The sharp decline of the U.S. dollar this year has had ripple effects across global currency markets, but China’s yuan has stood out for its relatively muted appreciation against the greenback. While the euro has surged more than 12% and the Japanese yen has risen by over 6%, the yuan is up less than 3% against the dollar in 2025.

This asymmetry means that Beijing has effectively allowed its currency to depreciate against other major currencies, most notably the euro, against which the yuan has lost around 9% since January. For analysts, this amounts to “opportunistic devaluation.” China, they argue, has exploited the dollar’s weakness to quietly enhance its export competitiveness in Europe, at a moment when EU industries are already struggling with high energy costs, U.S. tariffs, and slowing global demand.

Chinese refiners have delayed two major refinery projects that were scheduled to come online this year, removing a combined 500,000 barrels per day of planned new processing capacity from the market as the Gulf conflict’s disruption of Middle Eastern crude supplies, combined with weakening domestic fuel demand, undermines the economics of bringing new refineries into operation.

The delays could constrain fresh Chinese oil demand and help cap global crude prices, adding to the broader picture of a Chinese refining sector under acute strain from the convergence of crisis-driven headwinds. The larger of the two delayed projects is the Huajin Aramco Petrochemical refinery in the northeastern city of Panjin, a 300,000 barrel per day facility that is a joint venture between Saudi Aramco, the Chinese state-owned defense conglomerate Norinco Group, and Panjin Xincheng Industrial Group.

Chevron is currently engaged in negotiations to secure long-term liquefied natural gas (LNG) supply contracts for Europe, with these agreements potentially extending up to 15 years. This represents a notable shift in the LNG market, where buyers initially sought shorter-term…