日元重新成为融资货币的逻辑仍在，日本央行7月继续将政策利率维持在1%，低波动环境也鼓励投资者重建空头。彭博报道显示，实际资金账户仍在卖出日元、配置高息货币。彭博数据显示：日元3个月远期隐含收益率约0.91%，巴西雷亚尔约12.64%，两者年化利差为11.73个百分点。但这只是理论套利空间，并非锁定收益；汇率波动、套保成本和流动性冲击都可能吞噬利差。此外，高盛表示，再次干预、央行加息或波动率跳升，可能迫使仓位集中平仓。

DingTalk global commercial president Yang Meng has completed internal exit procedures and plans to join Ant Group, sources close to DingTalk said. Alibaba DingTalk Wukong vice president Ren Qing will take over Yang’s commercial responsibilities. Sources said the departure was initiated by Yang and the personnel change could be announced soon. Yang’s specific role at Ant Group, and whether Ren Qing will retain the ‘‘global commercial president’’ title, remain unclear.

Key market-moving items next week: China releases July retail sales, industrial output and total electricity consumption (Monday) — the closest thing to a July economic 'report card' for asset and policy watchers. The PBOC will conduct overnight reverse repos Aug 17–19, and China publishes Swift RMB global payments share and the 1-year LPR on Thursday. The Fed releases meeting minutes on Thursday. US energy inventories (API and EIA crude) are due Wednesday; NYMEX September crude contract rolls on Friday. US labor and activity data include ADP payrolls, housing starts/permits and pending home sales (Tuesday), initial jobless claims and the Philadelphia Fed index (Thursday), and S&P Global August manufacturing and services PMIs (Friday, flash). Europe and UK: German/euro-area ZEW (Tue), UK and euro-area CPI (UK on Wed; euro-area final CPI Wed), and preliminary Aug manufacturing PMIs across major European economies and UK on Friday. Other data: Canada July CPI (Mon), Japan July core CPI (Fri), Australia July unemployment (Thu), euro-area current account (Wed), and US leading indicators (Thu). Corporate calendar: major China/HK earnings include Geely (Mon); Baidu and Xiaomi (Tue); Kuaishou, ZTO, Kingsoft, HKEX and Weibo (Wed); Ping An, China Telecom, NetEase, Alibaba, AIA, Li Ning, Pop Mart and Futu (Thu); ZTE, Sinopec and Beike (Fri). Events and policy signals: ECB President Lagarde speaks at a WEF panel on global economic outlook (Wed); Seoul AI Summit runs Aug 19–21 and the World Robot Conference Aug 19–23 (sector sentiment). Geopolitical risk: market commentary flagged by Bessent warning of a possible 'unprecedented' US economic strike on Iran this week — presented as a forecast/preview, not an official action.