China's Ministry of Finance announced at a State Council Information Office briefing that the cap on interest-subsidized loans for small, medium and micro enterprises will be raised from 50 mln yuan to 75 mln yuan; the cap for service-sector operating entities will be increased from 10 mln yuan to 20 mln yuan; and the subsidy cap on individual consumer loans will be raised from 3,000 yuan to 5,000 yuan to better meet business investment and household consumption needs.

Goldman One Delta head Rich Privorotsky said AI and momentum trades swung sharply over the past 48 hours; Goldman’s GSPUMOMO momentum portfolio has fallen nearly 7%. Goldman Prime data show the move in positions has been much milder: momentum exposure is close to neutral and recent increases are chiefly in net exposure rather than gross leverage. That is material after a sizeable July de‑risking—investors still hold meaningful AI and semiconductors exposure but remain well below prior position peaks. Semiconductor internal leverage has already fallen, though residual system leverage could trigger passive de‑risking and forced selling if prices drop quickly. Lower market liquidity in August may further amplify AI swings; intraday price action looks “fundamental” but may overstate underlying fundamental change. Watch total leverage, Prime positions and semiconductor fund flows to judge whether this volatility will broaden into wider de‑risking.

The Russian Pacific Fleet said on the 20th that a mixed strike force conducted missile-firing exercises in waters near the Southern Kurils (Japanese: Northern Territories/Northern Four Islands), engaging simulated enemy ships and claiming all targets were hit. The statement said missile cruiser Varyag fired anti-ship missiles, nuclear submarine Omsk launched P-700 Granit cruise missiles, and a shore-based coastal anti-ship system also fired anti-ship missiles; strike targets were more than 300 km from launch points. Russia did not specify the timing of the training. Kyodo reported on the 21st that Japan’s foreign minister Motegi, speaking in Oman on the 20th, said strengthening armaments on the Northern Four Islands violates Japan’s position and is “unacceptable.”