Barclays Metals & Mining: Mined Matters – From the best of times to something less

研报英文原文证据摘录

Barclays Metals & Mining: Mined Matters – From the best of times to something less

f coal equivalent. Smaller units

below 300 MW are most at risk of phase-out, although historical retirements averaged only

8.5 GW annually. The plan further emphasizes flexibility, with coal plants expected to operate

at 25–40% minimum loads, supporting renewable integration while shifting coal’s role from

baseload to balancing supply.

• Iran has increasingly used China’s yuan-based financial system to sustain oil sales and trade,

weakening a key source of US leverage in nuclear negotiations. Despite sanctions, Iran earned

up to $43bn in oil revenue in 2024, with most sales to China reportedly settled in yuan, while

about $100bn in frozen assets remains a potential bargaining tool for Washington, according

to the article. China CIPS, launched in 2015, handled an average of 790bn yuan ($115bn) a

day in the three months since the end of February, up from 680bn yuan ($100bn) last year.

The yuan’s share of global trade finance has risen to 6% from around 2% of Russian trade in

February 2022, while more than 90% of Russia-China trade is now settled in yuan and rubles.

• China’s vehicle fleet has reached 370mn units, with auto sales ranking first globally for 17

consecutive years, underscoring the sector’s scale and economic significance. Automobiles

account for about 10% of total retail sales and roughly 6% of both manufacturing investment

and goods exports, according to the Ministry of Commerce. China also leads globally in new

energy vehicle production and sales, exports, and overseas sales by domestic automakers.

Officials highlighted that rising incomes are transforming vehicles into “intelligent mobile

living spaces,” with the automotive aftermarket expected to drive further growth.