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Mobility

China\'s June crude imports plunge 41 percent, focuses on electric taxis to ease oil supply strain

China’s crude oil imports fell to their lowest level in nine years in June, with rising electrification in taxis and ride-hailing seen as a key driver of lower oil use amid supply worries around the Strait of Hormuz. June imports dropped 41.3 percent year on year to 29.27 million tons. Gasoline and diesel consumption fell even as travel and freight rose, while analysts and experts expect further declines in fuel demand and refinery utilisation.

Crypto

Spark and Uniswap launch FX Layer institutional stablecoin swap infrastructure

Spark and Uniswap will jointly build FX Layer, a stablecoin swap system designed to help institutions move between dollar-pegged tokens with minimal slippage. FX Layer is positioned as shared liquidity and trading infrastructure based on Uniswap v4. It aims to let stablecoin issuers such as banks, fintechs and payments firms connect to a common system rather than build separate liquidity pools, market makers and inventory management systems.

Industry

China produces photonic chip wafers without ASML equipment, cutting costs to one tenth

China\'s semiconductor equipment company Prinano (PRINANO) said it has succeeded in making photonic chip wafers without ASML\'s deep ultraviolet lithography tools, using its own nanoimprint lithography technology. The company said it produced 8-inch wafers and could cut manufacturing costs to about one-tenth of conventional methods. The announcement draws attention as export controls restrict China\'s access to advanced lithography equipment, though some analysts urged caution due to undisclosed yield, throughput and mass-production timelines.