India's commerce ministry said June imports of crude oil and refined petroleum products totaled $19.33 billion.

Quarter-beginning tax payments and a rise in government bond net redemptions are set to tighten liquidity this week. July tax receipts historically run about RMB1.7–1.9 trillion (2021–25); government bond net repayments have risen to RMB568.7 billion, producing a combined funding shortfall exceeding RMB2.2 trillion. The PBOC is likely to step up reverse-repo injections to cushion money markets; a RMB900 billion six‑month buyout reverse repo matures this week, leaving scope for net injection. Overnight reverse repos may be reintroduced to smooth short-term volatility—the tool was used at quarter-end on June 29–30 (RMB300 billion and RMB600 billion) to blunt rate spikes.

美聯儲理事沃勒：通脹無需進一步加息也能回落至2%，這一觀點仍具有可信性。