DXY, which measures the dollar against six major currencies, fell 0.63% to 101.657 at the New York close on the 9th. EUR/USD 1.1223 (prev. 1.1140); GBP/USD 1.3439 (1.3351); USD/JPY 157.77 (158.49); USD/CHF 0.8192 (0.8206); USD/CAD 1.4123 (1.4132); USD/SEK 9.7987 (9.8988).

Nov 9 — Foreign Ministry spokesman Guo Jiakun said China, as an initiator and host, has become the first country to approve the Agreement on Establishing the World Artificial Intelligence Cooperation Organization. Guo said Beijing will push to operationalize the body, prioritizing practical cooperation and capacity-building for Global South countries, and aims to promote an inclusive, equitable global AI governance framework.

October is seasonally weak for lending; markets expect new RMB loans to show a smaller YoY increase. Social financing may post a YoY increase supported by government bond issuance, with MoM social financing growth potentially rebounding. China International Capital Co expects RMB loans to fall by about 100 billion yuan in October. Major state banks’ 3-month rediscount rate hovered near 0.5% all month and did not spike at month-end; 3-month interbank NCD issuance rates also eased, which may reflect persistently weak credit supply. Experience from last October’s policy-bank tool injections suggests policy bank instruments’ lift to corporate lending can be delayed.