Employees at a bank in Dongguan, China. Reuters
China’s central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States.
The Asian Development Bank (ADB) approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen economy besides approving $300 million to support energy sector reforms.
China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.
China’s central bank said it will inject 1.2 trillion yuan ($174 billion) worth of liquidity into the markets via reverse repo operations on Monday as its stock markets prepare to reopen amid an outbreak of a new coronavirus.
The automobile industry in India is the world’s fourth largest. India was the world’s fourth largest manufacturer of cars and seventh largest manufacturer of commercial vehicles in 2019.
Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from the Saudi Arabian Monetary Authority’s foreign exchange (forex) reserves to the Kingdom’s Public Investment Fund in March and April.
The Sharjah Chamber of Commerce & Industry (SCCI), and Sharjah Islamic Bank (SIB) recently held a virtual joint meeting to discuss the latest developments of the impact of the new coronavirus (COVID-19) on the economy and explore avenues of the mutual cooperation to stimulate businessmen.