MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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MNI Fed Balance Sheet Tracker: Oct 20, 2023

FED

We've just published our latest Fed Balance Sheet Tracker:

  • System reserves are almost exactly unchanged since the start of June, defying some expectations that scarcity would develop as cash left banks in favor of Treasury bills.
  • The Fed appears unconcerned with reserve scarcity at this point, with SOMA manager Perli this month saying balance sheet reduction was "proceeding smoothly" with "no significant disruptions to financial or funding markets".
  • Treasury's Oct 30 financing requirements announcement ahead of the Nov 1 refunding announcement will provide a further indication as to the trajectory of its TGA cash rebuild (and its impact on overnight reverse repo takeup and reserves) over the coming months.

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