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Macroeconomics
1. [Reverse Repo] To maintain ample liquidity in the banking system, the People's Bank of China (PBOC) will conduct outright reverse repo operations totaling 500 billion RMB on August 5, 2026. The operation will utilize a fixed-quantity, interest-rate tender with multiple winning bid rates; the term is three months (92 days), with a maturity date of November 5, 2026 (postponed if falling on a holiday).
2. [Automotive] CPCA (China Passenger Car Association): In July, the domestic new energy passenger vehicle market saw a remarkable recovery. Estimated wholesale volumes of new energy passenger vehicles by domestic automakers reached 1.47 million units—up 23% year-on-year and down 1% month-on-month. The year-on-year development rate marked the highest to any month in 2026, while the month-on-month decline was milder than seasonal trends would suggest, signaling the initial emergence of a recovery in the domestic new energy vehicle sector.
Plastics and Rubber
1. [PS] The Lianyungang Petrochemical PS plant operates four production lines with a total capacity of 400,000 tons/year. Current operations are running at three-quarters capacity. On August 4, the ex-factory reference price to STL 525 was raised by 150 RMB/ton to 9,050 RMB/ton.
2. [EPS] On August 4, Jiangsu Jiachang raised its EPS offers: the ex-factory price (cash, tax-inclusive) to general-purpose grade rose to 10,100 RMB/ton, and to flame-retardant grade to 10,600 RMB/ton—an increase of 50 RMB/ton.
3. [SBR] On August 4, the SBR market in the Jiangsu-Zhejiang region saw price adjustments, with merchant quotes remaining stable or rising slightly. Prevailing ex-warehouse prices to 1502 grade from Fushun, Lanzhou Petrochemical, and Yangzi Petrochemical are currently 13,450–13,600 RMB/ton, while Qilu 1502 is quoted at 13,750–13,900 RMB/ton.
4. [Natural Rubber] Data shows that in the first half of 2026, Indonesia's total natural rubber exports (excluding compound rubber) amounted to 649,000 tons, a year-on-year decrease of 23%.
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