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Real-time News
September 14th - The 18th BRICS Summit opened on Saturday, with the group taking its most concrete step to date in weakening the dominance of the US dollar. On its first day, it adopted a 45-page "New Delhi Declaration" and supported a payment architecture designed to bypass the Western financial system for cross-border trade. For most member countries, this move is gradual. But for Iran—which is under comprehensive US sanctions, a naval blockade, and has been at war with the US and Israel for about six months—its closer to a lifeline. Indian Prime Minister Modi stated after a closed-door meeting that no member country objected to the text. At its core, the economic commitment is to expand trade and investment settled in member countries local currencies and to connect domestic payment and messaging systems so that transactions do not need to pass through the dollar-denominated SWIFT network. According to the declaration, the groups payment working group studied the cross-border interoperability of these channels and explored the use of local currencies for trade settlement and investment. The most attention-grabbing mechanism is BRICS Pay, a decentralized payment messaging framework that combines Indias UPI and Russias SPFS into a shared interoperability layer—a way to clear payments between member states outside of SWIFT.The Peoples Bank of China (PBOC) announced that, based on demand from primary dealers in its open market operations, the 7-day reverse repurchase operation volume on September 14, 2026, was zero. Simultaneously, it conducted 504 billion yuan of overnight reverse repurchase operations.The main contract for low-sulfur fuel oil (LU) surged 4.00% intraday, currently trading at 5707.00 yuan/ton. The main contract for asphalt also surged 4.00% intraday, currently trading at 5632.00 yuan/ton.September 14th - The Ministry of Commerce will hold a press conference at 3:00 PM on Thursday, September 17th, 2026, where a spokesperson will introduce key recent work in the commercial field and answer questions from reporters.On September 14, it was reported that on September 12, Minister of Commerce Wang Wentao met with Indian Minister of Commerce and Industry Ghoyar in New Delhi. Wang Wentao stated that India is an important neighbor of China. China is willing to work with India to implement the important consensus reached by the leaders of the two countries, expand mutually beneficial cooperation in the economic and trade fields, address each others economic and trade concerns in a balanced manner, and better benefit enterprises and people of both countries. Ghoyar stated that India attaches great importance to India-China relations, and maintaining the healthy and stable development of bilateral relations is in the interests of both sides. India is willing to work with China, under the strategic guidance of the leaders of the two countries, to strengthen exchanges and cooperation and promote mutual benefit and win-win results.
