Year-to-date Chinese loan rates have stayed low and extended their decline into July. In July the weighted-average rate on new corporate loans was just under 3%, about 20bps lower YoY; the weighted-average rate on new home mortgages was about 3.1%, broadly unchanged YoY.

On Aug. 14 Ministry of National Defense spokesman Colonel Chen Xi said China will continue rights-protection law-enforcement operations in waters near Ren'ai Reef. He rejected Philippine and Australian accusations after their defense ministers issued a joint statement expressing "serious concern" about recent China Coast Guard actions at the reef. The coast guard has published what Beijing says is evidence of a Philippine deliberate provocation and an attack on Chinese personnel; China says it took necessary, professional and restrained measures. Chen reiterated Ren'ai Reef is part of China’s Nansha (Spratly) Islands and called on the Philippines to remove the illegally grounded vessel No.57. Beijing urged other states to stop hyping and stoking confrontation and to refrain from damaging regional peace and stability.

Philippine President MARCOS said the country's economic growth rate was disappointing.