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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Rising Inflation Expectations Support Kiwi

NZD

Kiwi catches light bid after the release of the RBNZ's Q4 Survey of Expectations, which showed a further jump in anticipated inflation. The most closely watched gauge of 2-year inflation expectations rose to +2.96% from +2.27%, reaching a fresh 10-year high.

  • As flagged earlier, the survey comes out just a few days before the next RBNZ monetary policy meeting, with policymakers widely expected to hike the OCR in response to mounting inflationary pressures.
  • Market pricing of RBNZ interest-rate action next week has been more or less unchanged after the release, with the OIS strip still pricing ~35bp worth of tightening. That being said, there has been some hawkish repricing further out the curve, which implies a steeper tightening path.
  • NZD/USD sits +14 pips at $0.7012, familiar technical levels remain in play.
  • AUD/NZD has shed 32 pips as the Aussie sits at the bottom of the G10 pile. The rate last trades at NZ$1.0351, with bears setting their sights on Nov 9 low of NZ$1.0331.
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