China’s Ministry of Industry and Information Technology said it will drive reforms to build a market-based, rule-of-law, international business environment. The ministry will optimize industry governance—improving market access, fair competition and credit-management frameworks—advance telecom laws and regulations, tighten oversight of the platform economy and AI, orderly expand autonomous opening in the telecom sector, and deepen international ICT cooperation to promote broadly accepted digital

Rising JGB yields increase Japan bond investment appeal, likely prompting ETF inflows. Higher yields boost the Japanese government’s interest burden, raising debt-service costs in FY2027. Higher domestic rates are theoretically supportive for the JPY, but fiscal risk and institutional FX hedging should offset part of the currency effect. Net of opportunity cost, reduced incentive for Japanese capital to hold overseas debt is negative for UST demand and may lower Japanese allocations to foreign bonds. Market implication: Japan is ceasing to be a zero-rate funding pool, altering global bond funding and pricing dynamics.

8月25日，DR007重回涨势，收盘报1.4531%，逼近7月末高点，今日盘初降至1.43%；同日央行公开市场净投放2395亿元。 -------- 注：短期货币市场利率如DR007，反映的是市场资金充裕程度。除了实体经济贷款利率，股市、债市等金融市场很多交易本质上是靠“贷款”加杠杆，贷款成本就取决于短期资金利率。DR007通常被视为中国短端利率锚。DR007与央行7天逆回购利率（政策利率）之间的差距就可以看出市场是否缺钱，DR007利率高于政策利率很多，说明市场缺钱，央行可能会出手投放流动性；反之说明市场资金非常宽松。