On July 7, 2026 PBOC'S PAN attended the Hong Kong Currency and Fixed Income Summit and witnessed the pilot operation of the Hong Kong Central Gold Clearing System and the launch of Shanghai–Hong Kong gold market cooperation. He and Hong Kong Chief Executive John Lee also witnessed a cooperation memorandum between the Cross‑border Interbank Payment System (CIPS) and Hong Kong Exchanges and Clearing. During the visit Pan met John Lee and held talks with Hong Kong Financial Secretary Paul Chan, Hon

Microsoft (MSFT.O) shares fell 2% on news of plans for layoffs.

US ISM services PMI edged down to 54 in June from 54.5 in May, marking the 24th consecutive month of expansion, the ISM services report showed. The business activity index fell to 55.4 from 57.7. The prices index declined to 67.7 from 71.3, slipping below 70 for the first time since February; it has stayed above 60 for 19 months and its 12-month average is 68. Diesel, gasoline and oil were again the most-cited input-price risers, though some respondents reported price declines—attributed to differing contract terms across firms—and a subset said gasoline and diesel purchase prices have fallen, not universally. The ISM committee said oil-price pass-through to supply chains is likely to persist for several months but could ease by autumn if recent improvements in Strait of Hormuz shipping hold.