S&P 500 losses widen to 1%.

Euro area September CPI final MoM 0.6% (consensus 0.6%, prior 0.6%).

PBOC Deputy Governor Tao Ling said on Oct. 16 at the Global Wealth Management Forum in Shanghai that the central bank will continue supporting financial institutions’ offshore RMB lending and cross-border trade finance to better meet offshore RMB liquidity needs. The PBOC will refine bank cross-border interbank RMB financing rules, encourage more offshore institutions to issue and trade panda bonds, and support Hong Kong’s dim sum bond market to broaden liquidity and risk-management tools. Building on existing offshore RMB bond repo and cross-border repo operations, it will push development of the repo and derivatives markets, product innovation and mechanism upgrades, support clearing banks’ liquidity-provision role in offshore markets, and use currency-swap mechanisms to establish regular swap-funding arrangements with additional eligible countries and regions.