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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Rand Garners Strength Ahead Of Inflation Data, SARB Meeting This Week

ZAR

Spot USD/ZAR trades at 17.9311, down ~1,050 pips on the session, approaching recent cyclical lows. A clean breach of Jul 13 low of 17.9031 would bring Mar 31 low of 17.6993 into play. Bulls look for gains towards the 50-EMA, which kicks in at 18.5984.

  • Finance Minister Enoch Godongwana said that he was "not in discussion with the central bank" on ways to tackle inflation without interest rate hikes, as the SARB "is, by constitution, independent." The ruling ANC party has recently called upon Godongwana to engage with the SARB on the matter, due to the impact of monetary tightening on South African households.
  • The composite BBG Commodity Index sits ~0.4% higher on the day, with the precious metals subindex up ~0.5%, as the yellow metal advances.
  • All eyes are on South Africa's inflation figures (Wednesday) and the SARB's monetary policy decision (Thursday).
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