The Reserve Bank of Australia said bank-system reserves remain above potential demand as it transitions to an abundant-reserves regime. The RBA said it will supply sufficient liquidity while keeping market rates close to the cash rate. Domestic markets head David Jacobs said the new regime can flexibly provide any quantity of reserves the system requires while maintaining the cash rate near the central bank’s target. The RBA plans to move to the abundant-reserves system in 2024; under it banks’

China Central Depository & Clearing Co. (CCDC) said it will cut fees for multiple bond-market services, effective Sept. 1, 2026 through Dec. 31, 2028. Key measures: full waiver of issuance registration fees for Panda (international) bonds. Interest-payment/settlement fees for outstanding interbank bonds reduced to 95% of prior rates, leaving a post-discount rate of 0.0000475 of face value (0.00475%, 0.475 bps); interest-payment fees for Sci-Tech innovation bonds and Panda bonds fully waived. For interbank bond types and issuers not covered by existing concessions, cash bond settlement fee will be 135 yuan per trade (10% discount). Interbank repo and bond-lending settlement fees cut to 95%: pledged repo single-security 114 yuan/trade, multi-security 190 yuan/trade; sell-out (buyout) repo 190 yuan/trade; bond lending (including cross-custodian and centralized lending) 190 yuan/trade. Counter (OTC) bond settlement fees cut to 95%, resulting in a rate of 0.000019 of face value (0.0019%, 0.19 bps) with a per-trade cap of 120 yuan. CCDC said it will notify separately of any further adjustments.

US 6-month Treasury auction as of Aug. 24: 59.64% of awards allocated at the stop-out yield, prior 18.55%.