Beijing Stock Exchange 50 Index rallied into the afternoon, gaining more than 3%.

Fed Chair Kevin Warsh has invited former Bank of England governor Mervyn King to co-chair a new Federal Reserve communications working group. Warsh, who has made reforming Fed communications a central priority, said he will reassess how officials convey the monetary policy outlook to the public and investors; he did not commit to holding press conferences after every rate decision and has previously encouraged policymakers to reduce the frequency of public speeches. King, who led the Bank of England from 2003–2013 and steered it through the 2008–09 financial crisis, confirmed via his office he will serve as co-chair.

Foreign media report Fed Chair Kevin Warsh is adding Treasury Secretary Bessent’s senior aide Samantha Schwab to his advisory team as a Fed adviser. Schwab has served as Bessent’s deputy chief of staff at the Treasury since January 2025 and previously worked in the White House during Trump’s first term; a start date was not announced. The appointment has prompted debate about closer Fed–Treasury coordination, given Warsh and Bessent hold weekly meetings, and market attention on whether central-bank independence could be affected.