PBOC conducted a 76 bln yuan 7-day reverse repo today; bid volume and allotment were both 76 bln yuan, operation rate 1.40%, unchanged.

1、滬深兩市7月21日總成交量反彈至2.96萬億，仍位於下行的20日均線3.05萬億下方，暗示情緒逐步恢復。 2、7月21日衡量A股槓桿水平的融資買入額佔A股流動市值之比下降至7.25%，仍位於過去一年的較低區間，說明場內槓桿水平一般。 注：1、兩市成交量反映了各大機構、遊資、廣大散戶對A股看法，高於均線代表總成交量升高，市場情緒偏樂觀，低於均線代表總成交量下降，市場情緒降溫。 2、2015年以來，A股槓桿水平大部分時候維持在6%-10%，槓桿率超過10%意味着市場活躍度較高，可能接近或者處於牛市。達到15%以上意味着市場有過熱風險，需要警惕風險。

Canada has canceled a US-Canada celebration for the Gordie Howe International Bridge linking Detroit and Windsor after President Trump threatened to impose 50% tariffs on Canadian goods. A spokesman for Canada's infrastructure minister said the CAD 6.4 bln (about USD 4.5 bln) bridge will still open on July 27 but that holding a binational celebration is no longer appropriate given the earlier US trade threat.