Iran's armed forces chief of staff said Tehran must accurately identify threats, tailor defense upgrades to the characteristics of future warfare, and prioritize R&D in missiles, drones, air defense, naval systems, electronics and communications to improve weapons precision and combat effectiveness.

US 3-month Treasury auction (Oct 19) — stop-out yield 4.095%, prior 4.09%.

At the Financial Street Forum opening, PBOC governor Pan said the PBOC, the Ministry of Science and Technology and nine other ministries have issued guidance on financial support for building international science and technology innovation centers in Beijing (Jing‑Jin‑Ji), Shanghai (Yangtze River Delta) and the Guangdong‑Hong Kong‑Macao Greater Bay Area. The PBOC will accelerate construction of a tech‑finance service system aligned with those centers’ core functions and international positioning, expand full‑chain and diversified financial supply, guide institutions to boost specialized services and strengthen regional information‑sharing, standards mutual recognition and infrastructure connectivity, and press for scaled deployment and pilots of re‑lending, a technology bond board and cross‑border investment and financing policies in the relevant regions to help build a higher‑level tech‑finance ecosystem.