Turkey's new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world's fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog's "grey list," Reuters reported. Ankara promised the regulations last month amidst a years-long boom in crypto trading, as soaring inflation and a plunging lira currency drives a demand for alternative assets.

China plans to provide at least 1 trillion yuan ($137 billion) of low-cost financing to the nation’s urban village renovation and affordable housing programs in its latest effort to shore up the struggling property market, Bloomberg News reported. The People’s Bank of China would inject funds in phases through policy banks with the money ultimately trickling down to households for home purchases, the people said, asking not to be identified discussing a private matter.

China has ordered its local governments to halt public-private partnership projects identified as "problematic" and replaced a 10% budget spending allowance for these ventures with a vetting mechanism by Beijing as it tries to curb municipal debt risks, Reuters reported. The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The latest guidelines have not been reported previously.

Maike Metals International Co., once one of the most powerful traders in China’s massive copper market, filed for bankruptcy after more than a year of debt struggles, Bloomberg News reported. The firm founded by entrepreneur He Jinbi in the early 1990s was until recently responsible for more than a quarter of China’s copper imports. On Monday, Maike said the Intermediate People’s Court of Xi’an accepted its filing, a step toward a final ruling by the court to wind up the company.

China’s show of support for one of its top builders has reinvigorated the property sector, but investors want to see more concrete measures before diving back in, Bloomberg News reported. Market players are looking for Beijing to unveil further steps to reverse a long-running slump after a pivotal week where authorities signaled their backing for China Vanke Co., the second-largest developer by contracted sales. On Tuesday, policymakers met firms including Vanke, Longfor Group Holdings Ltd, Gemdale Corp (China) and Poly Developments and Holdings Group Co.

Global ratings agency Fitch said today that it plans to withdraw all the ratings on China's Country Garden Services Holding on or about Dec. 12 for commercial reasons, Reuters reported. "Fitch believes that Country Garden Services investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal," the ratings agency said in a statement on Monday. Fitch had downgraded Country Garden Services to BB+ and placed its rating on negative watch last week.

China will probably add more cash into the financial system this week as the largest amount of policy loans in a year come due. Some market watchers also expect a near-term reduction in banks’ reserve requirement ratio, Bloomberg News reported. The People’s Bank of China will offer 950 billion yuan ($130 billion) through the medium-term lending facility Wednesday, according to the median estimate of 10 analysts in a Bloomberg survey. That would exceed the 850 billion yuan maturing this month. Most economists expect the one-year policy interest rate to remain unchanged at 2.5%.

Sri Lanka’s president boosted government workers’ pay and increased state pensions, seeking to shore up support before next year’s election as the economy emerges from its worst crisis in seven decades, Bloomberg News reported. Tax revenue is expected to increase more than 47% next year, President Ranil Wickremesinghe outlined in his budget speech in Colombo on Monday, after the government recently hiked the value-added tax rate and it clamps down on tax evasion. Borrowing will surge in order to recapitalize banks and pay off foreign debt, he said.

Thailand’s Prime Minister Srettha Thavisin defended a controversial plan to borrow billions of dollars to fund a cash handout program, saying Southeast Asia’s second-largest economy is in a crisis and needed a stimulus to end a cycle of low single-digit growth, Bloomberg News reported. Srettha’s administration last week unveiled plans to distribute 10,000 baht ($277) each to about 50 million Thais as a one-time measure to stimulate consumption and spur business activities.

The pace of gains in Japan’s producer prices decelerated more than expected in October to the weakest in over two years, supporting the Bank of Japan’s view that inflation is cooling, Bloomberg News reported. A measure of input prices for Japanese firms rose 0.8% from a year earlier, the slowest pace of growth since gains resumed in March 2021, the Bank of Japan reported Monday. The data compared with economists’ expectations of a 0.9% increase year-on-year. From the prior month, prices fell 0.4%, compared to the consensus view of a 0% change.