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MNI: PBOC Drains Net CNY205 Bln Tues; Rates Unchanged

CHINA PBOC INJECTS CNY210 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1127 TUES VS 7.1011

Japan Tokyo Nov Inflation +2.3% Y/Y

MNI: UK BRC NOV BY VALUE SHOP SALES LFL +2.6% YY, TOTAL +2.7% YY

BRC-KPMG Retail Sales Remain Stable

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

BofA: Exports - Green Shoots Or Just Base Effects?

ASIA FX
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Bank of America note that “Asia export data surprises have turned mildly positive, partly driven by better technology related exports.”

  • “Is this any early sign of recovery in Asia's export cycle that could support Asia FX going into year-end?”
  • “We suspect not, partly because of the offsetting impact of the recent rise in oil prices, but also some of the leading indicators for exports (China credit impulse, shipment-inventory, new export orders) are far from conclusive.”
  • “We stay bearish Asia FX, especially TWD given positive carry, less policy risk and lifer flow dynamics.”
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Bank of America note that “Asia export data surprises have turned mildly positive, partly driven by better technology related exports.”

  • “Is this any early sign of recovery in Asia's export cycle that could support Asia FX going into year-end?”
  • “We suspect not, partly because of the offsetting impact of the recent rise in oil prices, but also some of the leading indicators for exports (China credit impulse, shipment-inventory, new export orders) are far from conclusive.”
  • “We stay bearish Asia FX, especially TWD given positive carry, less policy risk and lifer flow dynamics.”