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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RUSSIA: Banks Consider Abandoning CBR's Officially Set Exchange Rate

RUSSIA
  • Russian brokers and banks are discussing abandoning the central bank's official exchange rate as the underlying asset for futures on the US dollar and euro, Vedomosti sources said. The newspaper add that the setting of the rates is no longer transparent and predictable and risks of manipulation have increased, so official rates cannot serve as benchmarks for forex futures, according to the sources.
  • Russia could see coal exports fall by 16m tonnes in 2024, which would be the biggest drop among all producers, the IEA said. Kommersant note that although production in Russia will likely remain flat, US sanctions, self-imposed restrictions of other countries and internal logistics problems will affect exports.
  • Foreign Minister Sergei Lavrov visits Laos for an ASEAN event while the Bank of Russia reports weekly international reserve data this afternoon. Looking ahead, the CBR rate decision takes focus on Friday where a 200bp rate hike to 18% is expected. Our full preview of that decision will be released later today.
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