Onshore yuan closed at 6.7655 per dollar at 16:30 on July 29, up 19 pips from the previous trading day.

MFS Investment Management’s Benoit Anne says geopolitical considerations, rather than domestic worries, are the primary driver of recent moves in UK gilt yields. Investors are focused on the government’s economic plan and how it will be funded; Anne says markets appear willing to give the new government some trust so long as fiscal discipline is maintained. He expects this year’s budget to be the key event, likely to reveal further details on measures and funding. At publication, the UK 10-year gilt yield was up 2.6bps at 4.985%.

China's first C919 high-altitude variant took off at 07:59 Beijing time from runway 4 at Shanghai Pudong International Airport for its maiden flight test.