And that is thanks to Beijing disappointing markets once again with a failure to live up to stimulus announcements. It was the case right after the Golden Week holiday and it was the case again on Friday last week. With the drop today, the CSI 300 index closes down by 1.7% to post its lowest close this week.

It's been a rather back and forth last few days but the feeling is that there are hints of exhaustion when it comes to Chinese equities at the moment. That especially since Beijing has not followed up on the rallying momentum prior to the Golden Week holiday.

In the bigger picture, China is a very, very attractive opportunity as valuations are cheap and price levels are low at the moment. And that provides an alluring proposition for any investor, that is if you can ride this wave out. I'm definitely keeping an eye out but I'm not entirely convinced that this is where the turning point is, especially since local authorities have not delivered in recent weeks.

The technical breakout at the end of September is a good starting point but I fear that with a lack of convincing, China stocks might slip back into old habits and slide down again in the weeks ahead. The warning signs are definitely building to say the least: It's not a pretty picture in China

Justin had the news from the People's Bank of China here on Monday:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

And on Wednesday we saw the Bank trying to support CNY at the reference rate setting:

• PBoC promised stronger damping to support CNY, and that's what are seeing

And again today:

• PBOC sets USD/ CNY reference rate for today at 7.1966 (vs. estimate at 7.2326)

Offshore yuan may have seen the memo but its not paying it much heed:

The PBoC supported the CNY through the last bout of USD/CNY super-strength. They'll be doing the same again this time around, wary of capital outflow if they let the yuan drift too much lower. They'll be hoping US inflation doesn't take off higher and the Fed pauses ... or reverses.

Non policy-related comments.

DUSHANBE, 29 July 2016 – The OSCE Office in Tajikistan today donated audio-visual equipment to the Police Academy of Tajikistan’s Ministry of Internal Affairs with the aim of supporting the Academy’s lecturers to use interactive teaching techniques on the investigation of crimes related to the trafficking of human beings.

The equipment includes a computer, a projector, a screen, speakers, a printer, and an Uninterruptible Power Supply device (UPS). An external hard disk drive was also donated to allow for the storing of an electronic library of thematic video films and other informational resources in this field.

“This equipment will improve the teaching of the Course on Combating Trafficking in Human Beings, and will therefore enable the police to more effectively address this serious social problem,” said Fabio Piana, Deputy Head of the OSCE Office in Tajikistan.

Karim Soliev, the first Deputy Director of the Police Academy, thanked the OSCE for its continued support in building the capacity of future law enforcement staff and Police Academy cadets in combating human trafficking and domestic violence in Tajikistan. “This equipment is of great help to lecturers who will now be able to apply more interactive teaching techniques,” he said.

In previous years, the OSCE has provided expert support to the Police Academy, including the development of the Lecturer’s Guidelines on teaching this specialized and compulsory 20-hour course. The OSCE has also trained the team of lecturers on modern interactive teaching techniques and has recently updated the Course on Combating Trafficking in Human Beings with regard to new legislation in this field.

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Building capacities of Ukrainian gender equality advisors was the focus of the workshop Mainstreaming Gender into Communication, organized by the OSCE Office for Democratic Institutions and Human Rights (ODIHR) and the Equal Opportunities Caucus of the Parliament of Ukraine in Lviv, western Ukraine, on 24 June 2016.

Twenty-five participants from government and civil society, representing seven regions of Ukraine, had the opportunity to learn about effective ways to include a gender perspective into their internal and external communication.

Oksana Yurynets, a Member of Ukrainian Parliament and the Equal Opportunities Caucus, said: "The workshop focused on enhancing the abilities of regional state-administration gender advisors to communicate clear, strong messages to general public. Such communication helps to create an environment where dialogue about gender equality is possible. Working on these issues is very important for Ukraine as a country where equality remains a strategic target."

Kateryna Ryabiko, Project Co-ordinator at ODIHR, said that in accordance with the 2004 OSCE Action Plan for the Promotion of Gender Equality, ODIHR is tasked to promote equality between women and men throughout the OSCE area, including through education in gender awareness. "Promoting gender mainstreaming is essential to recognizing gender equality as a vital element of democratization of society."

Participants also discussed findings of the recent report by the UN Committee on the Elimination of Discrimination against Women that urged Ukraine to intensify its efforts to overcome persistent stereotypes that are discriminatory against women and to improve national capacity for promoting gender equality.

The event was organized as part of ODIHR’s project on “Strengthening dialogue among civil society and with key government stakeholders in Ukraine on human dimension issues”. It was launched in April 2015 with the aim of enhancing effective mechanisms for dialogue to address key human rights issues in Ukraine, in line with OSCE commitments and international standards.

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