U.S. President Trump said we appear to be meeting all of our objectives.

The People’s Bank of China will intensify a re-lending facility to support stock buybacks and shareholding increases, lowering the facility rate by 25bps to 1.00% effective Nov. 4, 2026. The facility covers 21 national banks and five systemically important city commercial banks with 100% support; loans carry a one-year tenor, renewable on banks’ request. Banks may add spreads above the re-lending rate and set loan terms and pricing; the PBOC will provide ample re-lending quota and accelerate lending to strengthen listed companies’ and major shareholders’ market-cap management.

现货白银日内跌4.00%，现报48.61美元/盎司。