MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

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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ARGENTINA: Final IMF Reviews May Be Combined, Economic Activity Due

ARGENTINA
BulletEM BulletEmerging Market News
  • Economy Minister Caputo said yesterday that the government may combine the final ninth and tenth reviews of its IMF programme into one, before beginning talks on a new programme. Caputo didn’t specify what additional funds the government would seek. The country’s final two reviews of the existing programme were originally scheduled for August and November, according to the IMF, but are behind schedule.
  • Caputo also said that the government has already secured dollars for the interest payments on its global bonds due in January but is still studying ways of making principal payments due at the same time. He reiterated that there are no plans to return to the market until January 2026. In addition, he confirmed that the government plans to slow the pace of its crawling FX peg, as monthly inflation continues to ease. Earlier this week, President Milei said that currency controls would be lifted when the rate of inflation has fallen to zero.
  • On the data front today, economic activity is expected to have risen by 0.6% m/m in July (2000BST/1500ET). In annual terms, analysts expect activity to have fallen 4.2% y/y.
    • July Economic Activity Index YoY, est. -4.2%, prior -3.9%
    • July Economic Activity Index MoM est. 0.6%, prior -0.3%
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  • Economy Minister Caputo said yesterday that the government may combine the final ninth and tenth reviews of its IMF programme into one, before beginning talks on a new programme. Caputo didn’t specify what additional funds the government would seek. The country’s final two reviews of the existing programme were originally scheduled for August and November, according to the IMF, but are behind schedule.
  • Caputo also said that the government has already secured dollars for the interest payments on its global bonds due in January but is still studying ways of making principal payments due at the same time. He reiterated that there are no plans to return to the market until January 2026. In addition, he confirmed that the government plans to slow the pace of its crawling FX peg, as monthly inflation continues to ease. Earlier this week, President Milei said that currency controls would be lifted when the rate of inflation has fallen to zero.
  • On the data front today, economic activity is expected to have risen by 0.6% m/m in July (2000BST/1500ET). In annual terms, analysts expect activity to have fallen 4.2% y/y.
    • July Economic Activity Index YoY, est. -4.2%, prior -3.9%
    • July Economic Activity Index MoM est. 0.6%, prior -0.3%