Indonesia’s central bank stood pat again at its December policy meeting, continuing to hold rates steady for a third straight time as it looks to support the rupiah and the economy, the Wall Street Journal reported. Bank Indonesia’s decision to keep its benchmark seven-day reverse repo rate at 6.00% on Wednesday had been expected to be a close one. Four out of seven economists polled by The Wall Street Journal had forecast a hold, while three had projected a 25-basis-point cut.

Distressed Hong Kong property firm New World Development Co. is in talks with banks to extend the due dates of some bilateral loans, adding to concerns over its ability to service one of the heaviest debt loads of its kind, Bloomberg News reported. It’s unclear how much of a delay the builder is seeking for each loan. But the efforts show the company — which had total liabilities of HK$220 billion ($28.3 billion) at the end of June — is exploring ways to alleviate financial pressure after recording its first annual loss in two decades.

Thailand’s central bank held its benchmark interest rate steady in a widely expected move as inflation remains low and the economy has yet to show firm signs of recovery, the Wall Street Journal reported. With the Thai economy facing headwinds from intensified external competition and higher uncertainty, the Bank of Thailand said Wednesday that its policy committee voted unanimously to maintain its policy rate at 2.25%. Seven economists polled by The Wall Street Journal had expected the central bank to stand pat.

Hong Kong's securities regulator on Wednesday approved four cryptocurrency exchanges in the city's latest effort to stay competitive in a race to become a global centre for digital asset trading, Reuters reported. Hong Kong has been promoting itself as a hub for assets such as cryptocurrencies in a effort to maintain its attractions as a financial centre. The Hong Kong Securities and Futures Commission said it had granted licences to Accumulus GBA Technology (Hongkong) Co., DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI).

Distressed textile giant PT Pan Brothers is closing in on its debt restructuring after seven months of negotiation with creditors, according to people familiar with the matter, as it works to avoid becoming the second Indonesian clothesmaker to be declared bankrupt this year, Bloomberg News reported. Creditors will vote Wednesday on the latest 8.6 trillion rupiah ($537 million) restructuring proposal by Pan Brothers, Bloomberg News reported earlier.

The New Zealand government said it expects the economy to exit years of recession in early 2025 supported by significant reductions in interest rates, the Wall Street Journal reported. A midyear update of the budget forecasts the farm-rich economy to grow 0.5% for the fiscal year ending June 30, 2025, before accelerating to 3.3% in the next fiscal year. However, the stronger growth momentum won’t speedily patch up the government’s budget bottom line with a return to surplus not expected until 2029.

Chinese leaders agreed last week to raise the budget deficit to 4% of gross domestic product (GDP) next year, its highest on record, while maintaining an economic growth target of around 5%, two sources with knowledge of the matter said. The new deficit plan compares with an initial target of 3% of GDP for 2024, and is in line with a "more proactive" fiscal policy outlined by leading officials after December's Politburo meeting and last week's Central Economic Work Conference (CEWC), where the targets were agreed but not officially announced.

Communist-run Vietnam is planning its boldest bureaucratic reform in decades, slashing ministries, agencies and broadcasters in a bid to reduce bottlenecks and red tape, but risking short-term "paralysis", officials and investors said, Reuters reported. Under the plan, five ministries, four government agencies and five state TV channels would be among the bodies that will cease to exist, according to Communist Party documents reviewed by Reuters and reports in state media.

A Tokushima-based startup that produced edible crickets has suspended operations and filed for bankruptcy after facing criticism over the use of its product in school lunches, it has been learned, the Japan News reported. Gryllus Inc. filed for bankruptcy at the Tokushima District Court on Nov. 7 with debts of about ¥153 million. The company had suffered poor performance after receiving criticism online due to the public’s resistance to the idea of eating insects.

China's industrial output rose 5.4% from a year earlier in November, quickening from October's 5.3% growth, signalling tentative stabilisation in the world's second-largest economy as recent stimulus measures start to gain traction, Reuters reported. Data released on Monday by the National Bureau of Statistics beat expectations for a 5.3% rise in a Reuters poll of 26 analysts. Retail sales, a gauge of consumption, grew 3.0% in November, down from a 4.8% rise in October. Analysts had predicted a 4.6% expansion.