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Hengli, China's silk-to-petrochemicals empire, faces the chill of US sanctions
Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband-and-wife team from a bankrupt cotton mill to a Fortune Global 500 company and one of China’s largest private oil refineries, is now a Fortune Global 500 firm and one of China’s largest private oil refiners. The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (in the north-east), for purchasing Iranian oil. This was denied by the group. Hengli, along with about 40'shipping 'firms and vessels were blacklisted as Donald Trump and Xi Jinping met and Washington looked towards Beijing to press Tehran into accepting a deal that would end the conflict which began when the U.S. attacked Iran and Israel in February. Hengli, the largest Chinese refiner sanctioned in the U.S. Beijing, which had long opposed such unilateral actions, has rushed to defend it, invoking, for the first, a law from 2021 to prevent companies from complying with sanctions imposed by foreign countries. Since reimposing sanctions against Tehran in 2018, Washington has targeted peripheral players, including small Chinese independent refining companies known as teapots. These are the main Iranian crude purchasers. "Hengli's not a teapot refinery. "Hengli is not a teapot refinery. She said that this was probably the reason Beijing felt obliged to use its antisanctions law, which had been passed for the first. Hengli, its billionaire founders Chen Jianhua, and his wife Fan Hongwei did not reply to a comment request. Immediate Impact The sanctions were immediately effective. Hengli's major offshore unit, an Singapore trading arm with about 100 employees, will close this month. China's Wanhua Chemical, meanwhile suspended a long term agreement to purchase benzene by Hengli Petrochemical. Traders said that the sanctions could put at risk a 2024 preliminary agreement with Saudi Aramco, a major oil company, to buy a 10% stake in Hengli Petrochemical. Aramco declined comment. Hengli, with its primarily domestic focus and Beijing's support, can continue to operate largely as usual, despite the sanction. The company has stated that it will continue to purchase oil in Chinese Yuan, outside of the dollar settlement system. Last year, Shandong Yulong Petrochemical, a rival, was sanctioned by the British and European Union for dealing with Russian oil. This led to it relying more on Russian crude. Hengli will also be forced to depend more on oil sanctioned by the United Nations and it has already redirected all its petrochemicals sales to domestic markets, according to traders. Trump was asked on his flight to Beijing on Friday if he would lift sanctions against Chinese companies that purchased Iranian oil. He said he might consider it. He said, "We discussed that and I will make a final decision in the next few days." There was no change as of Thursday. The road ahead may not be smooth Fan, the chairman of Hengli’s Shanghai-listed unit, took a cautious tone nine days before sanctions were imposed in a letter to shareholders after Hengli Petrochemical reported earnings for 2025 of 7.07 billion Yuan ($1.04billion) on revenues of 201 billion Yuan. She wrote: "Great-power rivalry continues to develop and intertwine. Geopolitical turmoil has never stopped." "We know that the road ahead will not be easy." Hengli has faced many challenges in the past. Chen, 55, was raised in Suzhou, a district of Wujiang where many households used to raise silkworms. He dropped out of high school at the age of 14 and made his first fortune by trading scrap silk. In a speech last year to the National Conference of Young Entrepreneurs, Chen Jianhua (whose name is translated as "build China") recounted how, at age 23, he purchased a textile mill that was bankrupt and had 27 employees. It was 1994 when China's reforms under Deng's leadership were gaining momentum. Chen's Hengli, in an effort to help China?break the foreign stranglehold? on synthetic fibre production, ventured upstream. They eventually moved into the state-dominated refinery sector, becoming a fully integrated petrochemical manufacturer. Hengli was the model for a new generation of private, large petrochemical companies that produce materials for plastics and products for China's booming manufacturing sector. Hengli made a bold bet and built an $11 billion complex at the remote Changxing Island off Dalian. This was a direct challenge to China National Petroleum Corp.'s refinery nearby. "There was no power, no water and no mobile signal. There was just a mountain and a stretch of sea, with a tiny road. "I lived and ate at the construction site for four years," Chen recalled. The time is now. Hengli, the largest producer in the world of purified Terephthalic Acid (PTA), which is used to make synthetic fibres. Hengli purchased an idle shipyard in Changxing Island, China, to meet Beijing's demand for infrastructure investments. He said that at first, "all the shipowners did not trust us and would not place orders. So we placed our orders."?Building two 300,000 ton very large crude carriers, and an 82,000 ton bulk carrier. Hengli Heavy Industry won orders worth over 100 billion yuan for 115 vessels last year, including Greek, Norwegian, and Japanese shippers. In February 2025 Chen was invited by Xi to a meeting of leaders of the private sector, where Xi urged them to help China achieve its goals of self-reliance in technology and supply chain security. Chen recalled Xi’s message, "Show off your talent now." $1 = 6.8012 Chinese Yuan Renminbi (Reporting and editing by Tony Munroe, Sonali Paul and Colleen Aizhu. Additional reporting and editing by Trixie Yap and Siyi Liu.
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Iron ore to suffer second weekly loss due to higher supply and concerns about demand
The iron ore price started the week on a shaky footing, poised for a second consecutive weekly decline due to?prospects for rising supply and a seasonally weakening of demand. However, resilient near-term consumption by top buyer China, curbed large losses. By?0304?GMT the most traded iron ore contract at China's Dalian Commodity Exchange slipped 0.06% to 792.5 Yuan ($116.53), and was 2.4% lower so far this week. On the Singapore Exchange however, the benchmark June iron ore was 0.15% higher, at $105.95 per ton. This represents a 2.9% decline so far this week. The contract reached its lowest level since April 28, at $105.45, earlier in the session. The sudden increase in the latest weekly shipments of major suppliers Australia, Brazil and other countries suggests that more arrivals will be at major Chinese ports over the next few weeks. Steel demand in China will be seasonal weakening when higher temperatures curb outdoor construction activities in the summer. Analysts said that rising supply and weaker demand will cause port inventories to rise and iron ore prices to fall, even though the current consumption of this key ingredient in steelmaking is limiting losses. Data from Mysteel, a consultancy, showed that the average daily hot metal production, which is a measure of iron ore consumption, increased by 0.6% compared to the previous week, reaching a record high of 2.41 million tonnes on May 21. The price of coke and coal, which are used to make steel, fell by 3.02%?and?1.95%?respectively. Galaxy Futures analysts said that after several rounds of restocking, the coking coal stock at some plants has recovered to a respectable level. They added that "some?buyers" were hesitant to accept higher coal prices and only replenished on a hand-to mouth basis. This put downward pressure 'on the coking coal price. Steel benchmarks at the Shanghai Future Exchange have lost ground. Hot-rolled coils fell 0.91% and wire rod 0.27%, while stainless steel dropped 0.4%. ($1 = 6.8007 Chinese Yuan) (Reporting and editing by Shri Navaratnam, Lewis Jackson)
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Dollar at a six-week high, stocks rise as US-Iran talks remain the focus
The?U.S. dollar rose to six-week highs on Friday, while Asian stocks also gained. The dollar was near its six-week highs, and oil prices were swayed by investors who held on to hope of a breakthrough in U.S.Iran peace negotiations. Investors are worried about the possible closure of the Strait of Hormuz. This is a vital artery that supplies energy to the world. It has caused oil prices to soar and changed the outlook for global interest rates due inflationary fears. Marco Rubio, the U.S. Secretary for State, said that there were "some positive signs" in the talks to end the three-month old war in the Middle East. However differences still remain regarding Tehran's stockpile of uranium and the control over the waterway. On the stock market, MSCI?s broadest index of Asia-Pacific stocks outside Japan rose 0.3%, resulting in a modest rise for the week. Japan's Nikkei gained 2%. U.S. stock futures increased by 0.2%, while European futures gained by 0.8%. Chris Weston, Pepperstone's head of research, says that it feels like the news is moving towards tangible items that markets can price with more conviction. Weston warned that "although confidence levels are not particularly high, they still remain low." The oil prices rose on Friday morning after a sharp drop as investors were left guessing by conflicting messages about the talks. Oil prices are still well above their pre-war level, and will remain there even if the talks end. Brent crude futures were up 2% at $104.71 per barrel, but are set to drop 6% in the coming week. U.S. West Texas Intermediate Futures rose 1.66% to $98.01. As the war drags out, the prolonged energy disruptions will have a ripple effect on prices around the world. This will cause traders to price rate increases in both developed and emerging markets. The markets are pricing in rate increases from the U.S. Federal Reserve before the end of this year, compared to expectations of two 'rate cuts? before the war. Mitch Reznick is the Head of Fixed Income for Federated Hermes. He said: "We are seeing a very strong correlation between oil prices, global rates and how wide-ranging and borderless this shock now has become." "What at first appeared to be a change in inflation expectations now feeds?directly? into actual inflation, reinforcing that central banks need to maintain tighter policy for longer to restore the price stability." This has boosted Treasury yields, and the dollar also benefits from demand for safe-haven assets. Early trading saw the euro at $1.1614, which is close to its six-week low, hit on Thursday. This means that it will drop by 1% this month. The dollar stood at 99.247 against a basket. Last time, the Japanese yen was worth 159.11 dollars. Data released on Friday revealed that Japan's core rate of inflation fell to a four-year-low in April. This complicates the Bank of Japan’s path of raising rates. (Reporting by Ankur Banerjee in Singapore; Editing by Kim Coghill)
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Oil prices rise as investors question the outcome of US-Iran Peace Talks
Investors questioned the prospects of a breakthrough at the U.S.-Iran talks. The two sides are still at odds over Tehran's uranium stocks and the Strait of Hormuz. The market is still headed for a loss this week. According to a senior Iranian source, no agreement has been made with the United States. The gaps are narrowing, but Secretary of State Marco Rubio stated that there have been "some positive signs" in negotiations. However, any toll system on the Strait would be unacceptable. Brent crude futures rose by $2.38 or 2.3% to $104.96 a barge at 0034 GMT. U.S. West Texas intermediate futures gained $1.73 or 1.8% to $98.08. Both benchmarks?declined around 2% on Friday to their lowest closings in almost two weeks. Oil prices are on the rise as oil supply disruptions and Middle East instabilities linked to Strait of Hormuz continue, according to Satoru Yushida, commodity analyst at Rakuten Securities. He added that "WTI will likely remain in the $90-$110 price range next week as it has done for most of March." The war has not progressed much in the six weeks since the fragile ceasefire was declared. Meanwhile, the high oil prices have fueled concerns about inflation and the global economy. Before the war, around 20% of the world's energy supply passed through the Strait. This has resulted in the removal of?14,000,000 barrels of oil per day - 14% of the global supply. Even if the conflict ends now, full oil flows through Strait will not return until the first or second quarter in 2027. Four sources say that seven of the top OPEC+ countries will likely agree on a modest increase in July production when they meet June 7. However, delivery is still disrupted for many due to the Iran War. Reporting by Yuka obayashi, Editing by Nia wilson and Sonali paul
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Can Wall Street's boom ease workers' suffering? McGeever
The gains from Wall Street are not evenly distributed among the majority of U.S. household owners, but they are increasing. This broad, but concentrated equity ownership becomes more significant as the U.S. workers share of GDP plummets and concerns about an AI-induced "jobpocalypse". Can the "wealth effect" - where people feel richer and spend more when asset prices increase - offset other, more challenging economic forces that are affecting the average Joe's life? Wall Street has never been more important to the financial fortunes and success of Americans. Over 60% of American households either directly or inadvertently own stocks. A record third of the total assets of U.S. household is invested in stocks. Wall Street is still booming, thanks to artificial intelligence. The net U.S. house value as a percent of personal disposable income is at its highest level ever, even if you exclude the pandemic distortions in 2021 and 2022. Why, then, is consumer confidence at an all-time low, according to some of the most closely monitored measures? EXTREME CONCENTRATION Part of the answer is that wealth effects are not evenly distributed. The richest 10% of Americans own 90% of all U.S. equity. Even more concentrated is the wealth at the top. Half of the stock market wealth of the United States is owned by the richest 1%. The vast equity hoard of the wealthy is distorting the overall picture, and is helping to "entrench" the "K-shaped economy", where the wealthy are prospering while the rest is suffering. In fact, workers are lagging behind in several ways. Bureau of Labor Statistics data shows that U.S. worker's share of output is at a record low 54.1%. The Bureau of Labor Statistics figures show that U.S. workers' share of output has dropped to a record-low 54.1%. It's no surprise that American consumers are watching their wallets closely, despite what is happening on Wall Street. In fact, the earnings reports and outlooks of some of the biggest U.S. retailers indicate that there is a shift underway in U.S. consumer spending patterns - and mainly downwards. Home Depot expects demand to remain volatile as customers scale back on major home improvements. Lowe's, a rival home improvement chain, also indicated a tightening of spending due to sluggish housing markets. TJX, parent company of discount retailer TJ Maxx has raised its outlook, a sign that more consumers who are cost-conscious are moving to TJX's stores and away from its more expensive competitors. Walmart has maintained its conservative sales and profit targets as fuel prices continue to rise, driving shoppers towards its low-priced essentials and groceries. Has the "wealth" effect become a luxury? WORKERS SHRINK THE SHARE OF PIE It may have, but it can still keep the economy in general humming. Credit Insights analysts believe that the wealth effect acts as an "economic and political narrative offset" for the current doom that is weighing heavily on large segments of U.S. consumer. Bank of America also seems optimistic. They argue that stocks would need to be in a "sustained decline" to slow spending by higher-income earners and to?effectively shut the 'K,' from the 'K shaped' economy? via negative wealth effects. Remember that wealthy Americans are responsible for a large portion of the total U.S. consumer spending. Generali Asset Management's research, however, strikes a cautionary note. It was published even before the Iran War sent energy prices skyrocketing. Generali strategists claim that because equity ownership is concentrated among older and wealthier households, and since much of their discretionary spending is discretionary, consumption growth driven by positive wealth effects is likely to be narrower and more sensitive than it was in the past. The models show that a 8% drop in the stock markets would reduce GDP by 0.4%. "The actual impact is likely to be greater given the current over-representation of wealth effects." Stock market boom has proven to be a false alarm about the 'demise of U.S. consumers all year. Wall Street will have a lot of work to do, given the 'heavy lifting ahead. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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US delays the closure of two fossil-fuelled power plants in Pennsylvania
The Trump administration further delayed on Thursday the planned closure of Units 3 and 4, at the Eddystone fossil fuel-fired power generation generating station in Pennsylvania, by ordering Constellation Energy Corp. to continue operations beyond the shutdown date. Energy Secretary Chris Wright issued an emergency order directing PJM interconnection, the largest power grid in 'North America to work with Constellation Energy in order to ensure 'the two units are operational and to minimize costs for American people, the?Energy Department said in a press release. Wright stated that "energy sources which perform at their peak are the most valuable." This is why oil and natural gas were so valuable during the past year's events of maximum capacity. Donald Trump's administration used emergency powers in order to keep older coal and gas fired power plants running beyond their planned retirement dates. The reason given was a concern about the reliability of the grid. Trump wants to increase government support for fossil-fuels and maximize the output of these fuels in the United States. The country is the top oil and gas producer in the world. Wright first ordered the two Eddystone units to remain operational past their planned retirement date of the end of 'May 2025. He issued subsequent orders in 2025 and 2026. The Eddystone units will remain online until August 22, 2026, thanks to the latest order placed on Thursday.
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Oil prices fall, but stocks rise as investors look forward to progress in Iran War Talks
Investors were hopeful about possible progress in the Middle East peace talks on Thursday, even though the U.S. remained opposed to Iran's uranium stockpiles and its control over the Strait of Hormuz. The gap between the U.S. and Iran has narrowed according to a senior Iranian source. Marco Rubio, the U.S. secretary of state, said that there have been "some positive signs" during the talks. However, any toll in the Strait would not be acceptable. U.S. president Donald Trump stated that the U.S. would eventually recover Iran's highly enriched stockpile. The oil prices were higher in the morning, but the major U.S. indexes fell after reports that Iran's supreme ruler had issued a directive to prevent the export of the country's near weapons-grade uranium. Treasury yields in the U.S. fell in the afternoon on hopes that a peace deal would be reached. The yield of the benchmark 10-year Treasury Note was down 0.8 basis point on the day to 4.575%. On Tuesday, it reached its highest level since January 2025. The war that began on 28 February has caused energy prices to soar and raised concerns about inflation and consumer spending. U.S. crude dropped $1.91 and settled at $96.35. Brent fell $2.44 to settle at $102.58. Adam Sarhan, CEO of 50 Park Investments, New York, said, "Oil has dropped below $100 and that is a good thing." Sarhan also said that investors have been optimistic about the future of stocks, especially in technology. Nvidia shares, the largest company in the world by market cap, finished down 1.8%, as investors retreated after recent gains. Nvidia announced a $80 billion share purchase program late Wednesday. The company reported earnings that exceeded Wall Street expectations. The Dow Jones Industrial Average increased by 276.31 points or 0.55% to 50,285.66, while the S&P 500 gained 12.75 points or 0.17% to 7,445.72; and the Nasdaq Composite grew 22.74 points or 0.09% to 26,293.10. The MSCI index of global stocks rose by 5.24 points or 0.48% to 1,106.89. The pan-European STOXX 600 finished with a gain of 0.04%. IBM shares rose 12.4% following news that the Trump Administration will fund a few quantum computing companies including a new IBM Venture in exchange for stakes. D-Wave Quantum shares and other quantum computing companies also soared. Rick Meckler of Cherry Lane Investments said, "If you look at the normal economic climate surrounding this market, then you'd expect the stocks to be lower. But if you think the war is going to end soon, and that energy prices are at a temporary peak, then you should consider not only the good earnings, but also the potential earnings from AI." SpaceX filed its IPO late on Wednesday. This gave the market their first look at how much Elon Musk spends on AI. He is betting on transforming SpaceX into a broader AI business. Investors also watched developments in 'Turkey. The trading on Turkey's stock exchange was temporarily suspended after steep falls, and government bonds were also impacted after a ruling by one of the top courts in the country dealt the latest blow against the main political opponent party. The court ruled that the Republican People's Party's congress of 2023, at which Ozgur Ozel was elected, should be annulled. The U.S. traded iShares MSCI Turkey Exchange-Traded Fund was?down by 9.2%. Dollar index was flat on Thursday evening as traders assessed the chances of a short-term agreement to end the war. The index had earlier reached a six-week-high. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) was flat on the day, at 99.13. Meanwhile, the euro fell 0.03% to $1.1624. Gold spot fell 0.04%, to $4541.79 per ounce. (Reporting from Caroline Valetkevitch and Harry Robertson, in New York, and Gregor Stuart Hunter, in London, with additional reporting by Gregor Stuart Hunter, in Singapore, and editing by Alex Richardson and Chizu Nomiyama; Will Dunham, Chris Reese, and Alex Richardson)
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Perpetua Resources secured a $2.9 billion loan to fund Idaho antimony and Gold Mine
Perpetua Resources, a gold and antimony miner in Idaho, announced that the board of the Export-Import Bank of the United States approved a $2.9 Billion?loan for the development of the Stibnite Gold Project. According to the current capital cost estimates, the EXIM funding, provided under the "Make More in America Initiative", along with the cash available in the company, should be sufficient to finance the direct construction. The Pentagon-backed project would be the first antimony mine in the country. It has an estimated 148'million pounds' of metal that is used to make?bullets, tanks and alloys for batteries in electric vehicles. Perpetua was approved by the United States to start construction on the Stibnite Project last year, after China, which is the world's biggest antimony miner, and processor, had blocked exports of the critical mineral into the United States. The Trump administration is stepping up its efforts to increase domestic production of "critical minerals" and to raise government funding to counter China's near total control of the sector. Perpetua’s mine will?supply more than 35% of America's antimony annual needs by the time it opens in 2028. It will also?produce?450,000 ounces?of gold each year. The company anticipates that the EXIM loan will be available during the second half 2026.
Hengli, China's silk-to-petrochemicals empire, faces the chill of US sanctions
Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband and wife team from a failed textile mill to a Fortune Global 500 company and one of China’s largest private oil refiners is now a Fortune Global 500 firm.
The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (northeast China), for allegedly buying Iranian oil.
Hengli, along with about 40 other shipping?firms? and vessels? were blacklisted as Donald Trump and Xi Jinping met and Washington was looking to Beijing to press Tehran into accepting a deal that would end the conflict started by the U.S. & Israel attacking Iran in February.
Hengli, the largest Chinese refiner sanctioned in the U.S.
Beijing, which had long opposed such unilateral actions, has rushed to defend it, invoking, for the first, a law from 2021 to prevent companies from complying with sanctions imposed by foreign countries.
Since reimposing sanctions against Tehran in 2018, Washington has targeted peripheral players, including small Chinese independent refining companies known as teapots. These are the main Iranian crude purchasers.
"Hengli" is not a teapot refinery. This is a large-scale, world-class plant, which is representative of the large integrated refineries and petrochemical plants in which Beijing is increasingly looking to consolidate their refining capacities, said Erica Downs.
She said that this was probably the reason Beijing felt obliged to use its antisanctions law, which had been passed for the first.
Hengli, its billionaire founders?Chen Jianhua, and his wife Fan Hongwei did not reply to a comment request.
Immediate Impact
The sanctions were immediately effective.
Hengli’s main overseas unit, a Singapore-based trading arm with about 100 employees, will close this month. China's Wanhua Chemical suspended, meanwhile, a long-term contract to buy benzene by Hengli Petrochemical.
The sanctions may jeopardize a 2024 preliminary agreement with Saudi Aramco, the oil giant, to purchase a 10% stake in Hengli Petrochemical. Aramco declined comment.
Hengli, with its primarily domestic focus and Beijing's support, can still operate largely in the same way as usual despite sanctions. The company has stated that it will continue to purchase oil in Chinese Yuan, outside of the dollar settlement system.
It's not the first time: Last year, Shandong Yulong Petrochemical, a rival, was sanctioned by Britain and Europe for trading in?Russian Oil, which led it to rely even more on russian crude.
Hengli will also be forced to depend more on oil sanctioned by the United Nations and it has already redirected all its petrochemicals sales to domestic markets, according to traders.
Trump was asked on his flight to Beijing on Friday if he would lift sanctions against Chinese companies that purchased Iranian oil. He said he might consider it.
He said, "We discussed that and I will make a final decision in the next few days."
There was no change as of Thursday.
The road ahead may not be smooth
Fan, the chairman of Hengli’s Shanghai-listed unit, took a cautious tone nine days before sanctions were imposed in a letter to shareholders after Hengli Petrochemical reported earnings for 2025 of 7.07 billion Yuan ($1.04billion) on revenues of 201 billion Yuan.
She wrote: "Great-power rivalry continues to evolve, intertwine and there has been geopolitical turmoil for a long time." "We know that the road ahead may not be easy."
Hengli has faced many challenges in the past.
Chen, 55, is a man who was born in Suzhou, a district of Wujiang where many households used to raise silkworms. He dropped out of high school at the age of 14 and made his first fortune by trading scrap silk.
Chen Jianhua (whose name is translated as "build China") recounted last year in a speech at the National Young Entrepreneurs Conference? how he purchased a bankrupt fabric mill with 27 workers when he was 23 years old.
It was 1994 when China's reforms under Deng's leadership were gaining momentum.
Hengli, owned by Chen, moved upstream to the state-dominated refinery sector, where it eventually became a fully integrated petrochemical manufacturer.
Hengli was the model for a new generation of private, large petrochemical companies that produce materials for plastics and products for China's booming manufacturing sector.
Hengli made a bold bet and built an $11 billion complex at the remote Changxing Island off Dalian. This was a direct challenge to China National Petroleum Corp.'s refinery nearby.
"There was no power, no water and no mobile signal. There was just a mountain and a stretch of sea, with a tiny road. "I lived and ate at the construction site for four years," Chen recalled.
The time is now.
Hengli, the largest producer in the world of purified Terephthalic Acid (PTA), which is used to make synthetic fibres.
Hengli purchased an idle shipyard in Changxing Island, China, to meet Beijing's demand for infrastructure investments.
He said that at first, "all the shipowners did not trust us and would not place orders. So we placed our orders,"?building a pair of 300,000-ton large crude carriers, and an 82,000 ton bulk carrier.
Hengli Heavy Industry won orders worth over 100 billion yuan for 115 vessels last year, including Greek, Norwegian, and Japanese shippers.
In February 2025 Chen was invited by Xi to a meeting of leaders of the private sector, where Xi urged them to help China achieve its goals of self-reliance in technology and supply chain security.
Chen recalled Xi’s message, "Show off your talent now!" $1 = 6.8012 Chinese Yuan Renminbi (Reporting and editing by Tony Munroe, Sonali Paul and Colleen Aizhu. Additional reporting and editing by Trixie Yap and Siyi Liu.
(source: Reuters)