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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PLN: Zloty Loses Ground, POLGB Auction Eyed Today

PLN

EUR/PLN changes hands at 4.2852, up 145 pips from the previous close, with Jul 2 high providing the initial layer of resistance at 4.3321. On the downside, the key area of support has been defined around the 4.25 mark, with bears targeting May 28/Jul 15 lows of 4.2471.

  • ING expect EUR/PLN to continue falling this week towards 4.25, while seeing potential for fresh lows by the end of summer. Santander think that the exchange rate will stabilise within the 4.25-4.38 range in the near term (and within 4.26-4.30 this week). Millennium Bank expect EUR/PLN to consolidate within the 4.25-4.30 corridor and oscillate around 4.27 this week. Meanwhile, Pekao write tat the zloty may depreciate again on the back of broader risk aversion; they believe that EUR/PLN may test resistance around 4.30.
  • POLGB curve has bull flattened, with yields last seen 0.5-2.4bp below neutral levels. The spread between 10-year POLGBs and 10-year Bunds continues to widen from mid-month flats. Reminder that the Finance Ministry will offer bonds worth PLN5-8bn at today's auction.
  • The WIG20 Index has given away its opening gains and slipped towards neutral levels.
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