The PBOC held its yuan fixing near the widest gap to fair value in six months and pulled ¥1.41tn from money markets, while Beijing left 32% of its annual bond quota unused. Both point to a government rationing firepower ahead of a heavy September data slate.
Private-sector services activity recovered from July’s 22-month low, widening the gap with the official NBS non-manufacturing survey still stuck in contraction. Source
