Many Chinese in their 20s and 30s are cutting spending and saving cash where they can, rattled by China's coronavirus lockdowns, high youth unemployment and a faltering property market, Reuters reported. This new frugality, amplified by social media influencers touting low-cost lifestyles and sharing money-saving tips, is a threat to the world's second-largest economy, which narrowly avoided contraction in the second quarter. Consumer spending accounts for more than half of China's GDP.

Crisis-hit Sri Lanka will make a presentation to its international creditors on Friday, laying out the full extent of its economic troubles and plans for a debt restructuring and multi-billion dollar International Monetary Fund bailout, Reuters reported. Years of economic mismanagement combined with the COVID-19 pandemic have left Sri Lanka in its worst economic crisis since independence from Britain in 1948, causing it to default on its sovereign debt. The country's Ministry of Finance said in a statement via legal firm Clifford Chance that an online call on Sept.

Australians looking to buy a new home could actually benefit from rising interest rates as they lower the price of housing enough to ultimately result in lower mortgage payments than they would otherwise face, a top central banker said on Monday, Reuters reported. Speaking at a housing conference, Reserve Bank of Australia (RBA) Assistant Governor Jonathan Kearns said the 225 basis points of rate hikes already delivered could lower prices by at least 15 percent over a two-year period, while also cutting borrowers' maximum loan size by around 20 percent.

Japan’s financial watchdog plans to examine how global investment banks sell controversial structured bonds in the country, a sign that a crackdown on the products is gathering pace, Bloomberg News reported. The Financial Services Agency will check whether the main issuers of such products disclose enough information to local financial firms, which buy and then distribute them to retail investors across the country, the people said, declining to be named as the discussions are private. Japan’s FSA will also look into the fees charged.

China's exporters – the last reliable pillar of the world's second-largest economy as it struggled with the pandemic, weak consumption and a property crisis – are warning of hard times ahead as softer overseas markets force them to shed workers, shift to lower-value goods and even rent out their factories, Reuters reported. Alarm bells sounded for China's $18 trillion economy when trade data last week showed export growth well short of expectations and slowing for the first time in four months.

A court in South Korea issued an arrest warrant for Do Kwon, the founder of the Terraform Labs cryptocurrency ecosystem, whose implosion earlier this year sparked a global crypto rout, Bloomberg News reported. The court in Seoul issued a warrant for Do Kwon and five others on allegations that include violations of the nation’s capital markets law, according to a text message from the prosecutor’s office. All six individuals are located in Singapore, the prosecutor’s office said. Do Kwon didn’t immediately reply to an email seeking comment.

The United States on Wednesday announced that it would transfer $3.5 billion in Afghan central bank assets into a new Swiss-based trust fund that will be shielded from the Taliban and used to help stabilize Afghanistan's collapsed economy, Reuters reported. The Afghan Fund, managed by a board of trustees, could pay for critical imports like electricity, cover debt payments to international financial institutions, protecting Afghanistan's eligibility for development aid, and fund the printing of new currency.

Chinese authorities have told the nation’s biggest banks and state-owned firms to start a round of checks on their financial exposure to Fosun, one of the country’s largest non-state conglomerates, Bloomberg News reported. Multiple regulators including China’s banking watchdog and the local commission that oversees state investments in Beijing recently told institutions under their oversight to closely examine their Fosun exposure.

Lenders of Future Enterprises have appointed forensic auditor J C Kabra & Associates, in line with a finance ministry mandate to audit non-performing loan accounts with over Rs 50 crore exposure, the Economic Times of India reported. Central Bank of India, the lead bank for Kishore Biyani-promoted Future Enterprises, appointed the forensic auditor on September 12, according to a stock exchange filing by the company late Monday evening. The troubled retailer, which defaulted on its loans, has outstanding loans of Rs 6,700 crore, said a lender.

Some Turkish banks are curtailing corporate lending after the government's latest raft of regulations raised their costs and forced many to cut their balance sheet risks, five banking and private sector sources told Reuters. The new rules, part of President Tayyip Erdogan's unorthodox management of the economy, have especially depressed longer-term lending. The owner of one mid-sized manufacturer said it was "harder and harder every day" to access needed credit.