German 10-year bond yield fell to 2.841%, a 3.5-month low.

NEA director Wang Hongzhi said China’s AI surge is creating sharp electricity demand growth — generating 5 seconds of HD video uses roughly the same power as charging 10 phones. The NEA will implement an electricity-driven compute approach to align energy-resource allocation with data-center construction, advancing compute-power coordination across planning, policy and operations. In planning, western regions will link national compute hubs with large new-energy bases and co-develop compute facilities and power systems; eastern regions will push distributed compute paired with distributed generation, microgrids and virtual power plants for local response. Policy measures will encourage direct green-power connections for qualifying compute facilities and allow participation in green-power certificate trading; operational measures will optimize compute-load scheduling by task-specific demand profiles and flexibility potential.

The dollar index (DXY) fell 0.18% to 101.430 at the New York close on the 25th. EUR/USD rose to 1.1373 from 1.1355; GBP/USD rose to 1.3198 from 1.3162. USD/JPY was 161.80 versus 161.76; USD/CHF fell to 0.8098 from 0.8124; USD/CAD fell to 1.4197 from 1.4237; USD/SEK fell to 9.7352 from 9.7714.