UEDA said the effects of rate decisions take a considerable time to transmit to economic activity and prices.

Hefei will continue a technology-first growth strategy, preserve an industrial-city orientation and reinforce enterprises as the primary innovation agents, the city government said. R&D intensity rose to 4.11% of GDP, ranking Hefei 12th among global research cities and 39th for technology clusters. Looking into the 15th Five-Year Plan period, the city said it will deepen participation in the Shanghai (Yangtze River Delta) International Science and Technology Innovation Center, support reform of Hefei Binhu Science City, improve the innovation ecosystem, speed commercialization of scientific results and address mismatches between innovation chains and industrial chains.

By the 23:00 close, China's most-active futures contracts were mostly lower: coking coal down over 2%, coke down about 2%; low-sulfur fuel oil (LU), soda ash, LPG, iron ore, pulp and benzene down over 1%. Movers higher: PET flakes up over 1%, 20# rubber and p-xylene up around 1%.