Macroeconomics

1. [LPR] Authorized by the People's Bank of China, the National Interbank Funding Center announced that, as of April 20, 2026, the Loan Prime Rate (LPR) stands at: 3.0% for the one-year term and 3.5% for the five-year-plus term. The April LPR marks the eleventh consecutive month of stability.

2. [Government Bonds] The Ministry of Finance has announced the issuance schedule for the 2026 ultra-long-term special government bonds. A total of 23 tranches will be issued, comprising 7 tranches of 20-year bonds, 12 tranches of 30-year bonds, and 4 tranches of 50-year bonds. The first batch of these ultra-long-term special bonds is scheduled for issuance on April 24, consisting of 34 billion RMB in 20-year bonds and 85 billion RMB in 30-year bonds.

Energy

1. [Crude Oil] On the 19th (local time), an official from Iraq's Ministry of Oil stated that a closure of the Strait of Hormuz would disrupt the export of nearly 4 million barrels of Iraqi crude oil over the coming three days.

2. [Crude Oil] For the week ending April 17, the total number of oil rigs in the United States was reported at 410 (compared to the previous figure of 411), while the number of natural gas rigs stood at 125 (compared to the previous figure of 127).

3. [Coke] Certain steel mills in the Xingtai region have announced price increases: 50 RMB per ton for wet-quenched coke and 55 RMB per ton for dry-quenched coke. These price adjustments are effective as of 00:00 on April 20, 2026.

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