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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

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

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

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 Holds Tight Range, Participants Assess Yesterday's CPI Data

ZAR

Spot USD/ZAR is slightly weaker on the day, last trading at ZAR18.1943, down ~40 pips. The pair has held a relatively tight range amid little in the way of major headlines. From a technical perspective, losses past Mar 31 low of ZAR17.6993 would support the bearish case. Meanwhile, bulls look for gains towards Mar 21 high of ZAR18.6132 and Mar 8 high of ZAR18.7192.

  • Participants assess yesterday's above-forecast CPI data released out of South Africa. Speaking after the data crossed the wires, SARB Governor Kganyago reaffirmed the central bank's inflation forecasts, albeit he expressed concern with rising food prices.
  • The commodity complex trades on a softer footing, with the aggregate BBG Commodity Index last ~0.8% worse off and the precious metals index sitting just shy of neutral levels.
  • Local-currency bonds are slightly firmer across the curve, with South Africa's 10-year breakeven inflation rate last seen at 6.46%.
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