US 3-month Treasury auction stop-out yield 3.77% vs 3.72% prior.

Beijing’s municipal commerce bureau issued a development plan targeting a higher-level open economy. By 2030 the city aims to strengthen the role of the national service-sector opening pilot and the China (Beijing) free trade zone and to boost the market-leading function of platforms including the China International Fair for Trade in Services, the Zhongguancun Forum, the Financial Street Forum and the Beijing Cultural Forum. The plan seeks bigger breakthroughs in opening key sectors and reforming critical links, accelerate construction of a higher-level open economic system, and position Beijing as a global digital-economy demonstration hub, a global pharma-health innovation source, an international modern services cluster and a two-way open gateway. By 2035 Beijing aims to lead the country’s new opening-up pattern, materially raise its capacity to participate in international economic and trade rule governance, and further strengthen its higher-level open-economy advantages.

Saudi Arabia is in preliminary talks to raise at least USD 8 bln in new loans to ease fiscal strain from the Iran conflict, people familiar with the matter said. The National Debt Management Center (NDMC) has begun discussions with banks on a potential loan, and state oil company ARAMCO is holding separate, similar talks; both potential transactions are at an early stage and may not proceed.