Japan's finance minister Katayama said Japanese financial institutions have handled the PHP issue relatively smoothly and he expects institutions will continue to take necessary action.

Spot gold fell briefly below $4,060/oz, down 1.95% intraday.

Oct 22 — At a State Council Information Office briefing on implementing the 15th Five‑Year Plan, the Ministry of Commerce (MOFCOM) said it will issue a work plan to accelerate application of smart products in the consumer market. MOFCOM said it will push full‑chain expansion and upgrading of goods consumption, including measures to expand auto consumption and foster new auto consumption business models and formats. It will also boost service consumption via a service‑quality and public‑benefit campaign and pilots of new consumption models and scenes to cultivate service growth points. Regionally, MOFCOM will deepen development of international consumption centre cities, implement urban commerce quality upgrades and accelerate measures to address county‑level consumption shortfalls.