* The growth rate of industrial enterprise profits in May edged down to 21.1% from April, but remained above the first quarter's 15.5%, with revenue growth continuing to rebound. Energy and AI-related industries were the main drivers of profit growth, while supply shocks weakened capacity utilization in the midstream and downstream sectors, exacerbating profit divergence across industries. * The war exposed the fissures in the US dollar settlement system, creating a historic opportunity for the internationalization of the renminbi. China's trade volume is already large enough, and the current focus lies in liquidity provision; the expansion of the central bank's offshore financial instruments holds more potential than the opening of the capital account.

SnapshotLaborer

2026-06-28 12:56:14

The growth rate of industrial enterprise profits in May edged down to 21.1% from April, but remained above the first quarter's 15.5%, with revenue growth continuing to rebound. Energy and AI-related industries were the main drivers of profit growth, while supply shocks weakened capacity utilization in the midstream and downstream sectors, exacerbating profit divergence across industries.
The war exposed the fissures in the US dollar settlement system, creating a historic opportunity for the internationalization of the renminbi. China's trade volume is already large enough, and the current focus lies in liquidity provision; the expansion of the central bank's offshore financial instruments holds more potential than the opening of the capital account.

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The Energy Chain and AI Chain support a divergence in domestic profitability; overseas buybacks and local-currency swaps help RMB internationalization—W26 domestic macro digest

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