The Chinese government is set to overhaul the financial system and possibly replace key position at the central bank, reported Bloomberg. Although economists do not expect any drastic change in monetary policies, jittery investors prefer to hold their position to monitor the development further.
Chinese bidders are withdrawing to the sideline to monitor the movement on the futures market in the next couple of days. Further decline futures contract would cause sharp fall in transactions on the Shenhua auction platform.
Chinese key PP producer – Zhongjing Petrochemical promptly responded to the surging Dalian Commodity Exchange on the second trading day of the week by lifting export offers by $5-10/ton, gaining back all the losses earlier this week.