Federal Reserve Chairman Jerome Powell: Private lending is undergoing adjustments. He does not believe there is any connection between private lending and banks.

Individual Stock News 1. Bank of Communications (03328.HK) released its annual results: net profit attributable to shareholders was RMB 95.622 billion, an increase of 2.18% year-on-year. 2. Industrial and Commercial Bank of China (01398.HK) released its annual results: net profit attributable to shareholders was RMB 368.562 billion, an increase of 0.7% year-on-year. 3. New China Life Insurance (01336.HK) released its annual results: net profit attributable to shareholders was RMB 36.284 billion, an increase of 38.3% year-on-year. 4. Shimao Group (00813.HK) released its annual results: profit attributable to shareholders was RMB 14.473 billion, turning a loss into a profit year-on-year. 5. China Construction Bank (00939.HK) released its annual results: net profit attributable to shareholders was RMB 338.906 billion, an increase of 0.99% year-on-year. 6. China Merchants Bank (03968.HK) released its annual results: net profit attributable to shareholders was RMB 150.181 billion, an increase of 1.21% year-on-year. 7. BYD Electronic (00285.HK) released its annual results: profit attributable to shareholders was RMB 3.515 billion, a decrease of 17.61% year-on-year. 8. Tongguan Gold (00340.HK) released its annual results: profit attributable to owners of the company was approximately HKD 830 million, an increase of 293% year-on-year. 9. Yankuang Energy (01171.HK) released its annual results: profit attributable to equity shareholders was approximately RMB 8.525 billion, a decrease of 41.58% year-on-year; final dividend was RMB 0.32 per share. 10. Xunze (03317.HK) released its annual results: revenue was approximately RMB 1.285 billion, an increase of 103.3% year-on-year; adjusted net loss was RMB 54.85 million, narrowing by 33.41% year-on-year. 11. BYD Company Limited (01211.HK): Full-year revenue for 2025 is RMB 803.96 billion, up 3.46% year-on-year, with an estimated RMB 836.26 billion. Net profit for the year is RMB 32.62 billion, down 19% year-on-year, with an estimated RMB 35.65 billion.

Spot gold opened below $4,470 per ounce on Monday, down 0.58% on the day. Spot silver fell back below $69 per ounce, down 1.16% on the day.