The top things I am looking at today:

• YAVS--Yet another vaccine scandal is roiling through China, angering parents and further damaging confidence in the government's ability to deliver safe medical goods. Accountability beyond local scapegoats is usually lacking in China unless there is a political aspect to the problem. Li Keqiang has been Premier for 64+ months, with oversight of the health system, and he looks particularly ineffective in this case;

• The State Council Monday approved plans for a more "proactive fiscal policy" though there are no clear signs yet this is a precursor to a massive new stimulus program or that the "tough battle" against financial risks is being abandoned or materially scaled back;

• President Trump again threatened tariffs on all of China's exports to the US and accused it of manipulating the RMB. There are still no indications the two sides are engaged in any meaningful discussions to deescalate, and this week has the July 25 deadline for US airlines to comp…