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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Senate Approves Bill Forcing USD Purchases; Banxico Autonomy Undermined

MEXICO
  • Yesterday the Senate put through a reform forcing the central bank to buy up cash that commercial banks cannot return to the financial system.
  • The proposal was criticized by Banxico and the local banks association by saying that it would expose Banxico itself to money laundering sanctions. In the extreme, US banks could potentially sanction Mexico.
  • Gerardo Esquivel, Deputy Governor, wrote on twitter: "It is regrettable that reforms to the Bank of Mexico Law have been approved in the Senate that put international reserves at risk and that undermine the autonomy of the Bank of Mexico. I hope that the Chamber of Deputies will correct this situation."
  • Critics say that even if well-intentioned, the bill risks putting the central bank on a slippery slope to increasing interference from lawmakers eager to make more use of it.
  • Esquivel added, 'it indeed undermines Banxico autonomy, setting grave precedent.'
  • Discussions and procedures in the lower chamber will be monitored closely.
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