China inflation data was out over the weekend, CPI 2.2% for Nov., from 2.5% in Oct.

China's November CPI was expected at 2.4%, while the prior was2.5%. Came in at 2.2% y/y.

• The target level for inflation in China is around 3 % y/y
• m/m rate was 0.3% (October was 0.2%)

For the November PPI reading, expected at 2.7%, prior 3.3%, came in at 2.7%

Xinhua reported (highlights):

• consumer prices eased due to the declines in food and oil prices
• Food prices -1.2% m/m in November
• gasoline and diesel -4.9% & 5.2% m/m respectively

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Also over the weekend:

• China trade balance (Nov.), exports and imports fall from Oct. and miss median