State Administration of Foreign Exchange deputy director and spokesman Li Bin said China’s non-bank cross-border receipts and payments totaled $1.5 tln in August, with net capital inflows of $62.4 bln, up 4% MoM. Trade-related inflows remained large; the services deficit widened 6% MoM on higher summer study and travel outflows; foreign-held dividend payments narrowed 23% MoM from a seasonal high; two-way cross-border direct investment was broadly stable. Domestic FX market turnover was $3.9 tln

美、布兩油均漲超1%，WTI原油報99.25美元/桶，布倫特原油報104.17美元/桶。

PBOC data for Jan–Aug show yuan loans +10.44 trln yuan; corporate bond net financing 2.79 trln yuan, +1.23 trln YoY; domestic equity financing by non‑financial firms 470 bn yuan, +203.1 bn YoY. Financial Times says the data point to a change in loan intensity: capital‑intensive sectors (property, local financing platforms) that historically relied on collateralised, medium‑to‑long‑term bank loans have seen demand fall as the property market and platform debt are restructured, while tech and other new‑quality productive sectors have lower loan intensity, making higher‑quality but slower loan growth a new normal. Financing is also diversifying and substituting: firms issue bonds to replace bank loans and local governments use special bonds to swap implicit debt, which mechanically reduces loan stock. The piece frames this as financial reallocation rather than a tightening of credit, with substitution to lower‑cost, more sustainable funding and special‑bond swaps aiding risk clearance and higher‑quality growth.