CHINA PRESS: Dec Logistics Prosperity Index Hits Highest In 2025
China's logistics industry prosperity index rose by 1.5 percentage points to 52.4% in December, hitting the highest level of the year, CCTV News reported citing data by China Federation of Logistics and Purchasing. The logistics volume sub-index increased for the second month to 52.4%, along with the equipment-utilisation rate, new orders, the capital turnover rate and employment sub-indexes, which all rose into the expansion range.
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US TSYS: Yields Lower as TYH6 Fails Key Tech Resistance
US bond futures have edged higher in the Asia morning session, with the 10-Yr failing to break below a key technical. Opening at 112-18+ TYH6 was near to the 100-day EMA of 1132-15+ but has bounced higher in early trade to be up by +02 to 112-18+
Cash is stronger across the curve with yields -0.2 - -0.6 lower with short and intermediate maturities outperforming.
- The 2-Yr is at 3.556% -0.6bps
- The 5-Yr is at 3.708% -0.5bps
- The 10-Yr is at 4.133% -0.4bps
- The 30-Yr is at 4.791% -0.2bps.
Ahead tonight is a 13 and 26 week bill auction, with the focus being the U$58bn 3-Year auction.
STIR: RBA-Dated OIS Pricing Fully Prices Hike By August 2026
RBA-dated OIS pricing is slightly firmer today, showing tightening across all meetings, with the probability of a 25bp hike rising from 2% tomorrow to 105% by August and 141% by December 2026.
- After today’s move, pricing is 9-40bps firmer across the curve beyond December 2025, than pre-Monthly CPI levels (26 November), led by December 2026.
Figure 1: RBA-Dated OIS – Current Vs. Pre-CPI Monthly
Source: Bloomberg Finance LP / MNI
CHINA: Central Bank Injects CNY14.7bn via OMO
Last week the PBOC withdrew 7-day liquidity, adding 3-month liquidity. The week ahead has (relative to last) a more moderate redemption schedule and likely to see the resumption of some moderate injections.
- The PBOC issued CNY122.3bn of 7-day reverse repo at 1.4% during this morning's operations.
- Today's maturities CNY107.6bn.
- Net liquidity injects CNY14.7bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from prior close of 1.43%.
- The China overnight interbank repo rate is at 1.31%, from the prior close of 1.31%.
- The China 7-day interbank repo rate is at 1.40%, from the prior close of 1.40%.
