MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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PBoC Fires First Warning Against CNY Weakness

CHINA
  • The PBoC re-state their vow to curb speculation in the FX market, urging institutions to maintain FX market stability. The statement sees curbing of speculation "when necessary".
  • USD/CNH edging to fresh daily lows on the back of that headline - pair prints 7.0206 to extend losses on the day to 0.4%.
  • Yesterday's Asia-Pac session low next up at 7.0078 - and could presage a symbolic move back below the 7.00 handle
  • Warning from the PBoC follows the ~1% rally in USD/CNY this week. Notably, the USD/CNY fix today was the first above 7.00 since December last year - showing that the authorities were not standing against the CNY drift lower (perhaps until now). * Recall back in March PBOC governor stated that USD/CNY at 7.00 was no longer a 'psychological hurdle' for the pair.
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