PBOC conducted no 7-day reverse repo operations today. CNY45bn of 7-day and CNY80bn of overnight reverse repos matured, producing a net liquidity withdrawal of CNY125bn.

China's National Financial Regulatory Administration International Advisory Committee (IAC) met in Beijing on Oct. 19-20. Director Ding Xiangqun reviewed recent progress and set regulatory priorities for the 15th Five-Year period: risk prevention, stronger supervision, promoting high-quality development and expanded high-level opening-up. Delegates discussed financial risks under the current international environment and strategies for resolving financial institution stress, and reaffirmed confidence in China's economic resilience after achievements in the 14th Five-Year period. The meeting urged stronger policy coordination and cross-border regulatory cooperation amid rising global uncertainty; enhanced cross-border risk prevention and response; guidance for financial firms to adopt AI while tightening controls on new tech-related financial risks; and continuous improvement of early-warning and resolution mechanisms to prevent systemic risk.

NVIDIA CEO Jensen Huang said physical AI represents the next wave of artificial intelligence.