PBOC conducted CNY300 billion overnight reverse repo operation.

US Treasury Secretary Bessent said on Aug. 2 that coordinated US-Japan FX intervention successfully curbed disorderly yen moves and that the Trump administration strongly supports Japan’s market and monetary-policy measures aimed at correcting what it views as substantial yen undervaluation. Bessent said the US Treasury is monitoring conditions closely and would not hesitate to join further joint intervention. Japan’s finance minister Katayama on Aug. 3 confirmed the joint intervention and said Tokyo would likewise not hesitate to act again. Authorities last week intervened by buying yen and selling dollars; the yen briefly firmed to around JPY156 per USD, a level not reached since early May.

Tech reporter Mark Gurman wrote on Sunday that Apple is likely to increase iPhone prices by $100–$200 (about 675–1,350 yuan), citing shortages of memory chips and the main SoC, higher costs from a new camera system on the iPhone 18 Pro and Pro Max, and the greater expense of a first foldable iPhone. Gurman noted recent $100–$200 price increases for multiple iPad and Mac models as a precedent and said a foldable iPhone could carry a starting price of at least $2,000.