MNI China Daily Summary: Wednesday, December 11

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MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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1yr MLF rate Held Steady At 2.50%, Net Injects 191bn Yuan

CHINA RATES

As widely expected the 1yr MLF rate was held steady at 2.50%. Volumes were at 591bn yuan, versus 401bn yuan prior. This means a 191bn yuan net injection via the MLF, which was stronger than the market expected. The consensus was for roughly the rollover amount to match maturing loans.

  • Also note the PBOC sold 34bn of 14 day reverse repo at 1.95%, the first time is has done that since January of this year. In January the rate was at 2.15%. This follows the recent 7-day repo rate cuts, so shouldn't necessarily be seen as fresh easing.
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