Central Bank Adjusts PSL Rates; U.S. Plans Strategic Oil Reserve Release

On September 30, the central bank announced a 0.25 percentage point reduction in the PSL interest rate, alongside a 200 billion yuan increase in re-lending quotas for technological innovation and a 500 billion yuan increase for agricultural and small business support. Meanwhile, the U.S. Department of Energy plans to release up to 40 million barrels of oil from the Strategic Petroleum Reserve. Following comments from Federal Reserve officials, the 30-year U.S. Treasury yield rose to 5.6%, the probability of an October rate hike fell to 50%, oil prices dropped over 3%, and gold and silver prices rose over 1%. Additionally, OpenAI's annual recurring revenue has reportedly neared $70 billion.