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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5Y Review – Sell-Off Extends With Lowest Bid-To-Cover Since Feb’21

US TSYS/SUPPLY
  • The sell off in Treasuries continues with the $70bn 5Y auction tailing by 1.3bps (largest since Jan) after the 2Y earlier tailed by 1bp (largest since Nov).
  • 10Y yields of note with a breach of 4.52% having only recently cleared 4.50%.
  • TYM4 hit a low of 108-12+ to tentatively clear a key support at 108-15 (May 14 low) after which lies 108-06 (May 3 low).
  • The 1.3bp tail is largest since Jan and compares with 0.4bp tail in Apr or the 0.3bp average tail over five auctions.
  • The bid-to-cover of 2.30x is just below the 2.31x from Jan for technically the lowest since Feb’21.
  • Dealers take 19.52% (highest since Jan) after 15.0% in Apr and 15.8% 5-auction av.
  • Indirects take 65.04% (lowest since Feb) after 65.7% in Apr and 66.3% av.
  • Directs take 15.44% (lowest since Dec) after 19.2% in Apr and 18.0% av.
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