Shanghai's RMB loans increased by 14 billion yuan in August, while RMB deposits increased by 31.4 billion yuan8月上海人民币贷款增加140亿元，人民币存款增加314亿元

Data released by the People's Bank of China Shanghai Head Office on September 15 showed that in August, Shanghai's RMB loans increased by 14 billion yuan, an increase of 9.3 billion yuan year-on-year; RMB deposits increased by 31.4 billion yuan, a decrease of 360.9 billion yuan year-on-year.中国人民银行上海总部9月15日公布的数据显示，8月上海人民币贷款增加140亿元，同比多增93亿元；人民币存款增加314亿元，同比少增3609亿元。

Liquidity "drains long-term and releases short-term," September outright reverse repos stop increasing in volume流动性“收长放短”，9月买断式逆回购停止加量

In September, both tenor outright reverse repos were rolled over in equal amounts, ending the previous two consecutive months of increased-volume rollovers. On September 15, the People's Bank of China conducted a 500 billion yuan outright reverse repo operation through fixed-quantity, rate-based bidding with multiple-price allocation, with a term of 6 months (181 days) and a maturity date of March 15, 2027 (postponed in case of holidays). As 500 billion yuan of 6-month outright reverse repos matured in September, this means an equal-amount rollover was achieved this month. Previously, the 3-month outright reverse repo in September was also rolled over in an equal amount.9月，两个期限买断式逆回购均为等量续作，结束此前连续两个月加量续作过程。 9月15日，中国人民银行以固定数量、利率招标、多重价位中标方式开展5000亿元买断式逆回购操作，期限为6个月（181天），到期日为2027年3月15日（遇节假日顺延）。 由于9月有5000亿元6个月期买断式逆回购到期，这意味着本月实现等量续作。此前，9月3个月期买断式逆回购也为等量续作。

Japan's Minister for Growth Strategy Minoru Kiuchi reiterates support for the "high-pressure economy" concept日本增长战略大臣城内实重申支持“高压经济”理念

Japan's Minister for Growth Strategy Minoru Kiuchi said he personally supports economists who advocate that Japan should pursue a 'high-pressure economy.' When asked how he views the concept of a 'high-pressure economy' against the current fiscal situation and monetary policy backdrop, Kiuchi said he has used the term less recently because different people define it differently. Kiuchi said it is important for the Bank of Japan to maintain communication with the government while maintaining its independence. The government will assess Japan's fiscal situation through multiple indicators, including debt-to-GDP ratio, net interest payments and government bond issuance scale.日本增长战略大臣城内实表示，他个人支持那些主张日本应推行“高压经济”的经济学家。在被问及如何看待当前财政状况和货币政策背景下的“高压经济”概念时，城内实表示，近来他较少使用这一表述，因为不同人士对其定义并不一致。城内实表示，日本央行在保持独立性的同时与政府保持沟通十分重要。政府将通过多项指标评估日本财政状况，包括债务占GDP比重、净利息支出以及国债发行规模。

Gold price falls below $4,270; gold consumers are now "willing to buy" — rate hike expectations fully priced in and US Treasury yields hitting a peak have reshaped gold's short-term pricing logic, leading to a pullback. But the market widely believes that after the bad news is fully digested, gold prices are expected to bottom out and rebound, while the gold jewelry consumer market shows a diverging trend of "lower volume, higher price."金价失守4270美元，黄金消费者“舍得出手”了 加息预期打满、美债利率冲顶，黄金短期定价逻辑被重构导致金价回调。但市场普遍认为利空出尽后有望触底回升，同时金饰消费市场呈现“量降价升”的分化趋势。