Mainland A-share underground pipeline sector jumped in morning trade; Chengbang Co. and Qinglong Pipe hit the daily trading limit, while Hanjian Heshan, Litong Technology, Huajian Group, Guotong Co. and Hangyu Micro advanced.

The Wall Street Journal reports the Trump administration is expected to propose amending the US-Mexico-Canada Agreement (USMCA) to require at least 50% of auto parts and raw materials by dollar value be sourced from the United States as a condition for USMCA preferential tariff treatment. The change would materially raise the US-specific content requirement versus current USMCA rules, which require 75% North American content but include no US-only sourcing mandate.

PBOC conducted CNY 123.0 bln of 7-day reverse repos today; CNY 153.0 bln of 7-day reverse repos matured, producing a net daily withdrawal of CNY 30.0 bln. For the week the PBOC executed CNY 908.9 bln of reverse repos; with CNY 500.0 bln of 1‑year MLF and CNY 304.5 bln of reverse repos maturing, the net weekly withdrawal was CNY 104.4 bln.