Early session Sept 15 — DR007 fell to 1.4100%, trading around the PBOC's 1.4% 7-day policy rate. The PBOC skipped 7-day reverse repos for a second consecutive trading day but injected 597 bln yuan via overnight reverse repos. DR007 is the short-end money-market anchor; the spread versus the PBOC 7-day reverse-repo rate is used to gauge market liquidity (DR007 above the policy rate signals tightness; below signals ample funds).

UK 30-year gilt yield rose 2bps to 5.9506%, its highest level since March 1998.

Shenzhen Real Estate Intermediary Association data show 1,395 second‑hand homes were recorded last week, up 9.4% week‑on‑week and the highest in roughly four weeks; second‑hand residential units totaled 1,272, up 7.8% WoW. Shenzhen Beike Research Institute monitoring shows Sept.1–13 new‑home bookings at Beike partner stores rose 26% versus the same period in August, while resale contract signings rose 22% versus that August period. Beike says recent property measures have lowered purchase thresholds and boosted activity among first‑time and improvement buyers; higher cost‑performance listings entering the market have helped unblock replacement chains, lifting new buyer arrivals and viewings. Some buyers report a narrowing of bargaining room in the resale market. Shanghai E‑House deputy director Yan Yuejin said the 40‑year loan term is a policy cap, not mandatory; buyers can negotiate repayment schedules with banks or shorten cycles via early repayment. He said the policy’s core aim is to ease the initial five‑year repayment bottleneck and enable more reasonable demand to access credit, with room for operational flexibility.