News Snapshot:
HONG KONG (BLOOMBERG) – China ramped up financial support for small businesses and pledged better use of local government bonds as the economy showed further signs of a slowdown because of tight property controls and fresh virus outbreaks. The People’s Bank of China will provide 300 billion yuan (SA$62.4 billion) of low-cost funding to banks so they can lend to small and medium-sized companies, according to a statement released after a meeting on Wednesday (Sept 1) of the State Council, China’s equivalent of a government cabinet. Other measures include interest subsidies to firms hit hard by the pandemic and a...
