PRE-MARKET CHINESE STOCK NEWS: Chinese banks reportedly cut deposit rates, while official PMIs are scheduled at the open

China Everbright (165 HK) - Co. expects H1 net to fall 70%–80% Y/Y. (Newswires)

HSBC Holdings (5 HK) - Co. agreed to sell its AUD 36bln portfolio of Australian home loans and personal loans to Virgo Bidco Pty Ltd. (Newswires)

Meitu (1357 HK) - Co. expects H1 adjusted net to rise 36%–40% Y/Y and core rev. to rise 31% Y/Y to CNY 1.8bln. (Newswires)

MGM China Holdings (2282 HK) - Co. appointed Jenny Lau as CFO, effective 1 August. (Newswires)

PCCW (8 HK) - Co. H1 (HKD) net loss narrowed to 276mln (prev. loss 445mln Y/Y) and rev. rose to 20.2bln (prev. 18.9bln Y/Y). (Newswires)

Prada (1913 HK) - Co. H1 (EUR) EPS fell to 0.13 (prev. 0.15 Y/Y) and rev. was EUR 3.05bln (exp. EUR 2.98bln). (Newswires)

Yum China Holdings (9987 HK) - Co. raised its Pizza Hut expansion outlook and now expects more than 800 net new stores annually in 2027 and 2028, versus its previous target of more than 600, with accelerated openings beginning in 2027. (Newswires)

Banks - Banks in China have reportedly cut deposit rates. (Newswires)

China held a Politburo meeting on July 30th, as expected, and said the fifth plenum would be held in October. Authorities pledged to continue comprehensive rectification of involuntary competition, comprehensively use and adjust monetary policy tools in a timely manner, stabilise production and prices of hogs and other farm products, accelerate fiscal expenditure and bond issuance, stabilise the property market, explore the potential of services consumption, optimise supply, improve the efficiency of macro policies and boost domestic demand.

Chinese President Xi said the nation's economy was facing challenges and that policymakers needed to focus on unlocking the potential of domestic demand. He added there was a need to promote deep integration between science and technology innovation and industrial innovation.

US Treasury Bessent and USTR Greer spoke with China's VP He Lifeng and emphasised that they expect Beijing to fully meet its commitments on rare earths and US agricultural products, while they also discussed implementation of the Trade and Investment Board as a mechanism to secure concrete progress toward a more balanced, fair, and constructive US-China economic relationship. Furthermore, USTR Greer said he raised concerns regarding a series of new supply chain measures challenging US re-industrialization in core with China's Vice Premier He Lifeng, while it was reported that China expressed concerns over recent US restrictive measures against China, and both sides agreed to strengthen communication and expand cooperation.

US President Trump signed an order giving federal officials the power to block exports of old batteries and other electronic waste filled with critical minerals, part of a broader push to boost domestic recycling and counter China's grip on materials vital to national security, according to two White House officials familiar with the matter.