ECB executive board member Schnabel said the ECB must act early to prevent second-round inf effects. Markets appear to understand the ECB's reaction mechanism. The extent of tightening will depend on incoming data.

日经225指数8月26日（周三）收盘上涨405.73点，涨幅0.62%，报66262.16点。

At a State Council Information Office briefing on early implementation of the 15th Five-Year Plan, a Ministry of Industry and Information Technology official said China will establish national emerging-industry development demonstration bases during the 15th Five-Year Plan period. The program will focus on next-generation information technology, new energy, new materials, intelligent connected NEVs, robotics, biomedicine, high-end equipment and aerospace, building benchmark zones to lead industry development. By 2035 the plan aims to cultivate roughly 100 demonstration parks with catalytic roles in cluster development, collaborative innovation, ecological optimization and governance, and about 1,000 demonstration enterprises that lead in product development, technology innovation, business-model innovation and management efficiency.