Fed's Williams said the opportunity cost of banks holding reserves is low.

Mainland A-shares popped and eased in the morning; by midday the Shanghai Composite was down 0.46%, the Shenzhen Composite down 0.35%, ChiNext up 0.13% and the Sci‑Tech 50 Index up 3.19%. Morning turnover across Shanghai and Shenzhen was CNY 1.7 trillion, down more than CNY 5 billion from the prior session. Over 4,600 stocks declined. Semiconductors led gains, led by memory-chip names — one stock jumped about 20% to above CNY 1,000 and several peers hit daily limit-up; multiple chip suppliers rose over 10%. Oil and gas names spiked then pulled back; Shandong Molong hit limit-up while several oil producers advanced. The lithium, battery and broader new-energy supply chain continued to fall, with a string of lithium and battery-related stocks hitting intraday limit-downs. Small metals and rare-earth-related names underperformed, and sectors including power-grid equipment, humanoid robots and lab-grown diamonds weakened.

俄罗斯外交部：莫斯科将对罗马大使馆两名军事随员被驱逐作出回应。