Macroeconomics

1. [Reverse Repo] To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 500-billion-RMB outright reverse repo operation on August 5, 2026. The operation will utilize a fixed-quantity, interest-rate tender with multiple-price winning bids; it carries a three-month (92-day) term, with a maturity date of November 5, 2026 (postponed if falling on a holiday).

2. [Automotive] CPCA (China Passenger Car Association): In July, the domestic new energy passenger vehicle market saw a remarkable recovery. Estimated wholesale sales of new energy passenger vehicles by domestic automakers reached 1.47 million units—up 23% year-on-year and down 1% month-on-month. This marked the highest year-on-year growth rate of the year, while the month-on-month decline was milder than seasonal trends would suggest, signaling the initial emergence of a recovery in the domestic new energy vehicle sector.

Textile

1. [Vinyl cyanide] On August 4, Lihuayi Lijin Refining & Chemical Co., Ltd. raised its spot quote for acrylonitrile by 600 RMB/ton, setting the ex-factory price at 12,000 RMB/ton. The company has an annual production capacity of 260,000 tonnes; operations were suspended for maintenance due to a malfunction on July 28 and are currently gradually resuming.

2. [PTA] Yisheng Dahua has a total PTA production capacity of 6 million tonnes/year. Its No. 1 unit (2.25 million tonnes/year capacity) began restarting on July 15, while the No. 2 unit (3.75 million tonnes/year capacity) underwent a technical upgrade starting August 1.

3. [Cotton Lint] According to CONAB (the National Supply Company under Brazil's Ministry of Agriculture), as of July 31, Brazil's cotton harvest rate stood at 28.4%. This compares to 16.5% the previous week, 29.7% during the same period last year, and a five-year average of 36.7%.

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