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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ZAR: Rand Moves To Defensive

ZAR

Spot USD/ZAR has clawed back earlier losses, moving in sympathy with the BBDXY Index, with all eyes on major central bank decisions (Fed, BoJ, BoE) this week. The pair last deals at 18.3584, just over 800 pips higher on the session, and should bulls manage to force a breach of Jul 2 high of 18.6627, they could set their sights on the round figure/ Jun 6 high of 19.0000/54. On the flip side, bears look for losses towards Jun 21 low of 17.8689.

  • The expulsion of ex-President Jacob Zuma from the ruling African National Congress (ANC) has stolen the limelight domestically, with the focus also falling on the latest update on energy-related issues, as well as a briefing on the outcomes of last week's AGOA Forum in the US.
  • The composite BBG Commodity Index is virtually unchanged at typing, with the precious metals subindex last seen 0.3% above neutral levels. Gold trades ~$3.1/oz. higher on the day.
  • SAGB yields are a touch lower across the curve, South Africa's 10-year breakeven rate is stable at 5.76%.
  • Private sector credit in South Africa grew by 4.27% Y/Y in June, topping the +4.00% consensus forecast.
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