Macroeconomics

1. [Foreign Exchange] The People's Bank of China announced that, effective March 2, 2026, the foreign exchange risk reserve ratio for forward foreign exchange sales will be lowered from 20% to 0 to promote the development of the foreign exchange market and support enterprises in managing exchange rate risks. The central bank will continue to guide financial institutions to optimize exchange rate hedging services for enterprises and maintain the RMB exchange rate basically stable at a reasonable and balanced level.

2. [Bonds] According to publicly released bond issuance information from local finance departments, as of February 25, the issuance scale of local government bonds nationwide has exceeded 2 trillion RMB. Therefore, the issuance scale of local government bonds in the first two months of this year (approximately 2.28 trillion RMB) is expected to increase by 22% compared to the same period last year.

3. [Federal Reserve] Federal Reserve Governor Milan reiterated that despite improvements in the labor market, a 100 basis point rate cut is still expected in 2026, and he favors acting sooner rather than later.

4. [Bank of Japan] Bank of Japan Governor Kazuo Ueda stated that the central bank will carefully study the data at its March and April meetings to decide whether to raise interest rates, leaving open the possibility of a near-term rate hike. If Japan makes progress in achieving its economic and price forecasts, the central bank will continue to raise interest rates.

Agricultural Products

1. [Rapeseed] EU data shows that EU rapeseed imports for the 2025/26 season have decreased by 36% year-on-year so far. Imports from Australia and Ukraine have both declined, but Canada's share has increased. As of February 22, 2026, Ukraine has become the EU's top rapeseed supplier, with imports reaching 1.289 million tons, a 43.1% decrease year-on-year, and its share falling from 53.3% to 46.8%.

2. [Soybeans] ANEC's weekly survey shows that Brazil's soybean exports in February 2026 are estimated at 10.69 million tons, about 800,000 tons lower than the 11.46 million tons estimated a week earlier, but still 9.9% higher than the 9.726 million tons exported in February last year.

3. [Soybeans] Brazil's National Supply Company (CONAB) reported on Monday that as of February 21, 2026, the 2025/26 soybean harvest was 32.3% complete, up from 24.7% a week earlier, but down from 36.4% in the same period last year and the five-year average of 36.6%.

4. [Corn] Statistics released by Secex show that Brazilian corn exports in the third week of February 2026 were ahead of the same period last year. From February 1 to 20, Brazil exported 1.348 million tons of corn, compared to 1.419 million tons for the entire month of February 2025.

5. [Palm Oil] Data from the Malaysian Palm Oil Association (MPOA) shows that from February 1 to 20, 2026, Malaysian palm oil production decreased by 12.29% compared to the previous week. Specifically, production in Peninsular Malaysia decreased by 10.74%, Borneo by 14.19%, Sabah by 15.23%, and Sarawak by 11.20%.

6. [Palm Oil] Data from the Southern Malaysian Palm Oil Association (SPPOMMA) shows that from February 1st to 20th, 2026, palm oil production in Southern Malaysia decreased by 22.24% compared to the previous period, with fresh fruit bunch yield decreasing by 23.82% and oil extraction yield (OER) increasing by 0.30%.

7. [Rice] Charon, Chairman of the Thai Rice Exporters Association, stated on the 25th that Thailand's rice exports in January 2026 totaled 530,300 tons, a year-on-year decrease of 17.5%; the export value was 9.707 billion baht, a year-on-year decrease of 30.7%.

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