ECB executive board member Nagel said new forms of money could weaken the transmission of interest-rate policy.

At a June 18 provincial economic meeting, Liaoning ordered accelerated diagnostic assessments of above-designated-size industrial firms' intelligent transformation and digitalization and directed expedited implementation of retrofit projects. The province called for province-city coordinated delivery of infrastructure across six networks and five priority areas, market-based, rule-of-law and professional activation of idle assets, and use of specialized task forces to stabilize autos, oil and steel. Authorities also instructed deployment of industry-chain mapping, scenario-based applications and funds to leverage projects, with priorities to upgrade traditional industries, scale emerging sectors and lay out future industries.

CITIGROUP cuts BMW PT to €66 from €73.