correct grammar and same professional written tone: "China update: policy supports news  (also market performance , tell the sentiment of KWEB, HXC ) + PMI data 
The National Development and Reform Commission (NDRC) has issued a notice regarding measures to restore and expand consumption, including in the automotive and real estate sectors. The notice states that localities are prohibited from implementing new car purchase restrictions and should optimize existing restrictions based on local conditions. It emphasizes the promotion of the cancellation of second-hand car migration restrictions and facilitation of second-hand car transaction registration. Discriminatory policies towards non-local production cars are not allowed. The notice also highlights support for digital consumption, improvement of consumer infrastructure, and increased financial support for various sectors. The development of the REITs market and optimization of consumer credit rates and terms are mentioned as well.
China’s Housing Ministry plans to ease property purchase restrictions, allowing easier access to second homes and reducing down payment ratios for first-time homebuyers. The move comes after Beijing’s signal of a shift away from its crackdown on real estate speculation. Details and implementation of the measures are yet to be announced, but local governments are expected to make city-specific policy changes. 
Market responds positively to Beijing’s continuous supports. HSI gained 7.4% from the lows last Monday, and CSI300 +5.3% with $5.5bn of NB inflow in the same 4-day period. KWEB (+7.6%) and HXC (+7.0%) saw increased investor interest in China.
The National Bureau of Statistics and China Federation of Logistics and Purchasing have released monthly figures. In July, the manufacturing Purchasing Managers’ Index (PMI) increased to 49.3 from 49 in June, surpassing expectations of 48.9. However, the non-manufacturing PMI decreased to 51.5 from 53.2 in June, falling short of the estimated 53. 

US: core PCE / spending macro data + Biden plans 
US economy shows signs of soft landing with PCE, employment costs, and consumer spending data. Dow Jones rises for 13th consecutive day, matching the longest streak since 1987. In June, PCE price index and employment cost index had lowest increases since 2021, suggesting cooling inflation. Adjusted for inflation, consumer spending in June had highest growth rate since January. University of Michigan's consumer confidence index reached near two-year high in July.
Biden plans restrictions on US tech investments in China, focusing on semiconductors, AI, and quantum computing. Existing investments unaffected, but some transactions banned, others require disclosure. Measures effective next year, part of broader effort to curb China’s tech development. Yellen assures targeted control, minimal impact on China’s investment prospects. China warns of potential retaliation. Senate passes amendment for firms to report investments in China and other concerning countries, as lawmakers seek stronger action.
Japan: YCC key headlines
Although the BoJ kept the reference points of +/- 50bp around 0.00% for 10-year JGB yields, fixed-rate purchases have now been set at 1.0%, meaning that the BoJ has implemented a de-facto widening of the YCC band. At the accompanying press conference, Governor Ueda mentioned that today’s move was a pre-emptive move to handle future risks such as those stemming from market speculation, while maintaining his stance that monetary easing is needed. 
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