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

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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 Steady, Outperforms EUR, Equities Boosted By Fiscal Stimulus

CNH

USD/CNH largely tracked recent ranges post the Asia close on Tuesday. We got to highs around 7.3250 in NY trade, but pulled back to 7.3144 by the close. This was a modest CNH loss, but outperformed broader USD gains elsewhere (BBDXY +0.31%). USD/CNY finished up near 7.3110, while the CNY NEER (J.P. Morgan Index) rose a touch to 123.67 (+0.09%).

  • Focus was on the China government approving 1trn yuan in Q4 bond issuance, which pushes the fiscal deficit to 3.8% of GDP from 3% (see this link).
  • Also noteworthy was a visit by China President Xi Jinping to the PBOC, which is a sign of potential greater focus on the economic rebound by the authorities (see this link).
  • The fiscal news has been spoken about recently, with Rtrs stating such an announcement was likely yesterday. Still, we saw a meaningful rebound in the Golden Dragon index in US trade, up nearly 4%. This followed a modest +0.37% firming in the CSI 300 index in local onshore trade yesterday.
  • Broader USD trends (particularly EUR weakness) likely diminished spill over to CNH.
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