China's cabinet unveiled some steps on Monday to improve the allocation of resources among local governments to help ease their growing fiscal strains and debt risks, amid efforts to support the slowing economy, Reuters reported. In a document on fiscal reform below the provincial level, the State Council laid out steps to divide fiscal revenues and spending obligations among local governments, and transfer payments allocations. China has in recent years taken measures to shore up finances of debt-laden local governments, partly via increased transfer payments from the central government.

Tokyo is concerned about sharp falls in the yen currency and stands ready to "respond appropriately" if needed, Japan's top government spokesperson said on Monday, issuing a fresh warning to markets, Reuters reported. The remark echoed Friday's joint statement by the government and central bank, but failed to avert a plunge in the yen to 135.22 against the dollar, the currency's lowest level since October 1998. "It's important that currency rates move in a stable way, reflecting fundamentals.

New bank lending in China jumped far more than expected in May and broader credit growth also quickened, as policymakers try to pull the world's second-largest economy out of a sharp, COVID-induced slump, Reuters reported. Chinese banks extended 1.89 trillion yuan ($282.62 billion) in new yuan loans in May, nearly tripling April's tally and handily beating expectations, data released by the People's Bank of China on Friday.

Malaysian companies from palm oil plantations to semiconductor makers are refusing orders and forgoing billions in sales, hampered by a shortage of more than a million workers that threatens the country's economic recovery, Reuters reported. Despite lifting a COVID-19 freeze on recruiting foreign workers in February, Malaysia has not seen a significant return of migrant workers due to slow government approvals and protracted negotiations with Indonesia and Bangladesh over worker protections, say industry groups, companies and diplomats.

Turkey's government is considering pushing a supplementary budget through parliament before a recess next month in order to cover possible summer payments and the rising costs of a lira slide and rampant inflation. Two sources told Reuters that work on the extra budget was being conducted, but no final decision has been made on whether it will be needed. The decision comes as President Tayyip Erdogan faces tough elections by mid-2023, and his approval ratings have been hit by 73% annual inflation that has sent food and gas prices soaring.

Consumer cutbacks due to raging inflation and higher borrowing costs are failing to dent investment plans at Indian businesses tapping the country’s biggest lender, a sign that a recovery in Asia’s third-largest economy is gathering pace, Bloomberg News reported. Companies are steadily drawing down from a $71 billion loan pipeline, Dinesh Kumar Khara, chairman of State Bank of India, told Bloomberg News in an interview at his Mumbai office.

China's exports grew at a double-digit pace in May, shattering expectations in an encouraging sign for the world's second biggest economy, as factories restarted and logistics snags eased after authorities relaxed some COVID curbs in Shanghai, Reuters reported. Imports also expanded for the first time in three months, providing welcome relief to Chinese policy makers as they try to chart an economic path out of the supply-side shock that has rocked global trade and financial markets in recent months.

Thousands of South Korean truckers went on strike for a third day on Thursday to protest the sharp surge in fuel costs, disrupting production, slowing activity at ports and posing new risks to a strained global supply chain, Reuters reported. Presenting new President Yoon Suk-yeol with one of his first big economic challenges, about 7,200 members or roughly 30% of the Cargo Truckers Solidarity union were on strike, the country's transport ministry said. A union official said the number of participating members was much higher and they were also joined by non-union truckers.

The bankruptcy court has ordered personal insolvency proceedings against Sanjay Chhabria, promoter of property company Radius Group, the Economic Times of India reported. This is the first high-profile case to be admitted for personal insolvency since higher courts stayed earlier petitions, while a tribunal verdict is also pending in another case. The Mumbai bench of the National Company Law Tribunal (NCLT) passed the order on a petition filed by Beacon Trusteeship. Two Radius Group companies are already into NCLT.

A steady stream of Koreans in the prime of their working life have sought personal bankruptcy protection over the past few years, Chosun.com reported. Most younger people used to opt for personal rehabilitation, which involves debt restructuring, but now a growing number have no choice but to plumb for total bankruptcy as the coronavirus pandemic drags on. According to the Seoul Bankruptcy Court, 5.7 percent of applicants were in their 30s and 16.7 percent were in their 40s as of the end of last year.