Macroeconomics
1. [Reverse Repo] The central bank announced that, to better align with the banking system's short-term liquidity needs, the People's Bank of China will conduct overnight reverse repo operations from September 14 to September 17. These operations will utilize fixed-rate, quantity-based tendering, with a daily volume not exceeding 600 billion RMB.
2. [US PPI] US Producer Price Index (PPI) rose 0.4% month-on-month and 5.4% year-on-year in August, marking the largest monthly increase in three months; markets are betting on a 70% probability of a Federal Reserve rate hike next week.
3. [US Treasuries] The US Treasury's long-term bond buyback operation, exceeding $5 billion, fell short of the maximum target; the sell-off in US Treasuries remains unstoppable, with the 10-year yield approaching 5%.
4. [ECB Rate Hike] The European Central Bank raised its three key interest rates by 25 basis points. Specifically, the deposit facility rate was raised from 2.25% to 2.5%, while the main refinancing rate and the marginal lending rate were also raised, reaching 2.65% and 2.9%, respectively.
5. [Shipping] According to Iranian sources, Iran has ordered a temporary suspension of the 10% freight surcharge on foreign vessels transporting energy products into or out of the country. This move is a tactical adjustment amidst ongoing maritime tensions in the Strait of Hormuz, a critical shipping channel vital to global energy supplies.
Building Materials
1. [Pulp] As of September 10, 2026, sampled pulp inventory at major Chinese ports stood at 2.263 million tonnes, a decrease of 29,000 tonnes (down 1.3%) from the previous period, indicating a destocking trend during this cycle.
2. [Wastepaper] On September 10, 2026, Nine Dragons Paper (Taicang, Jiangsu) raised its wastepaper procurement price by 10 RMB/tonne, setting the adjusted delivered-to-factory price at 1,960 RMB/tonne.
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