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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Caution Prevails In Asia

FOREX

JPY led the way in thin Asia-Pac trade, as caution prevailed after Friday's well-documented stock market developments, with Nomura seen issuing a warning against "significant" potential loss from a U.S. name (which BBG sources linked to the unwinding of trades by Archegos). USD/JPY ticked away from multi-month highs registered last Friday, even as the greenback fared well against its other G10 peers.

  • The Antipodeans paid little attention to local headlines, with AUD/NZD narrowing in on Mar 23 cycle high. Brisbane was placed under a three-day lockdown to curb the spread of the UK coronavirus variant, while NZ gov't said it will monitor the rental market's reaction to its housing policy package.
  • CAD and NOK posted marginal downticks in sync with a dip in crude oil, as Inchcape said the Ever Given was successfully refloated.
  • The PBOC fixed its USD/CNY mid-point at CNY6.5416, just 3 pips below sell side estimates. USD/CNH edged higher as geopolitical tensions between China and its Western adversaries continued to simmer.
  • Speeches from Fed's Waller & ECB's de Cos headline today's uninspiring economic docket.
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