Fed's Williams says we are roughly within the range of ample reserves.

央行：影響人民幣匯率的因素較爲多元，推動升值和貶值的因素都有，人民幣匯率預計會繼續雙向波動。

Germany will cut over €30 bln from its Climate and Transformation Fund by 2030 and shift part of the money into the federal budget, the cabinet approved. The plan reduces fund spending by €19.7 bln over the next four years and transfers a further €13.2 bln to the federal budget. The coalition led by Chancellor Merz and Finance Minister Klingbeil had previously allocated €10 bln to the fund; some projects backed by the fund will face funding cuts as part of public spending consolidation. The government said the reductions are partly justified by a separate multibillion-euro subsidy scheme to lower electricity costs for energy‑intensive firms, which requires participating companies to invest in reducing production-related emissions.