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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Won Slips On Risk-Off Mood, Domestic Fiscal Matters Eyed

KRW

Risk sentiment remains the main driver of spot USD/KRW, with the rate sitting +2.45 figs at KRW1,198.20 amid lingering risk of further escalation in the Russia-Ukraine standoff. A clearance of Feb 11 high of KRW1,201.50 before targeting Jan 28 high of KRW1,207.25. On the flip side, losses past the 50-DMA at KRW1,192.55 would encourage bears to target the 100-DMA at KRW1,187.43.

  • USD/KRW 1-month NDF last +2.06 figs at KRW1,198.91. Bulls keep an eye on Jan 28 high of KRW1,214.39, with bears looking for a dip through the nearby 50-DMA at KRW1,195.01.
  • The ruling Democratic Party unilaterally passed the original KRW14tn extra budget bill on during a budget committee meeting amid a boycott from the main opposition People Power Party. The ruling party pledged to boost the supplementary spending plan by KRW3.5tn before putting it to a plenary vote (possibly as soon as today), with PPP standing by its call for a much larger KRW40tn extra budget.
  • South Korean data highlights this week include consumer confidence (Tuesday), Business Survey (Wednesday) & PPI (Thursday). The BoK will deliver its monetary policy decision on Thursday, with all analysts participating in Bloomberg survey expecting policymakers to stand pat.
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