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The Federal Reserve kept the federal funds rate steady at 3.50% to 3.75% after its July meeting, in a 9-to-3 vote. Three officials dissented, favouring a quarter-point increase. It was the first time in ten years that as many as three policymakers formally broke ranks on the rate direction, highlighting unusual internal division.
The Federal Reserve kept the federal funds rate at 3.5% to 3.75% in July, but divisions erupted as three regional bank presidents dissented in favor of a quarter-point increase. The 9-3 vote, with opposition from Cleveland, Minneapolis and Dallas Fed chiefs, marked a sharp shift from June’s unanimous decision and represented the fifth consecutive pause. While some global tech firms reported solid second-quarter earnings, their share prices came under pressure and the US Treasury yield curve steepened. The central bank reiterated that inflation remains elevated, partly owing to shocks.
The People's Bank of China announced it will conduct overnight reverse repo operations totaling 2.1 trillion yuan (RMB 2.1 trillion) over several days. The operations are intended to manage short-term liquidity in the banking system, reflecting the central bank's effort to maintain stable funding conditions.
Competition for US dollar deposits among Chinese banks is intensifying. Hang Seng Bank (China) is offering a limited-time promotion in July 2026, with new customers earning up to 4% annualized on one-month deposits. East Asia Bank offers rates of 3.4% for three months and 3.55% for six months on deposits of US$50,000 or more. Nanjing Bank offers 3.42% on one-year deposits of US$200,000. Large state-owned banks offer around 2.8% for one-year deposits. The yuan has appreciated over 3% this year and over 5% in the past year.
As of end-June 2026, only 153 banks still offered proprietary wealth management products, with total outstanding scale of RMB 2.48 trillion, declining for two consecutive quarters. Many small and medium banks saw significant reductions, while a few bucked the trend. Wealth management subsidiaries' market share reached 92.13%, and cross-bank distribution channels expanded to 656 institutions. The industry is shifting from self-issuance to agency distribution.
As of end-June 2026, the bank wealth management market had RMB 33.66 trillion in outstanding products, up 1.11% from the start of the year and 9.75% year-on-year. There were 51,200 products, up 10.58% from the start. New products raised RMB 39.21 trillion. Investors earned RMB 305.2 billion, with an average annualized return of 2.05%. Wealth management subsidiaries held 92.63% of the market, with their scale up 13.46% year-on-year.
China Construction Bank (CCB) has introduced the 'CCB Life Card Yiyang Life Edition' credit card, designed for elderly households. The card features a bergamot-themed design symbolizing longevity and peace, and offers random discounts at supermarkets and discounts on travel spending above a threshold. Children can apply for a primary card and a supplementary card for their parents. CCB previously launched the Long Card Family Love credit card, providing health, travel, and safety benefits. Together, the two cards cover five major financial services: shopping, travel, medical care, transportation, and safety, supporting the 15th Five-Year Plan's push for silver economy development.
Multiple listed Chinese banks set their second-half 2026 operational priorities at mid-year meetings, emphasizing asset-liability management, income diversification, internationalization, and digital-intelligence transformation. Everbright Bank stressed high-quality growth, while Industrial Bank targeted active asset-liability management and cost reduction. Huaxia Bank listed 18 key tasks, including risk control and retail business improvement. Several banks strengthened risk prevention, with city commercial banks increasing the weight of risk metrics in assessments. On digitalization, Shanghai Pudong Development Bank reported over 440 AI application scenarios as of June 2026, covering marketing, operations, risk control, and management.
HSBC Holdings has received purchase inquiries from multiple insurers for its UK pension assets, valued at 18.7 billion pounds (about 197.3 billion Hong Kong dollars). The insurers initiated the inquiries, and HSBC has not started a formal sale process, with only preliminary discussions underway. According to HSBC UK's annual report, the pension assets had a surplus of 5.26 billion pounds as of December 2025.
Hong Kong's ICAC has charged three former HSBC customer managers – Chen Fukun, Chen Weibo, and You Qilong – with a total of six corruption counts. Chen Fukun allegedly accepted bribes exceeding RMB35,000 from an insurance agent to let referred clients bypass queues for bank account openings, receiving RMB1,000 to RMB1,200 per client. He also paid RMB300 to RMB500 each to Chen Weibo, You Qilong, and another manager for handling referrals. Separately, Chen Weibo faces an additional charge for placing over RMB120,000 in illegal online bets in February 2026. The case will be heard at Eastern Magistrates' Courts tomorrow.