A-share fiber-optic sector opened lower; Changfei Optical Fiber fell more than 8%, with Zhengfan Technology, Changuang Huaxin, Changjiang Communication and Tianfu Communication also down.

International Monetary Fund says countries must closely monitor the financial impact of AI-driven transformation and strive to achieve inclusive growth.

At a State Council press briefing PBOC spokesperson and deputy governor Zou Lan said the central bank’s 1H tool injections effectively offset a c.1 tln yuan liquidity shortfall from reserve requirement payments and cash issuance; the money-market overnight rate DR001 averaged 1.31% in the first six months and overall conditions were stable. To better meet banks’ short-term liquidity needs and improve the precision and effectiveness of policy-rate control, the PBOC in late June added an overnight reverse-repo instrument to open-market operations and narrowed the operating-rate band for temporary repos/reverse repos from 70bps to 50bps. The central bank also launched an offshore central-bank repo tool to facilitate RMB liquidity management and RMB bond allocation by overseas central-bank-type institutions and has completed its first operation.