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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Recovers Modestly

GOLD

Gold is up slightly today, +0.20%, to be back close to $1854, but we remain comfortably within recent ranges.

  • For the most part, Gold has followed broader USD sentiment today. The early dip below $1850 coincided with some USD strength but the DXY is now -0.30% below the NY closing level, hence the precious metal's recovery.
  • Equity sentiment in the region has been strong, with HK and China related markets leading the move higher. This has likely capped Gold's rebound to degree from a risk sentiment standpoint. US equity futures are lower, but only slightly.
  • US yields have edged down in the 2yr, but the 10yr has remained steady. The real US 10yr continued to ease overnight, down to 0.13%. This is likely to help keep a floor under gold demand. Dips back to $1840 are generating support.
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