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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Rand Loses Ground After Release Of Local Data

ZAR

Spot USD/ZAR has traded with a bullish bias, supported by wider greenback appreciation. The rate last deals at 17.9570, around 1,000 pips higher on the day.

  • The local highlight was the release of June CPI data, which came in slightly weaker than expected. The data was released a day before the SARB's monetary policy decision, which will be announced during Governor Kganyago's press conference starting at 14:00BST/15:00SAST.
  • South Africa's retail sales shrank 1.4% Y/Y, missing the -1.1% consensus forecast. Seasonally adjusted retail sales contracted 0.7% M/M versus -0.2% expected. The data provides further evidence of the weak position of South African consumer.
  • President Ramaphosa announced that Russian President Putin won't attend the BRICS summit in Johannesburg next month and will be represented by Foreign Minister Lavrov. This allows South Africa to avoid a legal dilemma surrounding the ICC arrest warrant issued against Putin.
  • SAGB yields remain lower on the day, with 10-year breakeven inflation rate sitting at 6.40%, after refreshing cyclical lows at 6.33%.
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