On Aug 22 Canadian prime minister Carney announced reciprocal tariffs matching US measures — 50% duties on US$20 billion of Canadian exports — to take effect Sept 8. Premiers of Ontario, British Columbia and Quebec publicly supported the retaliatory plan; Ontario Premier Doug Ford urged provincial coordination and BC Premier David Eby backed a firm response to the US actions.

Global long-term sovereign yields have risen and bond selloff pressure has intensified, while China’s bond market and the yuan have remained relatively stable. As of Aug 21, 2026 cumulative panda bond issuance reached CNY 209.98 bln, up more than 73% YoY, amid increased onshore RMB funding by international institutions. Market contacts note foreign investors account for only about 5–8% of China’s bond market, leaving domestic investors with pricing dominance, and say China’s monetary policy remains domestically focused so external shocks are unlikely to reverse the domestic bond trend. Outlook: developed-market yields are likely to stay volatile, bolstering the allocation case for RMB bonds and potentially drawing sustained foreign inflows over the medium–long term; offsetting risks include higher US Treasury yields raising global allocation hurdles and possibly deterring foreign purchases of RMB bonds, and rapid rises in developed-market yields constraining domestic risk-asset valuations.

A Turkish-operated merchant vessel was attacked in the Black Sea near the Russian port of Novorossiysk in the early hours of the 22nd, killing one crew member and injuring eight.