President Trump: Biden could be said to have no brains.

The PBOC's MPC met on July 4 for its Q2 2026 (113th) session and recommended integrating incremental and stock policy measures while strengthening forward-looking guidance, flexibility and targeting. The committee said policy intensity, pace and timing should be calibrated to domestic and external economic and financial conditions and market developments. It called for maintaining ample liquidity so aggregate social financing and money-supply (M2) growth align with economic growth and price-level expectations. The MPC urged stronger policy-rate guidance, improved market-based rate formation and transmission, greater market-rate pricing discipline, and tighter execution and supervision of interest-rate policy.

US 10-year Treasury yield pared gains after the 10-year auction, trading up 5.22bps at 4.581%.