South China Sea Diplomacy: ASEAN and China are pushing to wrap up the long-awaited Code of Conduct talks by year-end, but analysts say legal and coverage disputes make a quick deal unlikely. US-China Friction Over Research: The Pentagon updated its list of foreign research entities, adding 130 institutions in China, Russia and Iran, warning US partners to be cautious. AI and Security Tensions: The US accuses China-linked AI efforts of IP theft and export-control violations, while major tech firms urge against broad bans on open-weight models. Beijing Targets Offshore Wealth: China will start taxing offshore trusts and their income from Friday, closing a loophole used by wealthy residents to shield assets abroad. China’s Financial Support: The PBOC added CNY800 billion net liquidity in July, ending months of net withdrawals, and issued DR-linked loans in Hainan as a new lending-rate anchor. Fields Medal Spotlight: Chinese mathematicians Deng Yu and Wang Hong won the 2026 Fields Medal, the first Chinese nationals to take the prize. Auto and Industry Moves: Ford and Geely plan a Spain joint venture to build low- and zero-emission vehicles, while China’s EV exports keep climbing. Weather Watch: Tropical Storm Noul is expected to bring heavy rain and flood risk to parts of Guangdong and Fujian.