China's central bank made the biggest daily cash injection into the banking system via open market operations in nearly three months on Monday, to ease pressure from rising cash demand towards the end of the first half of the year, Reuters reported. The People's Bank of China (PBOC) injected 100 billion yuan ($14.95 billion) worth of seven-day reverse repos, the biggest daily injection via the liquidity tool since March 31. The central bank said the operation was to keep "half year-end liquidity stable," according to an online statement.

Turkey stepped up efforts to bolster the lira and cool lending with a surprise measure that bans loans to companies deemed to be flush with foreign-exchange cash, sending the domestic currency on its biggest rally this year, Bloomberg News reported. The country’s banking regulator is restricting commercial lira loans to corporate borrowers if they hold more than 15 million liras ($890,000) in foreign-currencies and if the amount exceeds 10% of total assets or annual sales. The authority, known as BDDK, announced the decision on Friday.

Struggling Japanese auto parts supplier Marelli Holdings said Friday it has filed with Tokyo District Court for a simplified bankruptcy protection procedure under Japan’s civil rehabilitation law, the Japan Times reported. Marelli, based in the city of Saitama, is saddled with liabilities totaling ¥1.133 trillion, which makes it the second largest failure of a Japanese manufacturer since World War II only to now-defunct Takata, which left ¥1.5 trillion, according to Tokyo Shoko Research.

The resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist, but his report has not been taken up, the Economic Times of India reported.

Profits at China's industrial firms shrank at a slower pace in May following a big slump in April, due to the resumption of activity in major manufacturing hubs, but COVID-19 curbs still weighed on factory production and squeezed factory margins, Reuters reported. Profits fell 6.5% from a year earlier, less than the 8.5% decline in April, according to data released by the National Bureau of Statistics (NBS) on Monday.

Sri Lanka’s debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, the prime minister told lawmakers Wednesday in comments that underscored the country’s dire situation as it seeks help from international lenders, the Associated Press reported. Ranil Wickremesinghe told Parliament the South Asian nation faces “a far more serious situation” than the shortages alone, and he warned of “a possible fall to rock bottom.” “Our economy has completely collapsed,” he said.

The Insolvency Law Committee has recommended against giving any special dispensation to the Securities and Exchange Board of India (Sebi) from the moratorium clause under the Insolvency and Bankruptcy Code (IBC), the Economic Times of India reported. According to the rules, once a company is admitted into insolvency under the code, a blanket moratorium kicks in barring regulators from initiating any fresh proceedings against the company.

The South Korean won hit its lowest point against the U.S. dollar in nearly 13 years on Thursday, opening at 1,299 won and weakening to more than 1,300 in intraday trading, the New York Times reported. The last time the country’s currency breached the 1,300-won threshold was in the summer of 2009, toward the end of the global financial crisis. The won also passed this threshold during the Asian financial crisis of 1997-1998. South Korea’s export-driven economy makes it particularly sensitive to conditions in the global economy, which have been deteriorating recently.

Sri Lanka was sued in the US by a bondholder after the South Asian nation defaulted on its debt for the first time in history while struggling to stop an economic meltdown, Bloomberg News reported. Hamilton Reserve Bank Ltd., which holds more than $250 million of Sri Lanka’s 5.875% International Sovereign Bonds due July 25, filed the suit Tuesday in a New York federal court seeking full payment of principal and interest.

Turkey is planning to offer local-currency liquidity to foreigners at the same rate as domestic investors, so long as the funding doesn’t reach those betting against the lira, Bloomberg News reported. Under a program designed by the Treasury and Finance Ministry and expected to go into effect early next month, offshore investors will be able to access a new swap line with a maturity of at least three to six months to buy local assets, according to an official with direct knowledge of the matter.