The PBOC conducted 5 bln yuan of 7-day reverse repos and 500 bln yuan of outright reverse repos. With 206.5 bln yuan of 7-day reverse repos maturing today, the operations produced a net injection of 298.5 bln yuan.

Mainland A-share indices closed higher after a weak open: Shanghai Composite +1.47%, Shenzhen Composite +1.86%, ChiNext +1.32%; STAR 50 Index +4.78%. Turnover across Shanghai and Shenzhen was 2.66 trillion yuan, up 446 billion yuan from the prior session. More than 3,700 stocks advanced. Zhongji Xuchuang recorded turnover above 67.5 billion yuan, eclipsing its previous record of 59.77 billion yuan on July 30, 2026. Memory-chip names were strongest—Zhengfan Technology hit the 20% daily limit; photolithography stocks were active, with Woge Optoelectronics posting a second straight daily limit up; precious-metals plays strengthened, with Sichuan Gold among stocks at the daily limit. PCB, lithium-battery, semiconductor, education and pharmaceutical sectors outperformed; banks, oilfield services & engineering and liquor sectors underperformed.

New Zealand Q2 labour cost index YoY 2.1% vs 2.0% expected, 2.0% prior.