China's JL-3 submarine missile test on July 6 signals a maturing sea-based nuclear deterrent, raising Indo-Pacific tensions and macro risk for investors.

It is the PLA’s first known submarine-based missile test since 1982, and the first known to be fired from a nuclear-powered submarine.

It is China’s first known submarine-based missile test since 1982, and the first known to be fired from a nuclear-powered submarine.