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

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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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China’s Seaborne Crude Imports Suggest Weaker Demand

OIL

Chinese seaborne crude imports are slowing this month and may have fallen below 10mbpd, Rohit Rathod, senior oil market analyst at Vortexa said, indicating demand weakness.

  • Crude imports into China have gradually fallen from levels around 11mbpd in August. Preliminary data for January suggests imports are below 10mbpd, he said.
  • "We have definitely seen some weakness in Chinese demand," Rathod said.
  • The Chinese government has issued crude import quotas for the whole of 2024 - unlike last year when they were given out in batches. "Despite that, there is a lack of imports," Rathod said.
  • Chinese onshore inventories were also sluggish in December without much draw, he added.
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