MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

MNI: BELGIUM NOV BNB BUSINESS SURVEY -11.1

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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1 Month NDF Underperforms USD Weakness

KRW

1 month USD/KRW finished the NY session around 1340.50, little changed from Monday levels. Moves towards 1341 did draw selling interest, but the won generally underperformer softer USD trends elsewhere, particularly post the pull back in US yields. Note onshore spot ended yesterday at 1341.85.

  • There is no data on the calendar today, with FX reserves released early tomorrow. Late yesterday the BoK mins showed a variety of opinions but didn't appear to be any hawkish pushback to the on hold outcome. Focus should also be paid to FX movements noted one member.
  • On the geopolitical front, the respective national security heads from South Korea and Japan will meet ahead of Kishida's visit this coming Sunday.
  • The lead for the Kospi is negative today, albeit with tech related indices falling less than 1% in terms of the SOX and MSCI IT. To recap, the Kospi rallied just under 1% yesterday, with strong offshore inflows, +$375.4mn for the first trading day of the month (onshore markets were closed on Monday).
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