In September, US interest rates saw a significant shift due to strong economic data and a hawkish Fed, which reduced 2024 rate cut expectations. China's PBOC cut the reserve requirement ratio (RRR) by 25 basis points to support its economy. Official manufacturing data indicated expansion, but a private sector gauge suggested ongoing uncertainty. Post-US Labor Day, the primary market gained momentum after a slow summer, with participation from all regions, indicating increased activity.