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Jinse Finance reported that John Williams, President of the Federal Reserve Bank of New York, stated that recent volatility in the overnight funding market indicates that the Federal Reserve's bank reserves are approaching their ideal level. In remarks prepared for a conference in Frankfurt on Friday, Williams said: "Based on the continued pressures in the recent repo market, as well as other increasing signs that reserves are shifting from 'ample' to 'adequate,' I expect we will soon reach an adequate level of reserves." Williams also stated that he expects short-term liquidity tools such as the Standing Repo Facility to continue to play a "key role" in the money market to ensure that the federal funds rate remains within the target range set by policymakers. He said: "I fully expect the SRF to continue to be actively used in this way, thereby curbing upward pressure on money market rates." (Golden Ten Data)

Jinse Finance reported that the 2025 Forbes Mainland China Rich List was officially released today, with two-thirds of the listed billionaires seeing an increase in their wealth. Zhong Shanshan, founder of Nongfu Spring, topped the list for the fifth consecutive year, with his fortune increasing by $26.3 billion to reach $77.1 billion (note: equivalent to approximately 548.965 billions RMB at the current exchange rate), making him the billionaire with the largest increase in wealth. Zhang Yiming, co-founder of ByteDance, saw his wealth grow by $23.7 billion, rising to second place with a fortune of $69.3 billion (equivalent to approximately 493.428 billions RMB at the current exchange rate). The top ten on the list are: Zhong Shanshan, Zhang Yiming, Ma Huateng, Zeng Yuqun, Ding Lei, Huang Zheng, Lei Jun, Jack Ma, He Xiangjian and family, and Zheng Shuliang and family. Among the eight new entrants to the list this year, the wealthiest is Liang Wenfeng, founder of DeepSeek, who ranks 34th with a fortune of $11.5 billion (equivalent to approximately 81.882 billions RMB at the current exchange rate).