The State Administration of Financial Supervision and Administration and the Shanghai Municipal Government have issued measures to accelerate the construction of the Shanghai International Reinsurance Center. Measures to support reinsurance companies in raising funds through capital increase and share expansion, as well as issuing capital replenishment tools, to enhance endogenous capital accumulation and exogenous capital replenishment. Regulatory agencies guide insurance companies to focus their reinsurance capabilities on major national projects, strategic emerging industries, and social welfare areas, and support reinsurance companies in utilizing their technical expertise to provide insurance risk reduction services.

European Central Bank Managing Director Panetta stated that the current economy is facing a situation where both upward inflation risks and downward economic growth risks coexist.

[Upbit Lists BONK as a Trading Warning Token] Upbit exchange has listed BONK as a trading warning token, involving the BONK/KRW and BONK/USDT trading pairs. The warning period is from July 7, 2026, 15:00 (UTC+8) to the period between August 3 and August 7, 2026. Upbit has determined that BONK has deficiencies in terms of security incidents and information disclosure. A decision on whether to extend the warning, lift it, or terminate trading support will be made based on the review results. Currently, the deposit function for BONK has been suspended, and all deposits will be returned.

Polymarket data shows that the probability of the Clarity Act being signed into law in 2026 has decreased to 46%. （Cointelegraph）

Saudi Arabia is considering expanding its crude oil pipeline capacity to the west coast of the Red Sea, with plans to add approximately 2 million barrels of pipeline capacity per day to bypass the Strait of Hormuz. The east-west pipeline can currently transport 7 million barrels of crude oil per day to Yanbu Port, of which about 2 million barrels are supplied to West Coast refineries and about 5 million barrels are used for export. The expansion plan includes upgrading existing infrastructure, building new pipelines, or adding refined oil pipelines, with an estimated scale of 1 to 2 million barrels per day. The project will take several years, cost billions of dollars, and adjust the crude oil pricing mechanism.