China's Funeng Technology and Germany's WLF Energy signed a strategic cooperation agreement to jointly define a technology and product roadmap and co-develop next-generation battery technologies and energy storage products for utility, commercial & industrial (C&I) and distributed storage markets.

At the Lujiazui Forum on June 17, PBOC governor Pan Gongsheng said the central bank will narrow the temporary overnight repo rate corridor from 70bps to a symmetric 50bps and will add overnight reverse-repo instruments as needed. Pan said the PBOC will move the timing of temporary repo operations earlier and disclosed trigger conditions: DR001 persistently below or above the corresponding temporary repo operation rate would activate the tool to better anchor market expectations. The measures are presented as accelerating the shift to a price-based monetary framework to strengthen transmission from policy rates to market rates. DR001 has traded about ±20bps around policy rates this year; the PBOC said specific overnight reverse-repo operational details will be set by market demand and implemented progressively.

Market reports claimed today Caitong Fund was subject to a surprise inspection, with staff phones and computers seized and links to PCB-sector stocks. Insiders say the reports are baseless.