PBOC conducted a 7-day reverse repo of 100 bln yuan today; bids 100 bln yuan, allotment 100 bln yuan, rate 1.40%, unchanged from the previous operation.

President Trump said preventing Iran from obtaining nuclear weapons is more important than rising oil prices.

Ali Akbar Dareini, a researcher at the Tehran Strategic Research Center, said Iran does not seek war but views the US and Israel as aggressors. He warned US military actions have effectively undone a memorandum signed by Trump and could trigger escalation beyond control; Iran may respond with wide-ranging regional operations across the Middle East because it would not tolerate limited strikes on infrastructure that underpin its control of the Strait of Hormuz.