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.

Building Materials

1. [Paper] Recently, five technical renovation projects at Bohui Paper were approved, resulting in a surge of 1.15 million tons in the paper company's production capacity.

2. [Wood Pulp] As of April 16, 2026, the sample inventory of wood pulp at China's major ports stood at 2.271 million tons; this represents a reduction of 35,000 tons compared to the previous period—a month-on-month decline of 1.5%.

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