US July ISM non-manufacturing PMI due in 10 minutes.

Spot gold climbed above $4,150/oz, up 1.8% on the day.

Auctions of equity stakes in Chinese small- and medium-sized banks have repeatedly failed to attract buyers, including multiple discounted rounds. Wang Pengbo, senior analyst at Botong Consulting, advises three market-focused steps: clarify shareholder risk hierarchy and separate controlling shareholders from dispersed minorities; proactively coordinate with judicial disposal agencies for large problematic holders, pre-identify potential transferees and shorten auction cycles to avoid repeated failures and adverse market sentiment; routinely disclose the underlying reasons for equity changes and explicitly attribute risk to shareholder individuals rather than bank asset quality or operating fundamentals to steady markets, depositors and interbank counterparties; and comprehensively review shareholder-related loans, tighten related-party transaction approvals, reduce high related-party credit concentrations and sever channels that would transmit shareholder debt risk into bank loan portfolios.