US 8-week T-bill auction on Nov 5: stop-out yield 3.975% vs 4.02% prior (-4.5 bps).

China’s Ministry of Industry and Information Technology (MIIT) issued rules tightening network-access management for AI-enabled terminals. MIIT requires improved network‑access testing mechanisms for telecom equipment and detailed special‑requirement items. Pre‑installed AI on phones, tablets and wearables must undergo AI adaptation verification under relevant standards during network‑access testing. Manufacturers must carry out statutory fraud‑risk security assessments and pre‑evaluate anti‑fraud capabilities, equip AI with a unique identity code per national interconnection standards, and ensure device consistency before and after obtaining network‑access permits. Major changes to AI‑enabled terminals must be reported to MIIT and submitted for network‑access testing as required.

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