Refinitiv on the 18th reported Chinese chipmaker CXMT is preparing to enter the NAND flash market and aims to compete directly with Samsung, SK Hynix and Micron. CXMT plans an R&D/production NAND line at a new Beijing fab and has set up a Beijing research institute with NAND development projects. It has discussed the NAND plan with customers, including a newly formed startup that intends to buy CXMT NAND chips for AI systems and supercomputer storage. Timing for the R&D line and any move from de

As part of a major revision to its QT programme, the Bank of England has abandoned plans to sell long-dated gilts. The £488bn portfolio will be gradually wound down by September 2034 under the proposal. The BoE would retain about £120bn of gilts maturing in 2049 or later and match them to future banknote issuance; roughly £222bn maturing before 2035 would be run down; and the remaining £146bn maturing between 2035 and 2049 would be sold at up to £20bn a year, with some sales potentially routed directly to the UK DMO. Governor Bailey said the arrangement preserves monetary policy independence and aims to maximise value while minimising cost and risk during implementation. All planned QT auctions are suspended while the BoE consults the UK DMO on sale terms, with the pause running until April next year. The delay, intended to avoid competing with government gilt issuance, is expected to ease near-term gilt yield pressure.

欧洲央行管委雷恩：欧洲央行上周加息是有充分理由的。