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SOFR Decline, Potential Drivers

GILT PAOF RESULTS

GBP562.500mln of the 0.25% Jul-31 gilt sold

US TSYS

Repo Reference Rates -- SOFR Dips to 0.03%

CHINA PRESS

China is likely to cut taxes and fees by CNY1 trillion this year, further reducing VAT rates, individual income taxes, and social security fees, Xinhua News Agency reported citing Shi Zhengwen, a professor at the China University of Political Science and Law. The scale of the cuts will be lower than last year, which totaled about CNY2.5 trillion. China will continue with proactive fiscal policies with spending on people's wellbeing and with direct transfer to local governments amounting to over CNY3 trillion this year, Xinhua said. Monetary policy will remain prudent, emphasizing precision, flexibility, and moderation in line with current economic growth, inflation, and employment, Xinhua reported citing Wen Bin, the chief researcher at China Minsheng Bank.