yuan

November 9, 2024 10:43 AM

China unveils $1.4 trln local debt package but no direct stimulus

China unveiled a 10 trillion yuan ($1.40 trillion) debt package on Friday to ease local government financing strains and stabilise flagging economic growth, as it faces fresh pressure from the re-election of Donald Trump as U.S. president. The measures confirm last week's Reuters report, and mark a departure from the all-out stimulus strategies to revive growth China has deployed in the past. They aim to repair municipal balance sheets as a longer-term objective, rather than directly inject mon...

GLOBAL MARKETS-Asia stocks bounce as soaring dollar pauses

Asian stocks made their biggest gains in a month on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook. Oil found support following its sharpest fall in two-and-a-half months on demand worries and the lack, so far, of an obvious Israeli or U.S. response to Iran's weekend attack on Israel. Analysts do not expect dramatic new sanctions on oil from Iran, which comprises about 3% of global output. MSCI's broadest inde...