【CNY】 Data from the China Foreign Exchange Trading System shows that on April 3, the central parity rate of the Chinese Yuan (CNY) against the US Dollar (USD) was 6.8929, depreciating by 49 basis points from the previous trading day. The Monetary Policy Committee of the People's Bank of China recently held its regular quarterly meeting for the first quarter of 2026. The meeting concluded that supply and demand in the foreign exchange market are generally balanced, with the RMB exchange rate moving in a two-way floating manner and remaining generally stable at a reasonable and balanced level. (China News Service)

Trade Focus
✦ Pre-registrations for overseas buyers at the 139th Canton Fair have exceeded 170,000. Ministry of Commerce (MOFCOM) spokesperson He Yadong stated that since preparations began for this session of the Canton Fair, a three-in-one "Grand Attraction of Investment" system has been launched, featuring targeted multi-channel promotion, optimized full-chain services, and data-driven efficiency empowerment. As of April 1, pre-registered overseas buyers number over 170,000, including over 120,000 from countries participating in the Belt and Road Initiative; 279 enterprises have confirmed their participation in groups, including Walmart (USA), Sainsbury's (UK), and Samsung Electronics (South Korea); 137 overseas business organizations have confirmed registration, including the London Chamber of Commerce and Industry, the Mongolia National Chamber of Commerce and Industry, the Lima Chamber of Commerce (Peru), the Lagos Chamber of Commerce and Industry (Nigeria), the German Federation of Small and Medium-sized Enterprises (BVMW), and Switzerland Global Enterprise (Switzerland). (International Business Daily)

✦ In 45 days, US Customs may refund tariffs. On March 31 local time, US Customs and Border Protection (CBP) announced it is advancing a new tariff refund system for reimbursing tariffs ruled to have been unlawfully imposed, though processing a single application review could take up to 45 days. In a filing with the US Court of International Trade, the agency stated the new system is currently approximately 60% to 85% complete and will be opened for applications in phases, prioritizing import records recently cleared or under review. Data shows approximately 26,600 importers have already completed the electronic refund process, involving about $120 billion, accounting for the majority of the relevant tariffs. Previously, the US Supreme Court ruled that certain tariff measures implemented by the Trump administration under the International Emergency Economic Powers Act (IEEPA) were invalid but did not specify a refund mechanism, leaving related issues to the US Court of International Trade. (CCTV News)

Customs Updates
✦ The Trump administration is reportedly planning to adjust steel and aluminum tariffs. On April 1 EST, US media cited sources as saying the Trump administration is considering major adjustments to the steel and aluminum tariff system. The new policy would stipulate that finished products made using imported steel and aluminum would be subject to a uniform 25% tariff. The current policy requires companies to calculate duties based on the steel and aluminum content within products, with maximum applicable tariff rates reaching 50%. This policy adjustment is seen as an attempt by the US government to maintain trade protection intensity while trying to alleviate compliance pressure on businesses, though it may also create new shocks to global trade relations and industrial chains. (Wall Street Journal)

Cargo Shipping Dynamics
✦ Under a selective passage system, multiple countries have been granted toll exemptions, with RMB settlement appearing for the first time in the Strait of Hormuz. Iranian authorities have indicated that every ship passing through the Strait of Hormuz must contact an intermediary agency linked to Iran's Islamic Revolutionary Guard Corps (IRGC) and submit complete documentation: IMO number, chain of ownership, cargo manifest, crew list, and destination. The IRGC's Navy Command in Hormozgan will conduct multi-layered reviews: sanctions screening, cargo verification, and geopolitical assessment. If approved, the vessel will receive a passage code and navigation instructions, verified via VHF radio upon approaching the strait. An IRGC pilot boat will escort the vessel through after a visual inspection. Once the vessel enters the strait, its AIS transponder must be turned off. Toll fees are settled through the intermediary after passage. The fee is $2 million, payable in RMB. (Office of the Economic and Commercial Counsellor of the Embassy of China in the United Arab Emirates)

✦ Multiple shipping companies are implementing forced cargo discharge in the Middle East. Recently, several shipping companies have issued urgent customer notices, announcing forced cargo discharge, port changes, transshipments, or even service suspensions on Middle East routes, explicitly invoking "force majeure" clauses to delineate liability boundaries. This series of actions indicates that traditional maritime fulfillment logic is being upended, leaving cargo owners directly facing high transshipment costs and uncertainty risks. (Shipping China)

Overseas Markets
[Hong Kong] Hong Kong SAR Secretary for Commerce and Economic Development Algernon Yau: Over the past year, Hong Kong's foreign trade has demonstrated strong resilience, ranking as the world's fifth-largest merchandise trading economy, following Mainland China, the USA, Germany, and the Netherlands. According to a WTO report, Hong Kong was the world's fifth-largest merchandise trading economy in 2025, with total merchandise trade rising 17.5% year-on-year to $1.585 trillion, accounting for 3% of the global total. (Xinhua News Agency)

[South Korea] South Korean Ministry of Trade, Industry and Energy: South Korea's exports in March increased by 48.3% year-on-year to $86.13 billion, setting an all-time monthly record. This was primarily attributed to a 151.4% year-on-year surge in semiconductor exports. (Yonhap News Agency)

[Arab Nations] A recent assessment report by the United Nations Development Programme (UNDP) indicates that recent escalating tensions in the Middle East could cause Arab nations losses ranging from $120 billion to $194 billion, equivalent to 3.7% to 6.0% of these countries' GDP. (Xinhua News Agency)

[Germany] A joint spring economic forecast report released by five leading economic research institutes projects that due to the impact of the Middle Eastern conflict and subsequent energy price increases, Germany's GDP will grow by only 0.6% in 2026, nearly halved from the 1.3% forecast about six months earlier; Germany's economic growth rate is expected to be 0.9% in 2027, also lower than the previously forecast 1.4%. (China News Service)

[Hungary] Hungarian Prime Minister Viktor Orbán: Europe is heading towards one of the most severe economic crises in its history. Facing an energy crisis, the EU is in a precarious situation, and the only way out is to immediately lift sanctions on Russian energy. (CCTV News)

[UK] British Chambers of Commerce: In the first quarter of this year, despite some signs of a slight recovery among UK businesses, entrepreneur confidence remains fragile. Confidence is particularly low among retail and catering businesses. 49% of surveyed firms expect their turnover to increase over the next 12 months, 31% expect it to remain unchanged, and 20% expect it to decrease. (Xinhua Finance)

[USA] Jeffrey Schmid, President of the Federal Reserve Bank of Kansas City: Affected by energy price increases resulting from the US-Israel-Iran conflict, US inflation may remain at a relatively high level for a longer period, nearing 3%. (Cailianshe)

Key Industries
[Automotive Industry] The National Association of Automobile Manufacturers of South Africa (NAAMSA): New vehicle sales in South Africa grew by 17.3% year-on-year in March, with 58,060 units sold, the best performance for March since 2007. However, export sales fell to 37,388 units, a 5.3% year-on-year decrease. In local new vehicle sales for March, Toyota maintained its market-leading position; several Chinese auto brands performed notably well, with GWM selling 2,777 units; Chery selling 2,390 units; Jetour selling 1,768 units; and Omoda & Jaecoo selling 1,433 units. (China News Service)

[Semiconductor Industry] South Korean chip giants are increasing investments in China to address memory shortages in the AI sector. The Korea Times reported that latest data shows South Korea's two largest chip manufacturers, Samsung Electronics and SK Hynix, continued to increase investments in their Chinese factories in 2025. This dynamic strategic layout reflects both a direct response to the supply-demand imbalance in the global memory chip market and underscores China's critical position in the global semiconductor supply chain system. (Beijing Daily Client)

Trade Frictions
✦ On April 1, the US initiated its third sunset review of the anti-dumping and countervailing duties on pre-stressed concrete steel wire strand (PC strand) imported from China. The review examines whether revocation of the existing anti-dumping and countervailing duties would likely lead to the continuation or recurrence of material injury to the US domestic industry within a reasonably foreseeable period. Interested parties are required to file notices of appearance with the US Department of Commerce within 10 days of this notice's publication. (China Trade Remedies Information Website)

✦ On April 1, the US initiated its second sunset review of the anti-dumping and countervailing duties on boltless steel shelving units pre-packaged for sale imported from China. The review examines whether revocation of the existing duties would likely lead to the continuation or recurrence of material injury to the US domestic industry within a reasonably foreseeable period. Interested parties are required to file notices of appearance with the US Department of Commerce within 10 days of this notice's publication. (China Trade Remedies Information Website)

✦ On April 1, the US initiated its first sunset review of the anti-dumping and countervailing duties on non-refillable steel cylinders imported from China. The review examines whether revocation of the existing duties would likely lead to the continuation or recurrence of material injury to the US domestic industry within a reasonably foreseeable period. Interested parties are required to file notices of appearance with the US Department of Commerce within 10 days of this notice's publication. (China Trade Remedies Information Website)

✦ On April 1, the US initiated its first sunset review of the anti-dumping and countervailing duties on chassis and subassemblies of container chassis imported from China. The review examines whether revocation of the existing duties would likely lead to the continuation or recurrence of material injury to the US domestic industry within a reasonably foreseeable period. Interested parties are required to file notices of appearance with the US Department of Commerce within 10 days of this notice's publication. (China Trade Remedies Information Website)

✦ On March 27, the EU initiated its first anti-dumping sunset review of aluminum profiles originating in China. The review examines whether revocation of the existing anti-dumping duties would likely lead to the continuation or recurrence of dumping and injury to the EU domestic industry. The dumping investigation period for this sunset review is January 1, 2025, to December 31, 2025, and the injury investigation period runs from January 1, 2022, to the end of the dumping investigation period. Unless extended (by a maximum of 3 months), the final ruling for this case will be issued within 12 months. (China Trade Remedies Information Website)