Jinshi Summary: Central bank swap facility operations, RB

China’s central bank conducted a 100 billion yuan swap facility operation for securities, funds and insurers at a 10bp bid rate, while Governor Pan Gongsheng pledged to keep stock, bond and foreign-exchange markets stable. The State Council’s financial work report outlined five next-step priorities. Abroad, the Reserve Bank of Australia raised rates 25bp to 4.85%, an 18-year high, as expected. Trump said the U.S. could balance its budget if the Fed cuts rates, and AMD beat on quarterly revenue and guidance, lifting shares 9% after hours. Geopolitically, Middle East media reported U.S.-Iran concessions on nuclear issues and frozen assets, though a senior Iranian official said a deal remains distant; Trump confirmed a “small-scale attack” on Iran early Beijing time on the 3rd, calling it not a war, and Melania will host Russian and Ukrainian representatives at the White House on the 5th.