Hong Kong M3 money supply +5.5% YoY in July, up from 2.60% in June.

U.S. Treasury Secretary Bessent on Sunday rejected worries that rising U.S. debt is weighing on the Treasury market, saying “first, I’m not sure where the alleged turbulence in the bond market is,” and noting U.S. Treasuries have outperformed other major bond markets year-to-date. He said the U.S. is better positioned than many developed peers because growth continues despite large deficits, and that recent yield increases largely reflect energy-price and Iran-conflict-driven inflationary pressure he expects to fade over time; he added higher yields also signal confidence in the U.S. economy. Bessent dismissed concerns from some central bank policymakers that the Treasury’s unexpected increase in repo operations distorted markets or broke usual, predictable Treasury market practices.

The Ministry of Industry and Information Technology (MIIT) has issued a notice launching a special action to develop AI application service providers. MIIT targets building firms that understand industry pain points, technical mechanisms, security risks and delivery/operations. Targets: by end-2026 a national service-provider pool exceeding 2,000 firms with a multi-tiered, coordinated structure and materially stronger complex-scenario delivery capability; by end-2027 at least 3,000 firms to support a full-factor, full-chain, full-scenario AI application service ecosystem.