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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Virag Says 11% Year-End Rates "Realistic"

HUNGARY

At a press conference, NBH deputy-governor Virag noted that the central bank's monetary policy had entered "a new phase" at the previous monthly policy meeting with the base rate becoming the "effective" policy rate. He also said 11% year-end rates are "realistic". The following comments from Virag were cited by MTI:

  • The Council will take decisions on a "step by step" basis, in a "careful, data-driven manner" in light of factors impacting inflation and the development of the risk environment.
  • "Strong disinflation" and a reduction in Hungary's vulnerability paved the way for the rate cut on Tuesday, he said, revealing that policy makers had also weighed options for a 50bp and a 100bp cut, before taking a unanimous decision.
  • Growing external risks warrant the continuation of a "careful" approach and the continuation of rate cuts "at a slower pace than earlier".
  • Said disinflation had to continue in 2024, too. "We can't sit back."
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