China’s Shanghai, Shenzhen Margin Debt Falls 4.696B Yuan to 2.517T

The pullback is modest against a 2.5-trillion-yuan base, so it reads more like routine deleveraging than a shift in risk appetite. Both venues contributed roughly evenly, which argues against an exchange-specific driver. What matters is whether this is a one-day dip or the start of a sustained unwind; a single session gives no trend signal, and the next few days' prints will show whether leverage is genuinely retreating or simply pausing.