法国3月INSEE制造业信心指数 99，预期101，前值102。

FED'S MIRAN: DOES NOT BELIEVE FED POLICY NEEDS TO AGGRESSIVELY ACCELERATE

China is considering relaxing rules that restrict how many commercial banks a single investor can hold a major stake in, as regulators seek to broaden capital-raising channels for lenders facing economic and property-sector stress. The National Financial Regulatory Administration (NFRA) is reportedly exploring allowing qualified investors to become significant shareholders in additional banks beyond current limits, subject to case-by-case approval. The proposed changes would mark a partial reversal of 2018 rules introduced to curb concentrated ownership risks after past financial failures, including cases such as Baoshang Bank. The easing would aim to attract more capital from well-capitalized investors, including state-backed insurers, to support weaker regional banks that struggle with profitability and bad loans. China’s top leadership has also vowed to “strengthen capital replenishment through multiple channels,” according to a government work report delivered at the annual meeting of the National People’s Congress earlier this month, reinforcing the policy push behind broader funding reforms. Officials say discussions are still at an early stage, but the goal is to enhance financial stability and diversify capital replenishment channels across the banking sector.