Macroeconomics

1. [LPR] Authorized by the People's Bank of China, the National Interbank Funding Center announced the Loan Prime Rates (LPR) for August 20, 2026: the 1-year LPR stands at 3.00%, and the LPR for tenors of more than five years stands at 3.50%. Both rates remain unchanged from the previous month and will remain in effect until the next scheduled release.

2. [Excavators] According to the China Construction Machinery Association, sales of excavators of all types totaled 19,521 units in July 2026, a year-on-year increase of 13.9%. Of this total, domestic sales reached 7,608 units (including 41 electric excavators), up 4.13% year-on-year, while exports totaled 11,913 units (including 62 electric excavators), up 21.2% year-on-year. From January to July 2026, total excavator sales reached 171,841 units, a year-on-year increase of 24.8%. Specifically, domestic sales amounted to 86,633 units (including 227 electric excavators), up 18.8% year-on-year, and exports totaled 85,208 units (including 197 electric excavators), up 31.7% year-on-year.

3. [US Treasuries] On August 19, the US Treasury Department announced it would expand the scale of liquidity-support repurchase operations for long-term nominal coupon-bearing Treasuries (specifically the 10-year and 30-year issues), raising the per-operation cap from the previous $2 billion to at least $4 billion. This adjustment takes effect on September 9 (local time) and will remain in place through the end of the quarter (November 4, 2026).

4. [UK CPI] The UK's Consumer Price Index (CPI) rose 2.9% year-on-year in July, up from 2.6% in June and marking the highest level since March of this year; rising energy bills were the primary driver. Core CPI growth remained unchanged at 2.6% year-on-year—holding steady for the third consecutive month—while services inflation eased from 3.6% in June to 3.4%.

5. [Japan Imports/Exports] Japan's exports rose 23.2% year-on-year in July, exceeding the expected 20.1% and the previous figure of 19.3%; imports increased by 27.8% year-on-year, surpassing the expected 25.1% and the previous figure of 25.4%.

Chemical

1. [Ethyl Acetate] On August 18, 2026, the Korea Trade Commission issued a notice announcing the initiation of an anti-dumping investigation into ethyl acetate originating from China, following a request from South Korean producers. The period of investigation for dumping is from January 1, 2025, to December 31, 2025, while the period of investigation for injury spans from January 1, 2023, to December 31, 2025. Barring any extensions (up to a maximum of two months), a preliminary ruling is expected to be issued within three months of the investigation's initiation.

2. [Hydrogen Peroxide] Recently, a technical upgrade project by Chang Chun Chemical (Jiangsu) Co., Ltd. passed the public review for environmental compliance upon completion. This project involved optimizing and adjusting the production capacity structure for electronic-grade hydrogen peroxide to reach an annual output of 86,400 metric tons. Prior to the upgrade, the company's capacity stood at 60,000 metric tons per year; through production line optimization and equipment upgrades, the capacity has been increased to 86,400 metric tons per year, marking a significant expansion in production scale.

3. [Chloroform] Huichang Yonghe's 100,000-ton/year methanol-based chloromethane unit was shut down on August 19, 2026; the restart date is yet to be determined.

4. [Methanol] As of August 19, 2026, total methanol port inventories in China stood at 667,000 tons, an increase of 67,000 tons compared to the previous period. Specifically, East China saw an inventory buildup of 67,900 tons, while South China saw a drawdown of 900 tons.

5. [Phenol] On August 20, Lihuayi Weiyuan Chemical Co., Ltd. raised its ex-factory settlement price for phenol by 50 RMB/ton to 8,350 RMB/ton (effective from the 19th). The company's two phenol-acetone units, with a combined capacity of 700,000 tons/year, are reportedly operating normally and shipping products according to plan.

6. [Caustic Soda] On August 20, Shandong Xinfa adjusted its liquid caustic soda prices: the quote for 32% ion-exchange membrane caustic soda rose by 10 RMB/ton to 650 RMB/ton, while the price for 50% ion-exchange membrane caustic soda remained at 1,020 RMB/ton; the company operates a 1.13 million-ton/year unit.

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