Non-state crude quota utilization at 78.3% (+5.1 pt MoM); remaining quota scarce—move now if you hold barrels. Shanghai FTZ clearance down to 14.2h. USD/CNY 6.7219 lifts hedging cost; re-export docs must withstand scrutiny.

Facilitation of cross-border RMB settlement for offshore re-export continues to advance, with USD/CNY steady at 6.7190 (CNY strengthening) and the import hedging window narrowing. The expansion of the Shanghai FTZ 'authenticity evidence whitelist' and cross-chain mutual recognition of digital warehouse receipts (SHA-256 hash on-chain) are accelerating documentation flows, further shortening the implementation cycle of the 'three-documents-consistent' compliance architecture.

As of Sep 2, 2026, national non-state-owned crude import quota utilization reached 87.3%, up 2.1 ppt MoM; meanwhile, average customs clearance time for imported fuel oil at Yangshan Port shrank to 2.1 hours, down 0.8 hours from Q2 average. Fuel oil futures at ¥3,929/t (-1.06%) reflect accelerated quota release and streamlined documentation flows.