As of July 9, margin financing on the Shanghai Stock Exchange stood at 1.47925 tln yuan, down 1.202 bln yuan from the prior trading day; Shenzhen stood at 1.44586 tln yuan, down 2.716 bln yuan; combined balance 2.92511 tln yuan, down 3.918 bln yuan.

美聯儲威廉姆斯：美聯儲資產負債表政策將對監管變化做出反應。

Fed chair KEVIN WARSH has convened five independent external working groups to conduct a comprehensive review of the Fed’s monetary policy operating framework. Mandate areas include balance-sheet management, policy tools, the macroeconomic effects of artificial intelligence, and data and analytics. Each group will operate independently, conduct evidence-based research and deliver rigorous analyses to the FOMC. The review will assess policy tools, analytical methods and whether the policy framework can be improved. Appointments include Raj Chetty to lead the data group, tech investor Marc Andreessen to lead the productivity and employment group, and former White House CEA chair Greg Mankiw as co-leader of the inflation group. Warsh said the U.S. economy has undergone generational change and faster transformation, and the Fed must ensure it is optimally positioned to achieve price stability and maximum employment.