The PBOC conducted a 7-day reverse repo of 30 billion yuan; with no reverse repo maturities today, the operation represented a net injection of 30 billion yuan into money markets.

The EU agreed earlier this year to provide Ukraine a loan package exceeding $100bn. President Zelensky told allies last month Ukraine faces an unexpected $27bn defence budget shortfall and has asked Europe to advance portions of loans planned for next year to cover the gap. European officials say they were surprised and are cautious; several diplomats privately question whether funds were used effectively or needs have been overstated and are working to determine the shortfall’s source, size and whether additional disbursements are warranted this year. Kyiv is also seeking support from the UK, Canada and Japan as US fiscal support has been gradually reduced, increasing reliance on European funding and potentially complicating ties as leaders balance援助 with domestic spending and electoral risk.

US MBA mortgage refinance index for week ended Sep 4: 687.3, prior 732.6.