市场消息：科威特境内发生爆炸。

The PBOC said on July 15 that RMB loan balance stood at 282.63 trillion yuan at end-June, up 5.2% YoY. Experts say China is undergoing deep industrial restructuring and a shift in growth drivers; a slowdown in loan growth reflects financial-system adaptation to the economic transition rather than reduced policy support. Over the long run China’s social financing was loan-dominated, but in 2025 incremental bond and equity financing exceeded incremental loans for the first time and became the main driver of financing supply. Experts expect this shift toward diversified financing to persist and continue supporting the real economy.

Standard Chartered chief strategist Eric Robertson said we have entered an era of structurally higher interest rates. He said US rates are unlikely to return to zero and that rates in Europe and Japan have also risen. A key long-term implication will be tighter capital allocation—financing costs of 4–5% will force stricter project selection compared with a zero-rate environment. He added this does not imply capital scarcity: tens of trillions of dollars remain parked in US money-market funds and alternative asset managers hold large pools of capital.