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On September 18th, it was learned that the State Administration for Market Regulation (SAMR) has launched a nationwide special campaign to safeguard the bottom line of mandatory product certification. The campaign employs a "random inspection and public disclosure" approach to inspect certification bodies, covering all 34 designated CCC certification bodies, 90 designated CCC laboratories, and 300 voluntary certification bodies. Currently, designated certification bodies have suspended 108,500 CCC certification certificates, affecting 18,500 manufacturers, and revoked 44,900 CCC certification certificates, affecting 13,000 manufacturers. Among these, over 4,200 CCC certification certificates for power banks and lithium batteries that failed to continuously meet certification requirements have been revoked or cancelled, effectively ensuring product quality and safety. Simultaneously, a special campaign to regulate certification rules for body registration is ongoing. This year, 50,200 rules have been reviewed, with 30,300 denied registration, 17,700 returned for rectification, and 2,186 approved. High-standard certification rules ensure high-quality certification activities.September 18th - According to data from the National Railway Administration, from January to August 2026, the national railway passenger and freight volumes continued to grow, with safe and orderly transportation providing strong support for passengers safe travel and stable economic operation. In terms of passenger transport, from January to August, the national railway system completed a total of 3.321 billion passenger trips, a year-on-year increase of 3.9%; and completed 1,181.184 billion passenger-kilometers, a year-on-year increase of 1.2%. During the summer travel season from July 1st to August 31st, the national railway system transported a total of 954 million passengers, a year-on-year increase of 1.2%.On September 18th, the Ministry of Finance released its fiscal revenue and expenditure figures for January-August 2026. From January to August, national government fund budget expenditure totaled 5,194.8 billion yuan, a year-on-year decrease of 17%. Breaking it down by central and local governments, central government fund budget expenditure was 317.5 billion yuan, a year-on-year decrease of 58.3%; local government fund budget expenditure was 4,877.3 billion yuan, a year-on-year decrease of 11.3%, of which expenditure related to revenue from the transfer of state-owned land use rights was 2,178.6 billion yuan, a year-on-year decrease of 18.5%.The onshore yuan closed at 6.6973 against the US dollar at 16:30 on September 18, up 112 points from the previous trading day.On September 18th, the Ministry of Finance released its fiscal revenue and expenditure figures for January-August 2026. From January to August, national government fund budget revenue totaled 2,141.9 billion yuan, a year-on-year decrease of 19%. Breaking it down by central and local governments, central government fund budget revenue was 329.2 billion yuan, a year-on-year increase of 12.2%; local government fund budget revenue was 1,812.7 billion yuan, a year-on-year decrease of 22.9%, of which revenue from the transfer of state-owned land use rights was 1,375.3 billion yuan, a year-on-year decrease of 28.6%.

Oil Prices Fall, With A Weekly Loss of Roughly 5% Due to Growth Fears

Haiden Holmes

Apr 24, 2022 09:49

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Brent oil finished at $106.65 a barrel, down $1.68, or 1.6 percent. West Texas Intermediate (WTI) crude oil in the United States fell $1.72, or 1.7 percent, to $102.07.


Brent crude reached a record high of $139 a barrel last month, the highest price since 2008, but both oil benchmarks fell roughly 5% this week on supply worries.


The International Monetary Fund, which dropped its global economic growth prediction for 2022 this week, may lower it further if Western nations tighten sanctions against Russia for its conflict in Ukraine and energy costs continue to climb, the agency's second-ranking official warned.


Germany's government will lower its growth forecast for 2022 to 2.2 percent from 3.6 percent, a government source said, while Chinese demand for gasoline, diesel, and aviation fuel is expected to fall 20% year on year in April, Bloomberg reported, as many of China's largest cities, including Shanghai, are under COVID lockdown.


Federal Reserve Chairman Jerome Powell indicated Thursday that a half-point hike in US interest rates "will be on the table" at the Fed's May policy meeting, sending the dollar to a more than two-year high. A higher dollar increases the price of oil and other commodities for individuals who hold foreign currencies.


"At the moment, worries about China's growth and the Fed's tightening, which is stifling US growth, seem to be outweighing fears that Europe would soon expand sanctions on Russian energy imports," said Jeffrey Halley, an analyst at brokerage OANDA.


Reuters estimates and US Commodity Futures Trading Commission data published on Friday show that speculators' net long bets on the US dollar decreased for a third consecutive week.

TIGHTNESS OF SUPPLY

On the supply side, reports indicated that the Russia-Kazakh Caspian Pipeline Consortium (CPC) is likely to restart full shipments on April 22 after almost 30 days of outages.


According to a Baker Hughes Co study, the US oil rig count increased by one to 549 this week, the highest level since April 2020.


Nonetheless, supply constraints supported prices as Libya lost 550,000 barrels per day (bpd) of production due to interruptions. Supply might be further constrained if the EU puts an oil embargo on Russia.


This week, an EU source told Reuters that the European Commission is seeking to accelerate the availability of other energy sources, while a senior White House advisor expressed confidence in Europe's determination to shut down or further limit remaining Russian oil and gas shipments.


By the end of this year, the Netherlands intends to phase out Russian fossil fuels.


Morgan Stanley (NYSE:MS) increased its third-quarter Brent pricing projection by $10 per barrel to $130, noting a "larger gap" this year owing to decreasing Russian and Iranian production, which is anticipated to offset short-term demand challenges.


European refiners processed 9.04 million barrels per day of crude in March, down 4% from the previous month but up 4.8 percent year over year, Euroilstock statistics showed.


For the week ending April 22, US oil refiners are likely to shut down around 1.08 million barrels per day of capacity, boosting available refining capacity by 47,000 barrels per day, according to research firm IIR Energy.


"While we may decline, there is a point at which we will find support because the fundamentals are just too tight for things to go much further," said Robert Yawger, Mizuho's executive director of energy futures.

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