RatingDog China services PMI rose to 51.4 in August, up 1.0 ppt from July and the 44th consecutive month above the 50 expansion threshold. Demand improved: new business grew for the 44th month and accelerated versus July. New export orders remained in expansion for a fourth month but slowed from June’s year‑to‑date high. Firms’ 12‑month activity expectations recovered from July’s recent low. Input-cost pressures ticked up from July’s six‑month low but stayed moderate; selling prices were raised

Guangdong provincial department of natural resources has published a consultation draft on measures to accelerate low‑efficiency land redevelopment. The draft allows rural collective economic organizations, subject to territorial spatial planning, to redevelop low‑efficiency land to new planned uses excluding commercial housing. If collective ownership is retained, land‑use procedures for collective construction land should be handled in accordance with law. Redevelopment using existing state‑owned construction land may complete land‑use procedures by agreement with approval, except where rules or contracts require recovery. Where land is to be converted to state‑owned construction land and redeveloped for industrial use, the government may lawfully expropriate the land and then transfer it by agreement to the rural collective economic organization or its wholly owned subsidiary for redevelopment.

美元兌日元USD/JPY日內走低0.50%，現報157.90。