中国央行：今日开展3860亿元7天逆回购操作，投标量3860亿元，中标量3860亿元，操作利率为1.40%，与此前持平。

Oil fell more than 1.5% as investors awaited US details on new sanctions targeting Iran. Saxo Bank said Iran’s exports have already been disrupted and additional sanctions could further tighten global oil supply. In European morning trade, Brent futures were down 1.5% at $91.30/bbl and WTI futures were down 1.8% at $85.40/bbl. Both benchmarks rose more than 6% last week after talks to reopen the Strait of Hormuz stalled and President Trump said he would tighten economic pressure on Tehran. US Treasury Secretary Bessent is scheduled to hold a press briefing at 02:00 Beijing time on the 25th, where new economic sanctions are expected to be announced.

The third‑review draft of the Arable Land Protection and Quality Improvement Law was submitted on Aug. 25 for third reading at the 24th meeting of the 14th National People’s Congress Standing Committee. The draft expands requirements on personnel, funding and compensation; bars any unit or individual from diverting, occupying or misappropriating funds earmarked for high‑standard farmland construction; mandates that the state improve a benefit‑compensation mechanism for major grain‑producing regions, strengthen fiscal transfer payments to grain‑producing areas and major grain counties, and establish inter‑provincial horizontal compensation between grain production and consumption provinces; and adds protections for black soil to prevent net area loss, stop functional degradation, promote quality improvement and ensure sustainable productive capacity.