "period_end": "2026-08-21",
          "period_start": "2026-08-21",
          "released_at": "2026-08-23T01:47:39Z",
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            "delta": null,
            "number": 0,
            "previous_value": null,
            "status": "original"
          },
          "source_class": "official",
          "source_id": "cfets_benchmarks",
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        {
          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
            "concept_id": "money-market-rate-percent"
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          "evidence": {
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            "status": "current"
          },
          "independence_group": "cfets_benchmarks",
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          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
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          "period_end": "2026-08-21",
          "period_start": "2026-08-21",
          "released_at": "2026-08-23T01:47:39Z",
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            "previous_value": null,
            "status": "original"
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          "source_id": "cfets_benchmarks",
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        {
          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
            "concept_id": "money-market-rate-percent"
          },
          "evidence": {
            "sha256": "dc957bf3544e34221972c669eec00a4bfcc375c3d123916a071125c383df5db7",
            "url": "https://www.chinamoney.com.cn/ags/ms/cm-u-bk-currency/FrrHis?lang=EN&startDate=2026-07-26&endDate=2026-08-23"
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            "budget_hours": 96.0,
            "status": "current"
          },
          "independence_group": "cfets_benchmarks",
          "label": "FR001 repo fixing",
          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
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          "period_end": "2026-08-21",
          "period_start": "2026-08-21",
          "released_at": "2026-08-23T01:47:39Z",
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            "previous_value": null,
            "status": "original"
          },
          "source_class": "official",
          "source_id": "cfets_benchmarks",
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        {
          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
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          "evidence": {
            "sha256": "dc957bf3544e34221972c669eec00a4bfcc375c3d123916a071125c383df5db7",
            "url": "https://www.chinamoney.com.cn/ags/ms/cm-u-bk-currency/FrrHis?lang=EN&startDate=2026-07-26&endDate=2026-08-23"
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          "frequency": "D",
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            "status": "current"
          },
          "independence_group": "cfets_benchmarks",
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          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
          "metric_id": "cn-cfets-fr007",
          "period_end": "2026-08-21",
          "period_start": "2026-08-21",
          "released_at": "2026-08-23T01:47:39Z",
          "revision": {
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            "status": "original"
          },
          "source_class": "official",
          "source_id": "cfets_benchmarks",
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        },
        {
          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
            "concept_id": "money-market-rate-percent"
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          "evidence": {
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            "url": "https://www.chinamoney.com.cn/ags/ms/cm-u-bk-currency/FrrHis?lang=EN&startDate=2026-07-26&endDate=2026-08-23"
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          "frequency": "D",
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            "budget_hours": 96.0,
            "status": "current"
          },
          "independence_group": "cfets_benchmarks",
          "label": "FR014 repo fixing",
          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
          "metric_id": "cn-cfets-fr014",
          "period_end": "2026-08-21",
          "period_start": "2026-08-21",
          "released_at": "2026-08-23T01:47:39Z",
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            "number": 0,
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          "source_id": "cfets_benchmarks",
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        },
        {
          "collected_at": "2026-08-23T01:47:39Z",
          "comparability": {
            "basis": "Published percent rate; tenor and secured/unsecured family remain distinct.",
            "concept": "Annualized money-market benchmark rate",
            "concept_id": "money-market-rate-percent"
          },
          "evidence": {
            "sha256": "ce8eeb41b07e501cdefa28763dbb24d603941eccc76c24bf58cad487387e451b",
            "url": "https://www.chinamoney.com.cn/ags/ms/cm-u-bk-shibor/ShiborHis?lang=en&startDate=2026-07-26&endDate=2026-08-23"
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          "frequency": "D",
          "freshness": {
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            "budget_hours": 96.0,
            "status": "current"
          },
          "independence_group": "cfets_benchmarks",
          "label": "One-month SHIBOR",
          "limitation": "The CFETS response supplies a data date but no release timestamp; the ledger conservatively records first observation as the release upper bound.",
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