MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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China State Refiner Planned Maintenance 18% Higher This Year

REFINING

Planned maintenance at Chinese state refiners is set to be 18% higher this year at a total of 157m tons/yr, according to OilChem. The work will mostly take place in 2Q and 4Q.

  • China refinery runs are expected up +0.06% m/m to 72.52% in February with state plants raising runs while teapots cut.
  • Gasoline demand is expected to fall -8.8% m/m to 13.1m tons in February but an increase of +5% y/y.
  • Diesel demand is forecast -14% m/m to 15.2m tons and -6% y/y.
  • Gasoline inventories are seen rising +300k tons in Feb with increased gasoline yields at state plants and export cuts to meet holiday travel demand. Diesel inventory seen +1m tons on the month.
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