Fed's Williams said broader consumer credit growth is consistent with the economy and that a K-shaped economic divergence is real.

A-shares closed lower after intra-day rallies: Shanghai Composite -0.29%, Shenzhen Composite -0.97%, ChiNext -1.21%. Combined turnover on the Shanghai-Shenzhen bourses was about 2.571 tln yuan, down ~132.815 bln yuan versus the prior session. Medical services outperformed, with RuiZhi Pharma, Zhaoyan New Drug and Baihua Pharma hitting limit-up; Wanbang Pharma, Nanmo Biotech and Sunshine Nuohuo led gains. Baijiu stocks recovered from an early dip; Gujinggong, Jinzongzi and others hit limit-up, while Luzhou Laojiao, Shanxi Fenjiu, Jinshiyuan and Yingjia Gongjiu posted notable gains. Semiconductor and PCB-related compute-hardware names opened higher then slid: Qingyi Optoelectronics, Zhenbao Tech, Qiangyi Tech, Moxi and Dongwei Semiconductor fell more than 10%. Memory-chip names were weak—Baiwei Storage fell over 15%, while Demingli, Shenkeji and Lianwei Micro hit limit-down.

The Civil Aviation Administration of China said 1H industry transport turnover reached 83.37 bln tkm, passenger traffic 380.0 mln and cargo/mail 5.073 mln tonnes, up 6.4%, 1.0% and 6.0% YoY respectively. Operations totaled 7.146 mln flight hours and 2.683 mln flights; the human-caused incident rate per 10,000 flight hours fell 20.6% YoY. Flight punctuality was 93.5%; at airports with annual throughput ≥10 mln passengers, bridge-docking rate was 87.5%. Real-name registered drones surpassed 4.788 mln, with cumulative drone flight hours of 26.414 mln (up 8% YoY).