Sources say Xi Yin's Hong Kong IPO, sized up to $1.8bn, has been fully subscribed.

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CNBC reported US Treasury Secretary BESSENT may use the Treasury General Account (TGA) at the Federal Reserve to fund Treasury buybacks. Castle Securities called such intervention “financial repression,” arguing it could lower long-term yields, weaken the dollar and raise imported inflation by altering market pricing of the US fiscal outlook and inflation risks. Shah said suppressing long yields will not remove upward pressure on yields amid tight labor and large AI-related investment; the bond market, he wrote, signals fiscal or monetary tightening is needed, and lasting solutions require tougher fiscal choices and central banks willing to act preemptively on inflation, including rate hikes when necessary.