MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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2Y Yield Rises To Highest Level Since 2011

JGBS

At the Tokyo lunch break, JGB futures are sitting weaker, -17 compared to settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined National CPI data, which surprised on the high side.
  • (Bloomberg) -- Japan will sell sovereign transition bonds for the second time on Tuesday, but investor demand may lag the debut deal as central bank officials send more signals that an interest-rate hike is coming. The finance ministry is planning to price about ¥800 billion ($5.3 billion) of five-year notes that fund efforts to reduce carbon emissions in industries. (See link)
  • (Bloomberg) -- Japan’s two-year bond yield climbed to the highest level since 2011 amid growing speculation the central bank will abandon its negative-interest-rate policy in coming months. (See link)
  • Cash JGBs are cheaper across the curve, with the 10-20-year zone leading. The benchmark 10-year yield is 1.5bps higher at 0.701% versus the Nov-Dec rally low of 0.555% and the Feb high of 0.770%.
  • The swaps curve has slightly bear-steepened, with rates flat to 2bps higher. Swap spreads are tighter out to the 20-year.
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