MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

MNI BRIEF: China To Step Up Trade Bloc Negotiations

MNI BRIEF: Yuan's Global Payment Share Falls Again In October

MNI: PBOC Net Injects CNY141.9 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Thurs; -0.93% Y/Y

MNI: US NOV PHILADELPHIA FED MFG INDEX -5.5

MNI: US JOBLESS CLAIMS -6K TO 213K IN NOV 16 WK

MNI: CANADA OCT INDUSTRIAL PRICES +1.2% MOM; EX-ENERGY +0.9%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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China Crude Throughput Drops From Record High in March

REFINING

China's crude throughput is higher year on year in April but down from the record high of 14.97mb/d in March according to S&P Global.

  • Throughout has been limited by scheduled maintenance at both state-owned and small-sized independent refineries.
  • Offline refining capacity for maintenance in May is expected at 540kb/d to add to 680kb/d of capacity shut in April and another 440k b/d offline since March.
  • The monthly decline in April has been less than previously expected with run rates boosted at private integrated refining complexes amid healthy margins for petrochemical products. Throughput was low at 12.66mb/d last April due to covid restrictions.
  • Utilisation at state owned refiners was down from 81.1% in March to 80.4% in April.
  • China's crude throughput hit a record high in March with an increase in refining capacity and rising throughput in the independent sector.
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