Toyota: Domestic automobile production in Japan (Toyota brand only) fell 9.7% year-on-year in November to 258,177 vehicles.

[CNY/USD Central Parity Rate in the Interbank Foreign Exchange Market on December 25, 2025] USD/CNY was quoted at 7.0392, down 79 points (CNY appreciation); EUR/CNY was quoted at 8.2825, down 144 points; HKD/CNY was quoted at 0.90526, down 9.7 points; GBP/CNY was quoted at 9.4877, down 132 points; AUD/CNY was quoted at 4.7121, up 13 points; CAD/CNY was quoted at 5.1366, up 2 points; 100 JPY/CNY was quoted at 4.5047, up 30 points; CNY/RUB was quoted at 11.2592, up 1409 points; NZD/CNY was quoted at 4.1006, down 32 points; CNY/MYR was quoted at 0.5751, down 17.1 points; CHF/CNY was quoted at 8.9163, down 149 points; The Singapore dollar/Chinese yuan exchange rate was 5.4740, down 22 points.

Domestic News: 1. Beijing further optimized its real estate policies, adjusting housing purchase restrictions, optimizing personal housing loan policies, and increasing public housing fund support for housing consumption. 2. The People's Bank of China conducted 400 billion yuan of Medium-term Lending Facility (MLF) operations on December 25. 3. Media: CATL's Yichun Jianxiawo lithium mine is expected to resume production around the Spring Festival. 4. Financial support accelerates the construction of the Western Land-Sea New Corridor; eight departments jointly released 21 measures. 5. The "Catalogue of Industries Encouraging Foreign Investment (2025 Edition)" was released and will take effect on February 1, 2026. 6. The Ministry of Foreign Affairs responded to the US's proposed tariffs on China's semiconductor industry: We firmly oppose unreasonable suppression of Chinese industries. 7. The State Administration for Market Regulation and other departments: Urging online trading platforms to establish product quality management systems and promptly investigate products with prices significantly below reasonable levels. 8. The People's Bank of China's Monetary Policy Committee held its fourth-quarter meeting: It will continue to implement a moderately loose monetary policy and increase counter-cyclical and cross-cyclical adjustments. International News: 1. Some of the censored content in the Epstein case can be copied and restored. 2. Precious metals surged and then retreated; spot palladium fell 9%. 3. Cambodia's Ministry of Defense stated that Thai warplanes dropped cluster bombs; the Thai military claimed it was only aimed at military targets. 4. Zelenskyy released a 20-point draft of the Russia-Ukraine "peace plan," but the territorial issue remains unresolved. 5. Russia believes the latest US peace plan proposal lacks key clauses and hopes for revisions. 6. If mediation fails, workers at Glencore Copper's Mantovede copper-gold mine in Chile are preparing to strike. 7. US officials hinted that they currently prefer sanctions rather than military action to achieve their objectives against Venezuela. 8. Japan plans to reduce its issuance of ultra-long-term government bonds in fiscal year 2026 to approximately 17 trillion yen, the lowest level in 17 years.