PBOC says the 7-day reverse repo rate remains the primary policy rate at present.

Crédit Agricole says markets broadly expect the Bank of Korea to lift the policy rate by 25bps to 2.75% on July 16. The central bank has repeatedly underlined the case for tightening, so market participants will watch closely for any hints on the timing and terminal rate of this cycle. Given the BOK only updates macro forecasts and its six‑month forward guidance in August, and global oil prices have eased since the last meeting, Crédit Agricole expects the bank to avoid signaling an August follow‑up move and to be more likely to act in October. At the July meeting the BOK may indicate scope for further hikes but is unlikely to provide a firm timetable, preferring to await additional data.

Kuwaiti media report the Kuwaiti armed forces are engaging in air combat with 'hostile' targets.