Macroeconomics

1. [MLF] The People's Bank of China will conduct 600 billion RMB of MLF operations on February 25th. Given that 300 billion RMB of MLF matures this month, this means that the February MLF rollover will be 300 billion RMB more, marking the 12th consecutive month of increased rollovers. The increase is smaller than the 700 billion RMB in the previous month.

2. [Export Controls] The Ministry of Commerce issued an announcement on February 24th, deciding to add 20 Japanese entities to the export control list and another 20 Japanese entities to the watch list.

3. [Federal Reserve] Federal Reserve's Goolsby stated that the 3% inflation rate is not good enough and has not reached the established target. He emphasized that further interest rate cuts require progress in inflation.

4. [Bank of England] Bank of England Governor Bailey stated that as inflation is returning to the 2% target level on track, an interest rate cut is expected soon.

Building Materials

1. [White Cardboard] Nine Dragons Paper's Chongqing base will be producing white cardboard at PM33 from February 28th to March 19th, a total of 33 days of downtime.

2. [Wood Pulp] Suzano, the world's largest producer of market pulp, announced new price adjustments for pulp in its main operating markets. The new prices will take effect in March. For China and other Asian countries, prices will increase by $20/ton. In the Americas and Europe, prices will increase by $50/ton, bringing the European market price to $1,330/ton. This is the company's third price increase announced in 2026.

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