International News 13 May 2026
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China and the US Poised for Agricultural Deal, with Focus on Corn and Meat Imports
China and the United States are reportedly moving closer to a new agreement in the agricultural sector ahead of this week’s high-level meeting. However, market participants do not expect a significant surge in Beijing’s soybean purchases beyond the commitments previously agreed upon in October last year. According to Reuters sources, the potential deal could broaden China’s imports of US agricultural products, including grains and meat. Nevertheless, the final outcome of the meeting between Donald Trump and Xi Jinping remains uncertain.
Rupiah Slides to Rp17,495 per US Dollar on Tuesday (May 12), Becoming Asia’s Weakest Currency
The Indonesian rupiah extended its decline and touched a fresh record low against the United States dollar during Tuesday’s (May 12, 2026) trading session, amid broad-based US dollar strength that also pressured most Asian currencies. According to Reuters data as of 02:12 GMT, the rupiah weakened to Rp17,495 per US dollar, down 0.51% from the previous close of Rp17,405 per US dollar. The rupiah was among the worst-performing currencies in Asia, alongside the South Korea won and the Philippines peso. Elsewhere in the region, the South Korean won fell 0.90% to 1,486.10 per US dollar, while the Philippine peso declined 0.81% to 61.406 per US dollar. Other Asian currencies also weakened, with the Japan yen slipping 0.23% to 157.53 per US dollar, the Singapore dollar easing 0.17% to 1.270 per US dollar, and the Thailand baht falling 0.29% to 32.35 per US dollar.
Soaring Oil Prices Amid US-Iran Conflict Weigh on China’s Saudi Crude Imports
Crude oil exports from Saudi Arabia to China are expected to decline further in June 2026, as buyers reduce purchases amid elevated oil prices driven by the ongoing tensions between the United States and Iran. According to a Reuters report published on Tuesday (May 12, 2026), trading sources indicated that state-owned oil producer Saudi Aramco is projected to ship only around 10 million barrels of crude oil to Chinese customers next month, equivalent to approximately 333,333 barrels per day (bpd). The figure would mark the lowest level recorded in Kpler and Reuters data, significantly below Saudi Arabia’s average crude exports to China in 2025, which stood at roughly 1.39 million bpd.