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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ACGB Jun-31 Auction Goes Smoothly

AUSSIE BONDS

Today’s auction demonstrated strong pricing for ACGBs, with the weighted average yield coming in 1.2bps below the prevailing mid-yields, according to Yieldbroker. The cover ratio was robust at 3.1833x.

  • Given the significant time elapsed since the last issuance of the Jun-31 bond line on May 27, 2022, any comparison to the previous auction results and outright yield levels lacks relevance.
  • Despite potential negative factors, including the flatness of the yield curve, the line’s exclusion from the XM basket, waning positive sentiment towards longer-dated global bonds, and the timing of the auction ahead of today’s CPI release, the auction’s outcome was positive.
  • Post-auction, the ACGB May 2034 cash trade and XM showed little change.
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