Macroeconomics

1. [Reverse Repo] The People's Bank of China (PBOC) announced that it will conduct a 500-billion-RMB Medium-term Lending Facility (MLF) operation on August 25. The operation will feature a one-year term and utilize a multiple-price bidding method based on a fixed volume and interest rate. Given that 600 billion RMB in MLF loans are maturing in August, the central bank will effect a net withdrawal of 100 billion RMB through this operation. The PBOC also announced plans to conduct overnight reverse repo operations from August 27 to September 1, utilizing fixed-rate, volume-based bidding, with a daily operation volume capped at 600 billion RMB.

2. [US-Canada Tariffs] Trump announced that, effective January 1, 2027, the United States will raise tariffs to 50% on all Canadian automobiles, trucks, auto parts, and steel; relevant products manufactured within the United States will be subject to "zero tariffs." Trump stated that the U.S. "doesn't need Canada; Canada needs the U.S.," noting that while 95% of Canada's business involves the United States, the situation for the U.S. is "exactly the opposite."

Non-Ferrous Metal

1. [Aluminum] Spot prices for aluminum ingots (AL99.70) fell on August 25. Regional quotes were as follows: East China market quoted at 23,740 RMB/ton (down 60 RMB/ton from the previous trading day); South China market at 23,900 RMB/ton (down 50 RMB/ton); Southwest China market at 23,770 RMB/ton (down 60 RMB/ton); and Central China market at 23,670 RMB/ton (down 70 RMB/ton).

2. [Cobalt] In July 2026, China's imports of unwrought cobalt totaled 1,054.524 tonnes, down 5.86% month-on-month but up 83.36% year-on-year. Cumulative imports for the January-July period stood at 8,763.472 tonnes. Exports of unwrought cobalt in July 2026 amounted to 312.506 tonnes, a decrease of 37.84% month-on-month and 68.06% year-on-year. Cumulative exports for the January-July period totaled 2,976.662 tonnes.

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