Jinshi Data Summary: Central Bank Reverse Repo, Democrats Control Congress, Oil Prices Plunge

China’s central bank injected 300 billion yuan via a 300 billion yuan outright reverse repo operation, while a Democratic sweep in the U.S. midterms reshaped the macro backdrop. Gold and silver rallied overnight, oil plunged as much as 10% intraday on bets of de-escalation with Iran, the Dow rose 3%, and the 2-year U.S. Treasury yield fell more than 5bp. Beijing’s five ministries issued an action plan for an economy-wide conservation strategy, including accelerated rare and precious metals recycling projects, and the Commerce Ministry reported progress in China-Canada trade talks, including extended exemptions under a preliminary joint arrangement. The Shanghai-Hong Kong Stock Connect index methodology was revised to exclude securities with average daily turnover below HK$5 million over the past year. Markets will watch Friday’s clearer U.S.-Iran talks, U.S. Treasury auction-size signals after its wording shift, and whether the oil slump and yield drop extend into Asian trading.