Brazilian President Lula said unilateral measures against Brazil are unjustified.

Fitch: In 2026, sovereign rating upgrades in emerging markets will outnumber downgrades.

Deputy Governor Zou Lan told a State Council press briefing the PBOC’s toolkit is broad, including the required reserve ratio (RRR), reverse repos, the medium-term lending facility (MLF) and government bond operations. She said RRR adjustments primarily supply longer-term liquidity, while reverse repos and the MLF target short- to medium-term liquidity. The central bank will appropriately select and combine these tools based on liquidity management needs.