Here's what happened in China's markets last trade day (11/7):

Two of China's top automakers posted robust gains in sales last month - Guangzhou-based GAC Group recorded a 5.6% y-o-y increase in car sales and NEV sales rose 39%, while Great Wall Motors saw a jump of 31% in auto sales. Both show that established brands are gaining ground in exports to emerging economies. And growth is not isolated to China’s most popular brands like BYD, NIO, Li Auto, Geely and Xpeng.

The industry price war that has boosted sales but eroded profitability for nearly every single automaker. Tesla raises Model Y prices in China after reporting weaker deliveries vs rival BYD (+38.4%), seeking ways to regain market share.

China's trade figures paint a mixed picture: exports dropped (-6.4%) in Oct., worse than forecast (-3.5%), while imports unexpectedly grew (+3%). Trade surplus fell (-31%) to $56.5B.

Despite decoupling concerns, Japanese firms like Panasonic, Muji, and others plan to invest further in China. But Japanese carmakers are struggling to keep up with the shift towards EVs.

PBoC reports an additional 740,000 ounces in gold reserves (+$142B at current prices) as it diversifies away from USD; actual holdings estimated much higher. Meanwhile, domestic gold demand has been strong, with consumption rising 7.3% to 835 tonnes in the first 9 months of the year.