PBOC Governor Pan Gongsheng, attending the G20 Finance Ministers and Central Bank Governors meeting, stated that global imbalances cannot be resolved solely through exchange rate adjustments. Deficit and surplus countries should work together to achieve dynamic global economic balance. He said the PBOC will continue to implement a moderately loose monetary policy to create a favorable monetary and financial environment for China's stable economic growth and smooth operation of financial markets.
Apple (US.AAPL) Executive Chairman Tim Cook revealed during a visit to Shanghai on the 15th that Apple Intelligence and the related Alibaba Qwen large model have been approved and will release a test version later in October. Initial features will include real-time translation, an object removal tool in the Photos app, and writing tools, although Siri AI will not be included in the initial release. Boosted by the news, AI smartphone and PC-related stocks rose in early trading today.
In addition, the PBOC conducted a 60 billion yuan 7-day reverse repo operation today. There was 2 billion yuan of reverse repos maturing in the open market today, resulting in a net injection of 58 billion yuan. This week, the PBOC conducted a total of 276 billion yuan in reverse repos, offsetting the 302 billion yuan of reverse repos maturing this week, meaning the PBOC drained a net 26 billion yuan this week. (wn)
