China

The PBOC-authorized NIFC fixed China's one-year Loan Prime Rate at 3.00% and the five-year-plus rate at 3.50% on September 20, extending an unbroken hold that began in June 2025. The decision comes alongside household credit contraction, 0.4% August retail sales growth, and a 19.9% year-on-year drop in property development investment through August 2026. PBOC Governor Pan Gongsheng's recent policy essay signals a deliberate shift away from broad-based rate cuts toward targeted liquidity and price-based monetary transmission.

Palmer Luckey stated on September 19 in Taipei that the Trump administration's delay in approving a proposed $14 billion U.S. arms package for Taiwan is negatively affecting Anduril's business there, though he declined to specify which activities are affected. The package, primarily reported to include PAC-3 and NASAMS air-defense missiles, has not appeared as a formal congressional notification as of September 18, and U.S. officials disagree on whether it is paused or under internal review. Anduril does have confirmed existing Taiwan activity, including delivery of Altius loitering munitions and a local office, but no public record confirms the company holds a specific role in the stalled package.

Pictet's Hong Kong-domiciled Strategic Income Fund reached $5.1 billion in AUM by September 2026, up from $1.6 billion at the start of the year, with roughly 60% of assets sourced from mainland Chinese retail investors via the Mutual Recognition of Funds scheme. Morningstar data show the fund led northbound MRF flows in both Q1 and Q2 2026, recording HKD10.67 billion and HKD5.68 billion in net subscriptions respectively. The fund's 20.94% year-to-date return through June means the AUM gain reflects both investor inflows and market appreciation, though no source quantifies the exact split between the two.