US Treasury yields rose after Fed officials signaled the next move could be a rate hike. The 10-year Treasury yield traded at 4.465%; the 2-year, which is more sensitive to short-term rate expectations, traded at 4.138%.

The PBOC and four central departments with the Shanghai municipal government issued the Shanghai offshore finance action plan. Milestones: by end-2027 establish business rules, risk-management and resolution frameworks and an offshore-friendly operating environment, and pilot digital-frontier offshore financial businesses to better serve Chinese firms’ outbound activity. By end-2030 form a relatively mature offshore institutional and legal framework to provide secure financial services for Chinese international investment and trade, serve as a testbed for onshore financial reform, and support RMB asset global allocation and risk-management functions. By end-2035 position Shanghai as a strategic hub coordinating high-level onshore–offshore development and leading national financial opening and high-quality growth.

China will host the inaugural "Xiong'an Global Governance Forum" this autumn, the State Council Information Office said on June 17, inviting international participants to discuss reforms to global governance.