The U.S. Treasury said on Wednesday net tariff revenue for May was roughly zero. Collections totaled $22bn, about the same as May 2025, while refunds also amounted to $22bn. Fiscal-year-to-date (since Oct. 1, 2025) net tariff receipts are $189bn, versus $81bn a year earlier. The Treasury said the budget deficit for the first eight months of the fiscal year, adjusted for calendar factors, is about 2% smaller year-on-year, roughly $24bn.

The State Administration for Market Regulation has approved and released a revised national standard, Rules for Inspection and Tests of Urban Rail Transit Vehicles after Assembly, effective Nov 1, 2026. The standard covers metro, light rail and city-region rapid transit rolling stock and mandates completion of the specified inspections and tests after manufacturing and before vehicles enter passenger service.

The BOC left its policy rate at 2.25% as expected. It flagged continued weak activity after Q1 GDP unexpectedly fell 0.1% annualized — the third contraction in four quarters — while avoiding the term recession. The bank expects a Q2 rebound but says the economy will remain in excess capacity, which economists say should help restrain inflationary pressure.