MNI China Daily Summary: Thursday, January 9

MNI: BAVARIA DEC CPI 3.0% Y/Y (FLASH WAS 3.2%)

MNI: GERMANY NOV EXPORTS +2.1% M/M

MNI BOJ: 2 OUT OF 9 JAPAN REGIONS UP ECON VIEW FROM OCT

MNI: PBOC Net Drains CNY20.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Thurs; -2.34% Y/Y

MNI: EUROZONE NOV RETAIL SALES +0.1% M/M, +1.2% Y/Y

MNI: GERMANY NRW DEC CPI +0.5% M/M, +2.5% Y/Y

MNI: GERMANY NOV IND PROD +1.5% M/M

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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ASIA FX: CNH Steady Despite Equity Drop, USD/KRW Supported Sub 1450

ASIA FX
BulletEM BulletAPACEmerging Market News

USD/CNH is little changed so far today, a steady fixing and still elevated implied yields acting against a more supportive USD backdrop. The pair last near 7.3440. Spot USD/CNY has edged above 7.3300, leaving it very close to the upper daily trading limit (around 7.3325 today). China equities are notably weaker, off around 1.35% at this stage. The earlier briefing from various officials/departments on the expanded consumer trade-in program, hasn't lifted sentiment at this stage. 

  • Tomorrow we have the Dec inflation data. The market expects a 0.1%y/y for headline CPI, versus 0.2% prior. PPI is expected to remain in deflation at -2.4%y/y.
  • USD/KRW tested against 1450, but found support. We have seen some modest divergence between the won and USD indices in recent sessions. We were last near 1454, off around 0.15% in won terms for the session. We have correct from overbought conditions on USD/KRW though. The authorities stated they are monitoring the slump in local bond yields and will take action if necessary. Local equities are higher, with dips in key tech names supported post earnings results.
  • USD/TWD has rebounded, last in the 32.80/85. Earlier 2025 YTD highs rest at 32.95. 

 

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USD/CNH is little changed so far today, a steady fixing and still elevated implied yields acting against a more supportive USD backdrop. The pair last near 7.3440. Spot USD/CNY has edged above 7.3300, leaving it very close to the upper daily trading limit (around 7.3325 today). China equities are notably weaker, off around 1.35% at this stage. The earlier briefing from various officials/departments on the expanded consumer trade-in program, hasn't lifted sentiment at this stage. 

  • Tomorrow we have the Dec inflation data. The market expects a 0.1%y/y for headline CPI, versus 0.2% prior. PPI is expected to remain in deflation at -2.4%y/y.
  • USD/KRW tested against 1450, but found support. We have seen some modest divergence between the won and USD indices in recent sessions. We were last near 1454, off around 0.15% in won terms for the session. We have correct from overbought conditions on USD/KRW though. The authorities stated they are monitoring the slump in local bond yields and will take action if necessary. Local equities are higher, with dips in key tech names supported post earnings results.
  • USD/TWD has rebounded, last in the 32.80/85. Earlier 2025 YTD highs rest at 32.95.