An ExxonMobil executive said the global oil supply chain could take four to six weeks to normalize after the Strait of Hormuz reopens.

Onshore yuan (CNY) closed at 6.7800 per USD at 16:30 on May 28, up 17 pips from the previous session.

The State Council issued the Urban Renewal 15th Five‑Year Plan, directing stronger measures to activate existing land stock and promote mixed-use spatial development. It mandates a positive list for mixed land development, tighter planning-control requirements, a land‑use control and planning‑permit system, and multi‑department parallel approvals with joint supervision to enable lawful conversion of land use and building functions. Projects that use existing land or property to develop state‑supported industries may receive a transitional policy preserving land‑user status and planning conditions for a limited period, in principle up to five years; after the transition, land‑use payments may be handled via lease or negotiated transfer. The plan encourages multi‑party redevelopment, calls for reasonable cuts to tax and fee burdens on land consolidation, exchange and joint development, standardizes long‑term leases, lease‑then‑transfer and flexible‑term supply, supports sale‑with‑plan land transfers, and says industrial and commercial land‑use right renewals will be advanced lawfully and prudently.