Russian President Putin said on May 29 he could not determine the drone's origin without forensic analysis and that Russia would open an investigation if objective data emerged. He added the drone that crashed in Romania could be Ukrainian. Romania's Defence Ministry said on May 29 a Russian drone crashed into an apartment building, ignited a fire and injured two people.

CSRC data show foreign capital has continued flowing into A-shares YTD; foreign-held A-share free-float market value exceeds CNY4 trillion. At the Shenzhen Stock Exchange Global Investors Conference (May 28-29), foreign fund managers pointed to stable macro policy, China’s large market scale and strong innovation momentum, and reform measures that are improving the capital-market ecosystem and creating allocation opportunities. UBS’s head of China, Global Financial Markets, Fang Dongming, said that amid geopolitical uncertainty Chinese equities, bonds and RMB assets have traded resiliently and serve as an important safe haven for global capital.

PBOC conducted 123 bln yuan of 7-day reverse repo operations today; bids and allotment both 123 bln yuan, rate 1.40% unchanged.