The Financial Times reports Federal Reserve official Musalem said the recent bond sell-off is a warning to the Fed's credibility.

The CBOE Volatility Index (VIX) fell to its lowest level in over a week, down 0.28 points to 16.81.

On July 31 the CSRC disclosed nine administrative penalties. Guoyuan Securities, Guorong Securities and Yongxing Securities were ordered to rectify and three related heads of investment banking were sanctioned. GF Securities, Century Securities and Hongta Securities received warning letters. All actions cite investment-banking violations, with deficiencies in quality control and internal-control processes singled out. Regulators said enforcement is focused on project execution quality and the effectiveness of the “three lines of defense,” signaling that IB internal controls must be substantive and compliance breaches will not be tolerated.