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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Long-End Stronger, Short-End Steady Ahead Of 2Y Supply

US TSYS

Long end Treasury yields continued to retrace lower overnight Tuesday, with 10Y and 30Y yields at their lowest in a week in a bull flattening move. The front-end/belly are steady ahead of 2Y supply.

  • The 2-Yr yield is up 0.8bps at 0.4437%, 5-Yr is up 0.2bps at 1.1729%, 10-Yr is down 1bps at 1.6203%, and 30-Yr is down 1.3bps at 2.0683%.
  • Dec 10-Yr futures (TY) up 1.5/32 at 130-19.5 (L: 130-14.45 / H: 130-22.5). Light volumes (~250k), and less exciting overnight than equities (S&P eminis at fresh all-time highs).
  • On the data schedule today is housing data (FHFA and S&P CoreLogic prices at 0900ET, and New Home Sales at 1000ET), along with 1000ET's releases of Conference Board Consumer Confidence and Richmond Fed Manufacturing.
  • Supply consists of $40B 48-day bill auction at 1130ET, and $60B in 2Y Note auction at 1300ET.
  • Plenty of attention on Capitol Hill with reconciliation / infrastructure legislation in the balance: the House Democratic Caucus meets and Senate Democrats and Republicans hold party lunches.
  • NY Fed buys ~$1.225B of 7.5-30Y TIPS.
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