Global financial markets appear calm on the surface, but undercurrents are turbulent: Warsh's reduction in forward guidance has amplified policy uncertainty, and the yen's fall below the 162 level has triggered another carry trade margin call. If the high growth forecast of 24% for US stocks in the second quarter fails to materialize, it could trigger a sharp, exponential pullback.

TSMC has started mass production of 2-nanometer chips, and Google has become the first customer for its 2-nanometer smartphone chips. According to Jin10, Google will launch a new smartphone in mid-August, about one month earlier than Apple.

China’s interbank foreign exchange market set the central parity rate for USD/CNY at 6.7972. According to Jin10, the central parity rates were: EUR/CNY 7.7400, HKD/CNY 0.86693, GBP/CNY 9.0850, AUD/CNY 4.7128, CAD/CNY 4.7934, and NZD/CNY 3.9057. The central parity rate for 100 JPY/CNY was 4.1922. The central parity rates were also set at CNY/RUB 11.3220 and CNY/MYR 0.59976. The central parity rates for CHF/CNY and SGD/CNY were 8.3892 and 5.2496, respectively.

Data show that prediction markets had the largest average single financing amount in the crypto industry in 2026, with an average of $118 million per funding round. According to Odaily, exchanges ranked second with an average of $76.2 million per round. The data also showed that blockchain and compliance recorded average single financing amounts of $47.8 million and $29.4 million per round, respectively.

Long-term bonds remain a core allocation on the asset side for insurance funds, with allocation pace jointly determined by absolute yields and term premiums. According to Jin10, Orient Securities said in an insurance industry research report that insurers’ bond allocation has shifted from simply extending duration to optimizing structure. The report said persistently low interest rates have continued to compress coupon income and reinvestment yields, and that extending duration can only delay a downward shift in the yield center. The report said that in 2025, net investment yields at major listed insurers generally fell year over year. After existing high-yield assets mature, yields on new allocations gradually flow into interest income. Under a static calculation, allocating to longer-duration assets can reduce the annual reallocation ratio, but cannot fully eliminate the impact of low interest rates. Orient Securities said yields on 30-year government bonds and local government bonds were still higher than the cost of major new liabilities, meaning long-duration assets still offered coupon coverage and duration-matching value. It added that the 30-year minus 10-year yield spread measures the term premium of ultra-long bonds relative to 10-year government bonds, and that since 2025 the spread has rebounded noticeably from historical lows. The report said insurers’ allocation logic has shifted toward a combination of duration matching, term premium, and timing-based allocation.

OpenAI CEO Sam Altman said he hopes to see the community build projects using GPT-5.6 Sol. According to Odaily, Altman wrote on X that he will give a special gift from the OpenAI archives to the developer who creates what he described as the “coolest work.”

A strategist at Bank of East Asia Wealth Management lowered the Hang Seng Index target for this year to 27,100 from 29,000. According to Jin10, investment strategist Chen Weicong said heavier AI spending by technology companies, along with rising production costs for energy and memory chips, has left the earnings recovery of heavyweight internet and consumer stocks weaker than previously expected. He said this prompted him to cut his earnings forecast for the Hang Seng Index this year. Chen reiterated that the forecast price-to-earnings ratio for Hong Kong stocks is currently about 10 times, slightly below the roughly 10.5 times average over the past 10 years. He said valuation appeal is gradually emerging and that an excessive short-term market decline could present an opportunity to accumulate positions. He expected the broader market to see a phased rebound in the second half of the year, but said the rebound would not last long. He added that if the July Central Political Bureau meeting releases more growth-stabilizing policies, it could become a potential catalyst for a rebound.

Some tokens are designed for circulation and consumption. Arcade tokens offer a different model for cryptocurrencies: these tokens are similar to points or arcade credits, but possess the openness and programmability of cryptocurrencies.

U.S. stocks rose, while Hong Kong stock ADRs fell 34 points, or 0.14%, to 24,141, according to Ming Pao. Hong Kong night futures rose 80 points, or 0.33%, to 24,238, implying a 63-point premium over the ADR level.

The conflict in the Strait of Hormuz has escalated significantly. Iran has expanded its strikes to include Gulf states such as Qatar, the UAE, and Kuwait, and has again announced the closure of the strait; the United States continues its airstrikes against Iranian military targets, while Trump maintains that the Strait of Hormuz remains open.

Jinse Finance launches its cryptocurrency and blockchain industry daily news bulletin, "Jinse 8 AM," issue 3118, providing you with the latest and fastest news on the digital currency and blockchain industry.

Stablecoins, AI Agents, Artificial Intelligence, x402: Why are they hot again? Cloudflare, stablecoins, and AI Agents are rewriting internet charging models. Golden Finance: June trading baseline doubled.

This week, 10 blockchain startups raised a total of $266 million in funding. Gauntlet raised $130 million in a funding round led by SBI Holdings (SBI Group), the largest funding round of the week.

On July 10, Kimi, a subsidiary of Moon's Dark Side, in conjunction with the Agricultural Bank of China and American Express, officially launched the "world's first AI-native credit card".

It is not a single upgrade, but a series of protocol improvements to be implemented in stages over the next three to four years, covering almost every core module of the protocol, from verification methods, cryptography, finality to state storage, all of which are completely reconstructed.

The war of words between Musk and Sam Altman has escalated again, coinciding with the release of flagship new models by their respective AI companies in the same week, making the competition extremely heated.

Artificial intelligence, India, OpenAI, the world's most populous country has been shorted by AI. Golden Finance reports that the first country to be shorted by AI has emerged.