China A-share semiconductor sector opened volatile and split. Chengbang hit and held the daily limit; Qipai Technology rose over 9%; Liyang Chip and Youxun Technology gained more than 7% each. Muxi-U fell over 6%; MooreThread-U dropped nearly 4%; VeriSilicon and Awinic Technology also slid.

As of Sept. 9, US corporates and financials have issued €149bn of bonds in European currencies this year, the second-highest on record; not all issuance is tech- or AI-related. Amazon launched its first sterling bond, raising £4.25bn across four tranches with an orderbook of £10.65bn. Uber has filed with the SEC for a five-tranche euro bond. ECB data show US big-tech firms have about €40bn of outstanding euro debt, roughly 10% of euro-area non-financial corporate new issuance YTD. AI-driven funding demand has not eased global credit supply pressure but is shifting competition from the crowded dollar market into euro, sterling and Swiss franc markets.

China's banking sector international settlement volume reached $13.14 tln in 2025, up 10.24% YoY, according to incomplete statistics from the China Banking Association trade finance committee. Domestic letter-of-credit settlements totaled 4.39 tln yuan, up 22% YoY. International trade financing amounted to $554.6 bln, up 14% YoY; domestic trade financing totaled 5.17 tln yuan, up 21.4% YoY. The report said trade finance strengthened simultaneously at home and abroad, reflecting demand release under China's dual-circulation framework.