Fed Governor Bowman due to speak in 10 minutes.

Li Zhen, deputy director of the State-owned Assets Supervision and Administration Commission (SASAC), said central state-owned enterprises operate in more than 180 countries and regions with over 17,000 overseas units and projects and hold nearly 10 trillion yuan in offshore assets. In the first three quarters they imported from 177 countries/regions, with import value up 5.1% YoY. As of end-September central SOEs had 301 joint ventures/cooperation projects across 39 countries, with cumulative utilized foreign investment exceeding $120 billion.

Pablo Hernández de Cos, an ECB Governing Council member and candidate for ECB president, said policymakers should stay alert to inflation risks from elevated energy prices. He said second-round effects have not emerged so far but noted hopes for a quick end to the Iran war — and a resulting fall in energy prices — have not materialized, so vigilance is necessary. He declined to comment on his candidacy. Hernández de Cos also warned that high public debt in some economies, coupled with persistent deficits, is a vulnerability if borrowing costs rise further, since higher rates would increase debt-servicing costs.