China started marketing dollar bonds in Saudi Arabia, marking the country’s first debt sale in the US currency since 2021. It’s offering the three-year and five-year securities with initial price guidance of about 25 basis points and 30 basis points over the respective US Treasury yields, according to people familiar with the matter. The Ministry…
China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter. Regulators are working on a proposal that would allow mega cities including Shanghai and Beijing to cut the deed tax for buyers to as low as…
Asian stocks slipped Monday in response to a lukewarm reception to China’s $839 billion stimulus package. The package, which was approved Friday, was designed to alleviate local government debt but fell short of investor expectations for more substantial economic support. Hong Kong’s Hang Seng Index dropped 1.5 percent to 20,426.93, while the Shanghai Composite Index…
Global commodities markets are stuck in a holding pattern after China’s latest effort to revive its economy focused on the much-needed restructuring of local government debt, but stopped short of stimulus measures that would directly boost domestic demand. Delivered by the finance ministry on Friday afternoon, Beijing’s move amounted to a hefty $1.4 trillion bailout…
Local governments in China are running out of infrastructure needs to meet ADEK BERRY Text size China has unveiled an ambitious plan to relieve public debt, aiming to turn local governments away from belt-tightening practices that have exacerbated a domestic downturn. Policymakers gathered in Beijing this past week approved a proposal to swap six trillion yuan…
China will brief on a plan to allow local governments to refinance their off-balance-sheet debt at 4 p.m. on Friday in Beijing, where officials are expected to unveil more details of a fiscal package to help the slowing economy. Finance Minister Lan Fo’an and Xu Hongcai, director of the budget committee of the National People’s…
The yuan declined while Chinese stock futures whipsawed after authorities announced a total 10 trillion yuan ($1.4 trillion) program to refinance local government debt, signaling investors weren’t impressed with the latest attempt to support the economy. The yuan sank as much as 0.6% in offshore trading, pulling its Asian peers such as the Australian and…
China announced a 10 trillion yuan ($1.4 trillion) program to refinance local government debt, as Beijing rolls out more measures to support a slowing economy facing new risks from the reelection of Donald Trump. China will raise local governments’ debt ceiling to 35.52 trillion yuan, which will allow them to issue six trillion yuan in…
China’s bond traders are watching a key legislative meeting this week where lawmakers are expected to approve a fiscal package worth trillions of yuan. An increase in bond sales to prop up economic growth is expected, but the question is just how large the new stimulus will be. A surge in issuance may weigh on…
Financial markets surged Tuesday as the closely fought 2024 presidential campaign finally wrapped up while investors also looked ahead to the Fed meeting later this week. The Dow Jones Industrial Average jumped more than 400 points, or 1%, to close at 42,221.88. The S&P 500 rallied 1.2% to finish at 5,782.76, and the Nasdaq shot…