The People’s Bank of China is preparing to flood the banking system with liquidity to boost lending, according to officials and advisers to the central bank, as its recent currency moves are squeezing yuan funds out of the market and renewing concerns over capital leaving Chinese shores, The Wall Street Journal reported.

The Bank of Portugal is in exclusive talks with China's Anbang Insurance Group Co on the sale of state-rescued Novo Banco, leaving two other bidders on the sidelines, sources said. Two sources close to the bidding process told Reuters China's Fosun International and U.S. fund Apollo Global Management had also made binding bids and could re-enter the race if talks with privately-held Anbang fail. A Beijing-based spokeswoman for Anbang declined to comment.

Jurong Aromatics Corp, operator of one of the world's largest petrochemical plants, cannot service its interest payments and is negotiating a debt restructuring with bankers amid a plunge in oil prices, people familiar with the situation said, The Straits Times reported. Operations at the US$2.4 billion (S$3.4 billion) plant have stalled since December as the Singapore-based group remains locked in talks with lenders including BNP Paribas and Standard Chartered, as well as suppliers Glencore, BP and SK Energy, the sources said.

Genesis Energy will cancel its coal supply agreement with Solid Energy from October using a clause triggered by the coal mining company's voluntary administration, Stuff.co.nz reported. The move is a blow for the country's largest coal miner, Solid Energy, as it prepares for a meeting next month in which debtors will be asked to consider a two-and-a-half year repayment halt while the company is organised for sale. In March, Solid Energy was negotiating $320 million debt with banks, and was last week placed into voluntary administration in a last ditch attempt to save the company.

Chinese stock markets took a wild ride on Wednesday, tumbling and soaring in a session that made little sense other than to highlight that investors have almost no faith in a month-long government effort to stabilize them, the International New York Times reported. The Shanghai and Shenzhen markets fell 3 percent in morning trade, taking their losses to more than 8 percent since investors stampeded without warning on Tuesday. But state-backed buyers later rushed in, enabling stocks to finish the day more than 1 percent higher.

While other countries fret over banks that are too big to fail, South Korea is grappling with the concept of systemically important human beings. Last week President Park Geun-hye announced a special pardon for Chey Tae-won, scion of the founding family of SK Group, South Korea’s third-biggest chaebol conglomerate. Mr Chey was halfway through a four-year jail sentence for embezzling more than $40m from SK companies — his second conviction for defrauding shareholders. But the country’s main business lobby groups campaigned for Mr Chey’s release on the basis of his importance to the economy.

The shock waves from China’s surprise yuan devaluation are ricocheting through African economies, sending currencies tumbling and stoking anxiety that the continent’s biggest trading partner might be losing its appetite for everything from oil to wine, The Wall Street Journal reported. In South Africa, the rand hit a 14-year low of 12.94 to the dollar on Monday, extending a 2% drop since Aug. 10 and a 12% slide this year.

If finance were a boxing match, then the referee would be getting ready to intervene in emerging markets, the Financial Times reported. Already on the back foot because of fears over tighter US monetary policy, and taking a pounding from sliding commodity prices, the developing world’s stocks, bonds and currencies have just been on the receiving end of a haymaker from China — in the form of its modest but ominous devaluation. The rout has been fierce and broad.

The opening of the $3.5 billion Baha Mar mega-resort in the Bahamas is expected to be delayed beyond the start of the Christmas season, with the developer deep in an escalating legal battle with the Chinese companies that are providing most of the finance and construction work, Reuters reported. Even if construction on the unfinished resort resumed this month, there is little chance the project could be completed by mid-December, the start of the high season for Bahamas resorts, according to local contractors who have worked on the project.

Global banks are facing billions of pounds-worth of civil claims in London and Asia over the rigging of currency markets, following a landmark legal settlement in New York,the Financial Times reported. Barclays, Goldman Sachs, HSBC and Royal Bank of Scotland were among nine banks revealed last Friday to have agreed a $2bn settlement with thousands of investors affected by rate-rigging in a New York court case.