****************************************************************************************************************
* Instructions for using the dataset collected and constructed for the NBER Macroeconomics Annual Vol 30 paper *
*   ``Trends and Cycles in China's Macroeconomy'' by Chun Chang, Kaiji Chen, Dan Waggoner, and Tao Zha.        *
*                                                                                                              *
* All quarterly series, bar interest rates and reserve requirement ratios, are seasonally adjusted and         *
*   all the series are constructed to cover as long a period as possible.                                      *
*                                                                                                              *
* Using this dataset should reference                                                                          *
*   Chang C., K. Chen, D. Waggoner, and T. Zha, ``Trends and Cycles in China's Macroeconomy'',                 *
*   NBER Macroeconomics Annual Vol 30, 2016, 1-84, University of Chicago Press.                                *
*                                                                                                              *
* For the detailed methodology of constructing this dataset, please reference                                  *
*   Higgins P. and T. Zha, 2015, ``China's Macroeconomic Time Series: Methods and Implications'',              *
*   Unpublished Manuscript, Federal Reserve Bank of Atlanta.                                                   *
*                                                                                                              *
* All monthly series, bar interest rates, are seasonally adjusted and used for out-of-sample forecasting in    *
*   ``Forecasting China’s economic growth and inflation'' by P. Higgins, T. Zha, and W. Zhong, published in    *
*   China Economic Review 41 (2016) 46-61.                                                                     *
*                                                                                                              *
* The dataset will be revised, expanded, and updated on a biannual basis, which can be downloaded at           *
*   https://www.frbatlanta.org/cqer.aspx.                                                                      *
* Contact: Tao Zha <zmail@tzha.net>, Federal Reserve Bank of Atlanta.                                          *
* Copyright (c) 2015, Chun Chang, Kaiji Chen, Pat Higgins, Dan Waggoner, and Tao Zha.                          *
* Copyright (c) 2016, Pat Higgins and Tao Zha.                                                                 *
****************************************************************************************************************

%--------------------------------------------------------------------------------------------%
%--------------------------------------- The Excel files ------------------------------------%
%--------------------------------------------------------------------------------------------%
- Annual data:    ``outdata*_hz_annual.xlsx''    or ``outdata*_hz_annual.csv''
- Quarterly data: ``outdata*_hz_quarterly.xlsx'' or ``outdata*_hz_quarterly.csv''
- Monthly data:   ``outdata*_hz_monthly.xlsx''   or ``outdata*_hz_monthly.csv''


%------------------------------------------------------------------------------------------------------%
%--------------------------------------- The Matlab .mat data file ------------------------------------%
%------------------------------------------------------------------------------------------------------%
The name of the Matlab data file is outdata*_hz.mat, where * stands for the vintage date when the data was released.

The dataset ``hz_data_?_struct.mat''  contains the annual data ``hz_data_a_struct'', the quarterly data ``hz_data_q_struct'', and the monthly data ``hz_data_m_struct.''  To access the data, type at the Matlab prompt ``load data*_hz'' and then ``hz_data_a_struct.V'', ``hz_data_q_struct.V'' or ``hz_data_m_struct.V'', where V stands for a particular variable explained below.  For example, hz_data_a_struct.GDPDeflator gives the annual implicit price deflator for GDP, hz_data_q_struct.GDPDeflator contains the quarterly implicit price deflator for GDP, and hz_data_m_struct.M2 gives the monthly data of M2 supply.  

Quarterly dates have the convention of 1998=1998Q1, 1998.25=1998Q2, 1998.50=1998Q3, and 1998.75=1998Q4.
Monthly dates have the convention of 1998=1998M1, 1998.08=1998M2, 1998.17=1998M3, 1998.25=1998M4, etc.

For quarterly data, for example, if you type at the Matlab prompt

q_dates_data             = hz_data_q_struct.q_dates_data            ;
logrealHHC               = hz_data_q_struct.logrealHHC              ;
logrealBusI              = hz_data_q_struct.logrealBusI             ;
logrealLaborIncome       = hz_data_q_struct.logrealLaborIncome      ;
ratioNewLoansNFEST2GDP   = hz_data_q_struct.ratioNewLoansNFEST2GDP  ;
ratioNewLoansNFESTBF2GDP = hz_data_q_struct.ratioNewLoansNFESTBF2GDP;
[q_dates_data, logrealHHC, logrealBusI, logrealLaborIncome, ratioNewLoansNFEST2GDP, ratioNewLoansNFESTBF2GDP]

you will see many NaNs. The symbols indicate no available data for those dates.


%==========================================================================================%
%===================================== Annual Data ========================================%
%==========================================================================================%
%Some identities bar numerical rounding errors:
%  NominalGDP       = NominalPrivC + NominalGovtC + NominalGCF+ NominalNetExports
%  NominalGCF       = NominalInvty + NomalGFCF
%  NomalGFCF        = NominalGovtGFCF + NominalPrivGFCF + NominalHHGFCF + NominalSOEexGovtGFCF + NominalNonSOEGFCF
%  NominalBusGFCF   = NominalPrivGFCF + NominalSOEGFCF + NominalNonSOEGFCF  ; 
%  NominalNarOutput = NominalBusGFCF + NominalHHC   
%
%yr_dates_data          Annual dates (years)
%CPI                    Consumer price index
%FAIPriceIndex          Fixed asset investment price index
%GFCFPriceIndex         Price index for gross fixed capital formation
%GDPDeflator            Implicit price deflator for GDP by value added
%NominalGDPva           GDP by value added (RMB billion)
%NominalRetailGoodsC    Retail sales of consumer goods (RMB billion)
%NominalFAI             Fixed asset investment (RMB billion)
%NominalGDP             GDP by expenditure (RMB billion)
%NominalNetExports      Net exports by expenditure (RMB billion)
%NominalHHC             Household consumption by expenditure (RMB billion)
%NominalGovtC           Government consumption by expenditure (RMB billion)
%NominalGCF             Nominal gross capital formation  (RMB billion)
%NominalInvty           Changes in inventories (RMB billion) 
%NominalGFCF            Gross fixed capital formation with no inventories (RMB billion)
%NominalGovtGFCF     	Gross fixed capital formation: government (RMB billion)		
%NominalPrivGFCF        Gross fixed capital formation: private sector (RMB billion)---excluding government, households, SOEs, and other non-SOEs (joint ventures for example)
%NominalHHGFCF       	Gross fixed capital formation: households (RMB billion)
%NominalSOEGFCF  	      Gross fixed capital formation: SOE (RMB billion)
%NominalSOEexGovtGFCF	Gross fixed capital formation: SOE excluding government (RMB billion)
%NominalNonSOEGFCF	   Gross fixed capital formation: other non-SOE enterprises (RMB billion)			
%NominalBusGFCF         Total business investment (gross fixed capital formation excluding household investment)
%NominalNarOutput       Narrow definition of output NominalBusGFCF + NominalHHC (investment + consumption)
%RatioGFCFPrice2CPI     Relative prices of investment goods (to CPI)
%LaborIncomeShare       Labor income as a share of total value added
%DPI               	   Disposable personal income (RMB billion)
%DPIBeforeTax           Disposable personal income before taxes (RMB billion)
%SavingRate             Saving rate (as a percent of total value added): total
%HHSavingRate           Saving rate (as a percent of total value added): households
%GovtSavingRate         Saving rate (as a percent of total value added): government
%NFESavingRate          Saving rate (as a percent of total value added): non-financial enterprises 
%FISavingRate           Saving rate (as a percent of total value added): financial institutions
%AvgNominalWage         Aggregate average nominal wages
%ratioNewSTLoan         Total short-term new bank loans (including those to financial institutions) as a percent of GDP
%ratioNewMLTLoan        Total medium- and long-term new bank loans (including those to financial institutions) as a percent of GDP
%ratioNewNFESTLoan      Short-term new bank loans to non-financial enterprises as a percent of GDP
%ratioNewNFEMLTLoan     Medium- and long-term new bank loans to non-financial enterprises as a percent of GDP
%logrealHHC             log real household consumption by expenditure (deflated by CPI)
%logrealGovtC           log real government consumption by expenditure (deflated by CPI)
%logrealGCF             log real gross capital formation (deflated by GFCFPriceIndex)
%logrealGFCF            log real gross fixed capital formation (with no inventories) (deflated by GFCFPriceIndex)
%ValAdded               CEIC ticker "CAAFTX CN: CN: Flow of Funds: Source: Value Added".  This series is virtually identical to annual GDP-va (CEIC ticker "CATA -- Gross Domestic Product") except in 2012 (perhaps due to revisions).  Also, this series is in the same table is labor compensation in the online Flow of Funds table (http://www.stats.gov.cn/tjsj/ndsj/2014/indexeh.htm).
%LaborISValAddInd       100*LaborCompensation/ValueAdded.
%LaborISValAddIndHeavy  Labor income share of value added in the heavy sector.  Labor income is constructed by adding remuneration of employees for the heavy subset of the 17-industries in the input-output tables using the same heavy/heavy classification as in the 2016 NBER Macro Annual paper.  These data are only available every two or three years and are Denton interpolated using the products of annual wage data and annual employment data by industry.  We extrapolate the series beyond 2012, using regressions with annual value added industry (VAI) growth and annual "employment*wage" growth.  Annual value-added is the sum of quarterly series VA_InpOut_Heavy across the 4-quarters of the year.
%LaborISValAddIndLight  Labor income share of value added in the light sector.  Labor income is constructed by adding remuneration of employees for the light subset of the 17-industries in the input-output tables using the same light/heavy classification as in the 2016 NBER Macro Annual paper.  These data are only available every two or three years and are Denton interpolated using the products of annual wage data and annual employment data by industry.  We extrapolate the series beyond 2012, using regressions with annual value added industry (VAI) growth and annual "employment*wage" growth.  Annual value-added is the sum of quarterly series VA_InpOut_Light across the 4-quarters of the year.



%=============================================================================================%
%===================================== Quarterly Data ========================================%
%=============================================================================================%
%Some identities bar numerical rounding errors:
%  NominalGDP       = NominalPrivC + NominalGovtC + NominalGCF+ NominalNetExports
%  NominalGCF       = NominalInvty + NomalGFCF
%  NomalGFCF        = NominalGovtGFCF + NominalPrivGFCF + NominalHHGFCF + NominalSOEexGovtGFCF + NominalNonSOEGFCF
%  NominalBusGFCF   = NominalPrivGFCF + NominalSOEGFCF + NominalNonSOEGFCF  ; 
%  NominalNarOutput = NominalBusGFCF + NominalHHC   
%
%q_dates_data           Quarterly dates with the convention of 1998=1998Q1, 1998.25=1998Q2, 1998.50=1998Q3, and 1998.75=1998Q4
%CPI                    Consumer price index, 1984Q1-
%RetailPriceIndex       Retail Price Index, 1986Q1-
%FAIPriceIndex          Fixed asset investment price index, 1984Q1-
%GFCFPriceIndex         Price index for gross fixed capital formation, 1984Q1-
%GDPDeflator            Implicit price deflator for GDP by value added, 1992Q1-
%NominalGDPva           GDP by value added (RMB billion), 1992Q1-
%NominalRetailGoodsC    Retail sales of consumer goods (RMB billion), 1984Q1-
%NominalFAI             Fixed asset investment (RMB billion) by eliminating the 1994Q4 outlier, 1990Q1-
%NominalFAIGovt	      Fixed asset investment: government (RMB billion), 1995Q1-
%NominalFAIPriv	      Fixed asset investment: private sector excluding SOEs and other non-SOEs (RMB billion), 1995Q1-	
%NominalFAISOEexGovt    Fixed asset investment: SOEs excluding government (RMB billion), 1995Q1-
%NominalFAINonSOE       Fixed asset investment: other non-SOE enterprises (RMB billion), 1995Q1-
%NominalGDP             GDP by expenditure (RMB billion), 1992Q1-
%NominalNetExports      Net exports by expenditure (RMB billion), 1992Q1-
%NominalExportsGoods    Exports of goods reported by the Chinese customs (RMB million), 1992Q1-
%NominalImportsGoods    Imports of goods reported by the Chinese customs (RMB million), 1992Q1-
%NominalHHC             Household consumption by expenditure (RMB billion), 1990Q1-
%NominalGovtC           Government consumption by expenditure (RMB billion), 1990Q1-
%NominalGCF             Nominal gross capital formation  (RMB billion), 1992Q1-
%NominalInvty           Changes in inventories (RMB billion), 1992Q1-
%NominalGFCF            Gross fixed capital formation with no inventories (RMB billion), 1990Q1-
%NominalGovtGFCF     	Gross fixed capital formation: government (RMB billion), 1995Q1-
%NominalPrivGFCF        Gross fixed capital formation: private sector (RMB billion)---excluding government, households, SOEs, and other non-SOEs (joint ventures for example), , 1995Q1-
%NominalHHGFCF       	Gross fixed capital formation: households (RMB billion), , 1992Q1-
%NominalSOEGFCF  	      Gross fixed capital formation: SOE (RMB billion), 1995Q1-
%NominalSOEexGovtGFCF	Gross fixed capital formation: SOE excluding government (RMB billion), 1995Q1-
%NominalNonSOEGFCF	   Gross fixed capital formation: other non-SOE enterprises (RMB billion), 1995Q1-	
%NominalBusGFCF         Total business investment (gross fixed capital formation excluding household investment), 1995Q1-
%NominalNarOutput       Narrow definition of output NominalBusGFCF + NominalHHC (investment + consumption), 1995Q1-
%RatioGFCFPrice2CPI     Relative prices of investment goods (to CPI), 1984Q1-
%LaborIncome            Interpolated labor income with extrapolation in early years, 1996Q1-
%LaborIncomeShare       Labor income as a share of total value added, 1996Q1-
%LaborCompSumProvinces  Sum of interpolated labor compensations across provinces according to the provincial GDP by income, 1996Q1-2012Q4
%DPI                    Interpolated disposable personal income with extrapolation in early years, 1996Q1-
%AvgNominalWage         Aggregate average nominal wages, 1986Q1-
%ReserveMoney           Reserve money (RMB billion), 1993Q2-
%M0                     M0 (RMB billion), 1990Q2-
%M2                     M0 (RMB billion), 1990Q2-
%RRR                    Required reserve ratio, 1985Q1-
%ARR                    Actual reserve ratio, 1993Q2-
%ERR                    Excess reserve ratio, 1993Q2-
%R3mDeposit	            Time deposits rate: 3 months, 1989Q2-
%R1dRepo	               The spliced series of 1-day Repo rate [CEIC ticker CMPAL] and 1-day chibor rate [CEIC ticker CMOAA], 1996Q1-
%R7dRepo                The 7-day Repo rate
%R1dChibor              The 1-day Chibor rate
%R7dChibor              The 7-day Chibor rate
%BankLoansTotal         End-of-quarter financial institution loans outstanding: total, 1978Q4-
%BankLoansST            End-of-quarter financial institution loans outstanding: short-term, 1994Q1-
%BankLoansMLT           End-of-quarter financial institution loans outstanding: medium and long terms, 1994Q1-
%NewBankLoansNFEST  	   New bank loans to non-financial enterprises (RMB billion): short term, 1994Q1-
%NewBankLoansNFESTBF	   New bank loans to non-financial enterprises (RMB billion): short term and bill financing, 1994Q1-
%NewBankLoansNFEMLT 	   New bank loans to non-financial enterprises (RMB billion): medium and long terms, 1995Q1-
%NominalShadowLoans     Total nominal loans in shadow banking industries (entrusted loans+trusted loans+bank acceptance bills, RMB billion): 2001Q4-
%LendingRatePBC1year    One-year PBC benchmark lending rate. Daily CEIC ticker CMDABWD "CN: Nominal Lending Rate: Within 1 Year (Including 1 Year)".  This is the adminstered PBOC policy benchmark 1-year lending rate.  First converted to a monthly average and then an average of the three months.  It systematically differs from PBOCLendRate1yr_Q a number of times in the early to mid 1990s, not just because one use monthly averages and one uses end-of-month observations. 1988Q4-
%DepositRatePBC1year    One-year PBC benchmark deposit rate. Daily CEIC ticker CDDAD "Time Deposit Rate: Household: CNY: 1 Year".  This is the adminstered PBOC policy deposit rate.  It appears to be end-of-month.  First converted to a monthly average and then an average of the three months.  It appears to be the same as TimeDepRate1yr_Q except for the fact that it uses monthly averages instead of end-of-month observations.
%Employment             Average of contemporaneous and 1-period lag of Emp_Q_SA.  Approximates quarterly average of employment level. 1992Q1-
%NGDPva_Heavy           Nominal GDP value-added for heavy sector (RMB billon) seasonally adjusted.  
%NGDPva_Light           Nominal GDP value-added for light sector (RMB billon) seasonally adjusted.
%VA_InpOut_Heavy        Derived from the corresponding annual series (the input-output table for value added to the heavy sector) interpolated by quarterly heavy NGDP series with the proportional Denton method modified to account for the corresponding annual series being available only every 2 or 3 years.  Note that 1992 values are unreliable as proportional Denton interpolation is unreliable for the first 4 values or so of a series.  Beyond 2012q4, this series is extrapolated by setting its growth rate to be identical to the growth rate of heavy value-added GDP series. 1992Q1-
%VA_InpOut_Light        Derived from the corresponding annual series (the input-output table for value added to the light sector) interpolated by quarterly light NGDP series with the proportional Denton method modified to account for the corresponding annual series being available only every 2 or 3 years.  Note that 1992 values are unreliable as proportional Denton interpolation is unreliable for the first 4 values or so of a series.  Beyond 2012q4, this series is extrapolated by setting its growth rate to be identical to the growth rate of light value-added GDP series. 1992Q1-
NHeavyFAI               Heavy sector net fixed assed investment [RMB million].  The series is is constructed with detailed fixed asset investment by industry.  
NLightFAI               Light sector net fixed assed investment [RMB million].  The series is is constructed with detailed fixed asset investment by industry.  

%--- The following series are used for the VAR analysis in "Trends and Cycles in China's Macroeconomy" by Chang, Chen, Waggoner, and Zha, published at NBER Macroeconomic Annual Vol 30. 
%logrealHHC                = log(NominalHHC) - log(CPI)                            ;
%logrealBusI               = log(NominalBusGFCF) - log(GFCFPriceIndex)             ;
%logrealHHC_nipa           = log(NominalHHC) - log(GDPDeflator)                    ;
%logrealBusI_nipa          = log(NominalBusGFCF) - log(GDPDeflator)                ;
%logrealNarrowY_nipa       = log(NominalNarOutput) - log(GDPDeflator)              ; 
%logrealGDP_nipa           = log(NominalGDP) - log(GDPDeflator)                    ; 
%logrealGDP_va             = log(NominalGDPva) - log(GDPDeflator)                  ; 
%logrealLaborIncome        = log(LaborIncome) - log(GDPDeflator)                   ; 
%logrealDPI                = log(DPI) - log(GDPDeflator)                           ; 
%logM2                     = log(M2)                                               ;
%ratioNewLoansNFEST2GDP    = NewBankLoansNFEST ./ NominalGDP                       ;
%ratioNewLoansNFESTBF2GDP  = NewBankLoansNFESTBF ./ NominalGDP                     ;
%ratioNewLoansNFEMLT2GDP   = NewBankLoansNFEMLT ./ NominalGDP                      ;

%--- The following series are used for "Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy: Evidence from China" by Chen, Higgins, Waggoner, and Zha, NBER Working Paper 22650.
LendingRatePBC1year     One-year PBC lending rate
DepositRatePBC1year     One-year PBC deposit rate
Employment              Total employment (rural + urban)
NHeavyFAI               Nominal FAI for the heavy sector
NLightFAI               Nominal FAI for the light sector

%- The following time series are constructed for "Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy: Evidence from China" by Chen, Higgins, Waggoner, and Zha, NBER Working Paper No. 22650.
LandPrice                      
NominalGCF                 Nominal Gross Capital Formation
FAInvPrice                 Fixed asset investment price
NominalGDPva               Value added nominal GDP
RealGDPva                  Value added reeal GDP
GDPDeflator                
R7dRepo                    
BankLoansTotal             
BankLoansST                
NGDPva_Heavy               
NGDPva_Light               
EntrustedLoans             Total entrusted leanding, 2001Q4-2016Q2 (extrapolated before 2013)
TrustedLoans               Total trusted leanding, 2001Q4-2016Q2 (extrapolated before 2013)
BankAccts                  Bank acceptance bills, 2001Q4-2016Q2 (extrapolated before 2013)
ShowdowBanking             Total lending in the shadow banking industry, 2001Q4-2016Q2 (extrapolated before 2013)
AggFinancing               Total aggregate social financing, 2002Q1-2017Q1 outstanding
RealEstateDomesticLoanFAI  New loans to real estate, 1998Q1-2017Q1
HeavyIndustryDomesticLoanFAI  New loans to the heavy sector in the whole economy, 2003Q1-2015Q4
LightIndustryDomesticLoanFAI  New loans to the light sector in the whole economy, 2003Q1-2015Q4

%--- The following time series are constructed for Liu, Wang, and Zha's "Land-Price Dynamics and Macroeconomic Fluctuations" published in Econometrica Vol. 81, No. 3 (May, 2013), 1147–1184.
pop                        Total population
CPriceExHousing            Consumer goods price, excluding housing investment
NonFinBusinessLoans        Bank loans outstanding to non-financial firms

%--- The following time series are constructed for "Housing Market Spillovers: Evidence from an Estimated DSGE Model" by Iacoviello and Neri, publlished in American Economic Journal: Macroeconomics 2 (April 2010): 125-164.
ResidentialInvestment       
GFCFPrice                  Price index for fixed gross capital formation
NonConstrEmp               Employment in the non-housing (non-construction) sector
ConstrEmp                  Employment in the housing (construction) sector
NonConstrWage              Average urban wage in the non-housing (non-construction) sector
ConstrWage                 Average urban wage in the housing (construction) sector




%=============================================================================================%
%====================================== Monthly Data =========================================%
%=============================================================================================%

%--- The following series are used for "Forecasting China’s economic growth and inflation" by Higgins, Zha, and Zhong, published in China Economic Review 41 (2016) 46-61.                                                                     *
%
%Dates               Monthly dates with the convention of 1998=1998M1, 1998.08=1998M2, 1998.17=1998M3, 1998.25=1998M4, etc.
%NomGDP              We interpolate seasonally adjusted quarterly nominal GDP value added with seasonally adjusted monthly nominal retail sales of consumer goods, nominal exports, nominal imports, and nominal value added of industry.  For data prior to 1995M10, where nominal value added of industry is not available, we use a slightly different set of interpolaters.
%GDPDeflator         This monthly series is constructed in two steps. In the first step, we interpolate the seasonally adjusted quarterly GDP deflator with the seasonally adjusted monthly series of producer price index (PPI), retail price index, CPI and M2.  The PPI is only available since 1995M10 and thus it is not used for interpolation prior to this month.  The first-step GDP deflator is used to construct monthly real GDP as described below.  In the second step, the monthly series is derived by dividing monthly nominal GDP by monthly real GDP as constructed below.
%RealGDP             This monthly series is constructed in two steps.  In the first step, the monthly series is derived by dividing nominal GDP by the first-step monthly GDP deflator.  In the second step, we perform an interpolation by constraining monthly real GDP to an quarterly aggregate equal to quarter real GDP.
%NomConsumption      We seasonally adjust the monthly series of retail sales of consumer goods.  Before the seasonal adjustment the January and February year-to-date value is disaggregated.
%NomInvestment       We seasonally adjust both ``capital construction + innovation'' and total fixed-asset investment.  The fixed-asset investment series starts in 1994 and the series for ``capital construction + innovation'' exists before 1994.  We slice the two series, which gives rise to our investment series.  The splice point is 1994.  For this investment series, residual seasonality still exists because the January and February value needs be disaggregated and because a drop off in value after December is large.  Hence, we perform a second round of seasonal adjustments using the X11-ARIMA method with its default settings. This additional adjustment eliminates much of the residual seasonality.
%InvestmentPrice     Based on the the seasonally adjusted quarterly investment price series, the monthly series is interpolated with the producer price index whose inflation rates are highly correlated with inflation rates of the investment price, value added of industry, and CPI. The series, starting in 1996M1 and ending in 2016M6, is relatively reliable since 2004Q1 when the CEIC began to publish the quarterly series. Prior to 2004, we interpolate the annual investment price deflator with the PPI.
%CPI                 We seasonally adjust the monthly consumer price index series using the X-12 ARIMA method with regression dummies to account for the Chinese New Year effect. 
%M2                  We derive the M2 level series from the level series from 2015M7 to 2016M6 and the year-over-year growth rates published by the People's Bank of China for all other months.  This constructed series alleviates serious problems of sudden changes or misalignments of statistical coverage for certain periods of the sample.  We then seasonally adjust this series with dummy regressors for the months so that the year-over-year growth rates are the same as the year-over-year for the original data prior to seasonal adjustment.  This method works well because the seasonal factors in the M2 level series are stable during our sample period.
%NomImports          The original monthly series is from the Chinese customs.  The series is seasonally adjusted with the X-12 ARIMA method and with regression dummies to account for the Chinese New Year effect.
%NomExports          The original monthly series is from the Chinese customs.  The series is seasonally adjusted with the X-12 ARIMA method and with regression dummies to account for the Chinese New Year effect.
%Repo7Day            The 7-day market rate for national interbank bond repurchases.  This is a market rate available since 1996M1.
%DepositRate1YBench  The one-year benchmark deposit rate set by the People's Bank of China.  This series exists from 1988M10 on.
