Wind data show the PBOC has 272 billion yuan of 7‑day reverse repos maturing this week (Sept 21–24). Experts say the central bank’s liquidity injections are becoming more flexible and targeted and are ample to offset major shocks; funding should remain stable across the month and quarter and market rates are likely to stay steady. Liu Yu, chief economist at Industrial Securities, expects the PBOC to continue a flexible mix of 7‑day, 14‑day and overnight reverse repos to smooth cross‑quarter and

港股创新药概念持续走强，昭衍新药(06127.HK)涨超5%，药明康德(02359.HK)涨超3%，复宏汉霖(02696.HK)、康诺亚(02162.HK)等跟涨。

China State Railway Group said national railway freight totaled 2.69 billion tonnes in Jan–Aug, averaging 187,400 loaded cars per day. Rail shipments of coal were 1.389 billion tonnes over the period, including 928 million tonnes of thermal (power) coal. The railway increased outward coal flows from major producing regions — Shanxi, Shaanxi, Inner Mongolia and Xinjiang — and worked to ensure thermal coal deliveries met demand over the summer peak. Coal stocks at power plants directly supplied by the national railway remained at elevated levels.