MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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USD/CNH Edges Back Under 7.2700, PBOC Reiterates FX Stability

CNH

USD/CNH sits slightly lower in recent dealings, last under 7.2700, so down a touch on NY closing levels from Wednesday. Onshore spot is very steady in the first part of dealing, unchanged just under 7.2500.

  • The USD/CNY fixing rose a touch, but didn't produce a CNH reaction. Broader USD sentiment is slightly firmer as markets trade with a slightly risk off tone amid equity losses, although overall moves are modest. USD/JPY is lower, so that is likely aiding the yuan at the margins.
  • Comments PBoC Deputy Governor Tao Ling have also crossed the wires. The Deputy Governor stated that basic FX stability is needed for a powerful currency. Tao Ling was interviewed and spoke about boosting yuan liquidity and hedging (in the offshore market).
  • More support will also be given for foreign institutions to issue Panda bonds in China. More details are available here at this BBG link.
  • The stability comment is very much in line with PBoC and official rhetoric on FX. This fits with the broader backdrop of very steady yuan depreciation pressures and outperforming bouts of USD strength.
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