U.S. 20-year Treasury auction as of July 22: percentage of awards at the winning yield 15.13% (previous 56.57%).

Guangzhou plans to optimize its "housing coupon" resettlement policy and broaden its scope during the 15th Five-Year Plan period to reduce stock of commodity housing. The city will establish an all‑caliber inventory database to dynamically monitor unsold supply across categories — supplied but not started, started but not sold, under-construction unsold, and completed unsold. Policy measures include supporting acquisition of existing commodity housing as resettlement units in urban-village redevelopment, encouraging purchase of stock commercial and office properties for operational resettlement use, and stepping up destocking of commercial-office assets with targeted conversions to medical, education, elderly-care, hotel, wellness and affordable housing where appropriate. Guangzhou will also steadily advance purchases of stock commodity housing for affordable housing.

The EU Chamber of Commerce in China said it noted the European Commission’s decision on the 20th to fine AliExpress €550 million under the EU Digital Services Act (DSA) and voiced strong concern and opposition. The chamber said the decision raises serious questions about the consideration of firms’ compliance efforts, protection of legitimate corporate rights and proportionality of the penalty, and urged that platform regulation be based on clear, transparent and predictable legal frameworks that avoid creating market barriers or undermining business operations and market confidence.