MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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US May Crude Exports To Decline 18% MoM On China Pause: Vortexa

OIL

US crude exports are expected to average about 3.6mbpd this month from 4.37mbpd in April as Chinese buyers take a breather from recent heavy purchases, according to Vortexa.

  • China’s intake should slip back to more normal volumes of 300kbpd this month after surging to roughly three times that volume in April at 920kbpd.
  • Shipments to South Korea are also seen slipping as the nation’s refiners enter routine maintenance and overall lack of product demand, analyst Rohit Rathod said.
  • A narrow WTI discount to Brent and Dubai in recent months had “actually led to the arbitrage window for May loaders to shut,” he added.
Energy BulletsCommodities
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