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: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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BCB Warn Tightening Cycle Could Resume

BRAZIL
  • The BCB kept rates unchanged late yesterday, broadly inline with expectations. Nonetheless, there were outside calls for one final 25bps hike to end the tightening cycle, but this failed to materialise. The vote split showed a minority opted for a final hike, with two directors going against the headline decision.
  • Focus turns to how long the BCB will keep rates at this level, as the board tilt toward a higher-for-longer strategy and look to hold rates for a “sufficiently long period”.
  • Nonetheless, upside risks of inflation were acknowledged, with the statement adding that they will not hesitate to resume a tightening path should the “disinflationary process not proceed as expected”.
  • Focus later today turns to the release of the economy ministry’s budget report and several rallies due to be held by President Bolsonaro across Belem and Manaus.
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