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China unleashes $1.4trn package to bolster economic growth - reports
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The National People's Congress has given local governments the authorisation to issue around $840bn in new bonds over the next three years, according to several media reports. Additionally, local governments could reallocate a further $560bn in previously devised five-year bonds. The Chinese yuan dropped by nearly 0.4% against the US dollar following the introduction off the fiscal stimulus today (8 November), according to data from MarketWatch. Chinese equities jump 5% on the back of Beijing's 'full confidence' in hitting growth targets Patrick Zweifel, chief economist at ...
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