U.S. President Trump said an agreement has been reached and beef prices have fallen sharply.

China index futures midday close: CSI 300 futures (IF) most-active contract +0.65%; SSE 50 futures (IH) +0.22%; CSI 500 futures (IC) +0.23%; CSI 1000 futures (IM) +0.22%.

Aug. 21 — At its 2026 H1 results briefing Guizhou Moutai said channel reform has produced a functional self-operated + third‑party, online + offline distribution ecosystem. Self‑owned channels including iMoutai and company stores increasingly reach end consumers and act as market stabilizers. Since April the firm has piloted a consignment (agent‑sale) model for products other than Feitian 53% vol 500ml Guizhou Moutai; the pilot has run stably. Because consignment does not transfer ownership, and given stronger end‑consumer reach via self‑owned channels and healthy inventories in social channels, advance receipts fell YoY. With deeper market reforms the company said advance receipts’ level is no longer the main indicator of its supply‑demand balance.