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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TURKEY: Liquidity Tools Expected to Increase Deposit Rates by 2-3ppts

TURKEY
  • The central bank’s latest steps to reduce excess lira liquidity are expected to increase deposit rates by 2-3ppts, Dunya report. Responding to a question on whether there will be further moves on managing liquidity, the newspaper’s banking source said: “The current excess liquidity is not very high. There is no need for another urgent move.”
  • As a reminder, the CBRT left its one-week repo rate unchanged at 50% on Tuesday but has since said it might hold FX and gold swap auctions to sterilize lira liquidity. Furthermore, it has also terminated swaps with local lenders via a quotation method which provided liras to financial institutions in return for FX. The changes mark the latest in a series of measures the central bank have been using to ultimately reverse the recent decline in deposit rates, thereby supplementing its tight stance on monetary policy.
    • Our full review of the July decision can be found here.
  • Meanwhile, Turkey's manufacturing confidence fell to 100.3 in July from 102.8 in June, according to central bank data. Adjusted manufacturing confidence fell to 98.7 from 100.5 while capacity utilization fell to 75.9% from 76.3%.
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