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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Policy Support Picks Up Amid USD Weakness & With Growth Sub 5%

CHINA

Our updated thoughts post China's surprise policy move: In surprise move the PBOC reduced the rate on it’s medium term loan facility in an out of cycle operation, following on from the other reductions in policies reductions earlier in the week. Whilst it has been well flagged that the focus on a strong currency remains, it appears possible that this opportunistic move follows a period of USD weakness as equity volatility continues.


  • The magnitude of the cut is significant as it is the largest cut since COVID times, and policy changes are typically made in 10bps increments.
  • The MLF was cut by 20bps and offered CNY200bn to banks via the facility and CNY235bn via reverse repo.
  • With the economic growth outlook flagging, the post plenum policy response is in full flight as base effects take GDP growth below 5%.
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