PBOC conducted CNY 288.5 bln of 7-day reverse repos today; bids and allotments both CNY 288.5 bln; operation rate 1.40%, unchanged.

At a July 1 investor call attended by over 900 participants, Sungrow said the global energy-storage market will expand sharply this year, with Europe stronger than expected. It said financing restrictions by some EU banks on projects using Chinese inverters affect roughly 20% of the European market and have limited impact on Sungrow because the company has low participation in those projects. Falling lithium carbonate prices are increasing demand for long-duration storage, and Sungrow now expects European market growth about 10% above prior forecasts.

The US dollar index (DXY) slid 30 points intraday to 100.85.