China’s Sci-Tech 50 Falls 2.54% at Half-Day; PBOC Raises FX Deposit Reserve Ratio

The PBOC's move to lift the FX deposit reserve ratio reads as a liquidity-management signal rather than a broad tightening stance, and its timing alongside a soft half-day for the Sci-Tech 50 suggests cross-border funding costs are back in the policy mix. The divergence within the index — lithium-battery and AI-animation names holding up while broad-based ETF turnover picks up — points to rotation rather than uniform risk-off. Whether that intraday dispersion persists once the FX measure takes effect is the open question, and the RBA's split vote adds a reminder that policy paths across major central banks are no longer moving in lockstep.