As of June 22, margin financing on the Shanghai Stock Exchange was CNY 1,505.56 bln, up CNY 10.37 bln from the previous trading day; on the Shenzhen Stock Exchange it was CNY 1,458.12 bln, up CNY 18.65 bln. Combined margin financing totaled CNY 2,963.68 bln, up CNY 29.02 bln day-on-day.

June 22 — Huaxia Poly Development Closed‑end Commercial Real Estate Investment Fund (Huaxia Poly Commercial REIT) received CSRC registration approval and a no‑objection letter from the Shanghai Stock Exchange. It is the first commercial REIT sponsored by a central state‑owned enterprise and marks a securitization milestone for Poly Development Holdings. Regulators say the REIT provides a tradable commercial real estate investment option, establishes a benchmark for asset recycling, and offers a replicable path for developers to unlock stock assets and pursue asset‑light transformation, supporting the development of China’s commercial real estate market and the public REITs industry.

China's LPR was unchanged for a 13th consecutive month in June, with both tenors matching market expectations. Analysts said the pause reflects a stable policy-rate pricing base, bank operating pressure and domestic and external macro constraints. Signals from the Lujiazui Forum indicate imminent reform of China's interest-rate regulation framework and gradual optimization of the LPR pricing mechanism, creating a potential window for LPR and monetary policy shifts in H2. Markets view policy as in an observation period. The PBOC plans to use framework reforms in H2 to lower financing costs for the real economy.