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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CNB Need To Hole Rates At Elevated Levels (Michl)

CZECHIA
  • CNB new Governor Ales Michl stuck to his opposition to aggressive monetary-policy tightening and rejected a proposal for a smaller consensus rate hike last week, according to minutes from the June 22 policy meeting (BBG).
  • Michl commented in an opinion piece for Dnes newspaper that CNB needs to hold rates at elevated levels (‘higher than normal’) to tame inflation.
  • Even though Michl promised to pursue its goal of price stability and maintain ‘confidence in the value of the CZK’, we previously mentioned that the rise uncertainty over the policy outlook could weigh on the CZK in the medium term.
  • Last week, we saw that manufacturing PMI fell below the 50-line threshold that separates growth from contraction (49 print vs, 51 expected).
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