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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LBMA Suspends All Russian Refineries From Good Delivery List

GOLD
  • Earlier today, the London Bullion Market Association announced the suspension of all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country.
  • The suspension of all Russian refineries from its accredited list indicates new bars can no longer trade in one of the world’s most important bullion centers, however, existing bars produced by the refiners before their suspension will still be accepted.
  • For reference, the LBMA’s Good Delivery list is widely seen as the international standard for financial gold trading, as most bullion banks will only handle metal produced by accredited refineries.
  • Russia is one of the world’s biggest gold producers, home to major miners including Polymetal International Plc and Polyus PJSC. Its exports have typically been handled by the country’s commercial banks, many of whom are now facing sanctions. (BBG)
  • Russia’s central bank last month said it would begin purchasing domestically produced bullion again, resuming a long-running buying spree after a two-year pause. The move may provide a lifeline for the country’s miners, who will now struggle to find other ways to sell their gold.
  • Gold prices continue to firm amid the commodities price surge with spot gold briefly testing above $2,000/ounce on Monday. This represents the highest level seen since August 2020.
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