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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BOC Still Sees QT Ending In 2025, Defends QE Policies

BOC
  • BoC Deputy Governor Sharon Kozicki defends QE in speech in Ottawa this Thursday, saying "the unwinding of QE through QT has gone smoothly." Politicians have targeted the Bank for its policy decisions. 
  • "If inflation continues to ease—and our confidence that inflation is headed sustainably to the 2% target continues to increase—it is reasonable to expect further cuts."
  • "The bar for us to use QE again is very high."
  • Kozicki maintained that the BoC expects to end QT "sometime in 2025," but did not mention the settlement balance target used in previous speeches.
  • BoC to publish a report by external experts reviewing its pandemic policies early next year. 
  • "Higher interest rates have worked, inflation is now below 3% and we are seeing more signs that underlying price pressures are easing."
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