Spot gold fell below $4,050/oz, down 0.25% on the day.

PBOC released June financial data yesterday. Shenwan Hongyuan chief economist Zhao Wei said monetary policy will use forward-looking, flexible and targeted liquidity operations—calibrated to domestic and external economic and financial conditions—to balance risk control and growth. The central bank has stepped up liquidity: July net outright reverse repo injection CNY 700 bln; end-June MLF net injection CNY 200 bln. If China’s domestic demand recovery remains fragile, fiscal and monetary policy could coordinate measures, including new policy financial instruments, to bolster macro resilience.

倫鎳日內漲超2.00%，現報17193.20美元/噸。