Macroeconomics

1. [Bonds] Ministry of Finance: As of the end of July, the national local government debt balance was 52,762.7 billion RMB. Of this, general debt comprised 17,248.3 billion RMB, special debt comprised 35,514.4 billion RMB, government bonds comprised 52,602.3 billion RMB, and outstanding government debt in the form of non-government bonds comprised 160.4 billion RMB.

2. [US Tariffs] A senior Trump administration official stated: Over the next six months, packages shipped to the United States will be subject to a uniform tariff ranging from $80 to $200, with specific tariff rates to be implemented thereafter.

3. [Federal Reserve] On the morning of August 29th, Beijing time, Federal Reserve Board Governor Waller, in a public speech, explicitly stated his support for a 25 basis point interest rate cut at the Federal Reserve's September meeting and predicted further rate cuts within the next three to six months. The pace of these cuts will depend on incoming data.

4. [US Initial Jobless Claims] The number of initial unemployment claims in the United States fell slightly to 229,000 last week, while continuing claims fell to 1.954 million, both below expectations.

5. [Eurozone Economic Sentiment Index] Data released by the European Commission showed that the Eurozone Economic Sentiment Index fell to 95.2 in August, down from 95.7 in July, defying market expectations of a slight recovery.

6. [Philippines Interest Rate Cut] The Bangko Sentral ng Pilipinas announced on the 28th that it would cut its key policy rate by 25 basis points to 5.0%. This is the third consecutive rate cut by the Bangko Sentral ng Pilipinas this year.

Agricultural and Sidelines

1. [Sugar] On August 28, sugar refiners in the Kunming market lowered their prices to 5,780-5,790 RMB/ton, down 10-20 RMB/ton from August 27. Yunnan Province had a total of 18.063 million tons of sugarcane entering the crushing phase. As of July 31, Yunnan Province had sold 1.9514 million tons of sugar, a year-on-year increase of 326,200 tons.

2. [Soybean Meal] The U.S. Department of Agriculture reported that net sales of U.S. soybean meal for the 2024/25 fiscal year were 47,300 tons in the week ending August 21, 2025, up 4% from the previous week but down 34% from the average of the previous four weeks. Net sales for the 2025/26 fiscal year were 214,800 tons, compared to 176,200 tons a week earlier.

3. [Soybean Meal] ANEC stated that Brazil will export 2.13 million tons of soybean meal in August 2025, lower than the 2.33 million tons estimated a week ago.

4. [Soybeans] ANEC estimated Brazil's soybean exports in August 2025 at 8.9 million tons, slightly lower than the 8.94 million tons forecast a week ago.

5. [Corn] ANEC said Brazil will export 7.8 million tons of corn in August 2025, down from the 8.05 million tons forecast a week ago but up from 6.4 million tons in August last year.

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