July 10 — Novo Nordisk China said the NMPA approved a label update for oral semaglutide tablets (brand: Rybelsus). The drug, approved in China for glycaemic control in adults with type 2 diabetes, had its label revised based on the SOUL trial primary results, which showed a 14% reduction in major adverse cardiovascular events (MACE) in adults with type 2 diabetes and established cardiovascular disease and/or chronic kidney disease.

美联储威廉姆斯：我们对于调整准备金需求的方式已有良好认知。

After a rare zero issuance in Q1, Chinese banks' Tier-2 perpetual bond issuance accelerated sharply in Q2, exceeding CNY1 trillion in aggregate. Issuance has concentrated with large state-owned banks as the dominant issuers while small- and medium-sized banks have slowed issuance amid downward pressure on capital adequacy ratios. Smaller banks are pursuing alternate recapitalization channels—convertible-bond conversions, injections via local government special bonds and other innovative tools are accelerating. Market participants say the issuer split reflects credit stratification and a reworking of regulatory logic, highlighting more granular risk pricing and the urgency for smaller banks to both raise capital and improve asset quality.