Market Information Tuesday 22 July 2025

Nvidia has resumed shipments of its H20 AI chips to China with U.S. government backing, easing prior restrictions and highlighting the strategic tension between maintaining U.S. tech dominance and managing China’s rise in AI. The move offers Nvidia access to its largest market—where half the world’s AI developers are based—while giving Washington leverage by keeping Chinese firms dependent on American technology. Although the return may delay progress in China’s domestic chip development, it reinforces U.S. influence in global AI infrastructure. Analysts say cutting China off completely could undermine U.S. firms’ revenues and innovation capacity, especially in fast-evolving AI sectors like inferencing.

China’s exports of rare-earth magnets to the U.S. soared by over 660% in June compared to May, as American firms rushed to secure supplies following a preliminary trade deal easing restrictions. Despite Beijing’s tight grip on global rare-earth magnet production—accounting for roughly 90%—the U.S. received 353 metric tons last month, making it the second-largest destination after Germany. The rebound comes after China imposed export license requirements in April in response to steep U.S. tariffs. While the short-term outlook for global manufacturers has improved, structural reliance on China remains, with experts warning it could take years for other nations to build a viable alternative supply chain.

Thailand’s cabinet has approved Vitai Ratanakorn, current CEO of the Government Savings Bank, as the next governor of the Bank of Thailand, pending royal endorsement. Set to begin his five-year term on October 1, Vitai will take over amid economic headwinds such as weak domestic consumption, elevated household debt, and mounting pressure from U.S. tariffs. With limited room for monetary easing, analysts say his appointment could foster better coordination between the central bank and the Pheu Thai-led government, which previously clashed with outgoing governor Sethaput over interest rate policy.

The 6M Euribor decreased with 2 basis points to 2,05% compared to previous business day. The 10Y Swap decreased with 6 basis points to 2,60% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.