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China Daily Oil Summary:

OIL

The Chinese demand recovery has a weaker outlook for the remainder of this year by Chinese refiners. China’s biggest refiner, Sinopec, said Monday that the country’s product demand in the second half would expand at a slower pace than in the first.

  • China is planning to increase refined oil products exports to 3.53mn tons next months, up by 9.3% from the planned August levels.
  • Chinese gasoline demand peak is drawing closer according to Sinopec comments earlier this month and BloombergNEF analysis.
  • China's minister of culture and tourism said on Tuesday Beijing hopes the United States will further increase direct flights with China and facilitate visa applications for Chinese nationals.
  • China will increase the intensity of macro policies and expand domestic demand, to boost confidence and prevent risk, said Finance Minister Liu Kun. The ministry will improve the implementation efficiency of proactive fiscal policy and speed up fiscal spending.
  • YUAN: The currency strengthened to 7.2925 against the dollar from 7.2940 on Monday.
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