美联储威廉姆斯：资产负债表辩论不应围绕持仓的名义规模展开。

China retail money-market 7-day annualized yields: Tencent’s Licaitong (current) ranged 0.7110%–1.1730%; WeChat Wallet’s Lingqian Tong ranged 0.9360%–1.0060%; Alipay’s Yu’e Bao ranged 1.0010%–1.0140%.

Xu Mingyin, head of Goldman Sachs Asia direct investments, said on Thursday that corporate acquisitions and private equity activity in Japan remain at an early stage and that the equity market is well positioned for consolidation. She named Japan, South Korea and Australia as the most profitable Asian markets for M&A and privatizations given stable economies and large corporates. Foreign private equity activity in Japan has risen over the past three years, driven by corporate governance reforms that are increasing pressure on companies and boards to lift investor returns. Xu noted Japan has about 4,000 listed companies versus roughly 5,000 in the US, even though the US economy is about six times larger; Germany has only about 400 listed firms. She added that more than 1,000 Japanese companies report annual revenue above US$1bn, making them attractive targets, and that Japan is still at an early stage in any process of trimming excess listings.