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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FRA Curve Shifts Higher But USD/ZAR 1-Month Risk Reversals Surge

ZAR

The reaction in South African interest-rate markets to the SARB press conference suggests hawkish repricing, with the FRA curve steepening and shifting higher alongside SAGB yield curve, with the central bank signalling its determination to tackle inflation.

  • Spot USD/ZAR is stabilising, last sits at ZAR19.7291, up ~4,820 pips on the session. The rand is one of the worst-performing currencies among all 152 tracked by Bloomberg.
  • Participants seem to expect that there is more rand weakness on the cards, with USD/ZAR 1-month risk reversals indicating the strongest bullish bias in three years.
  • South African stocks have shown a divergent reaction, with benchmark FTSE/JSE Africa All Share index extending gains to last sit almost 1% higher on the day.
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