China’s central bank stepped up its financial support for the economy, saying it will transfer more than 1 trillion yuan ($158 billion) in profits to the government to help finance fiscal spending, Bloomberg News reported. It’s the first time the People’s Bank of China has disclosed this kind of transfer, although it’s required by law to hand over profits to the government every year.

In a U.S. court, former Goldman Sachs partner Tim Leissner has admitted to taking $60 million in kickbacks, lying to the bank about his corrupt deals, and twice forging divorce documents to take on new wives, Reuters reported. Despite his history of deceit, Leissner is the key witness prosecutors are asking jurors to believe in the trial of Roger Ng, a former colleague of Leissner's at Goldman who is charged with helping loot Malaysia's 1MDB sovereign wealth fund during a scheme that lasted from 2009 to 2014.

Sri Lanka’s painful decision to effectively devalue its currency this week could pave the way for the island nation to get help from the International Monetary Fund as a $1 billion debt payment looms in four months, Bloomberg News reported. The country’s dollar bonds due July 2022 gained 1.6% on Wednesday to halt five days of losses, while the rupee advanced 0.3% after plunging as much as 12% -- the most in more than four decades -- in reaction to the central bank’s announcement that it was letting the currency float as international reserves dwindle.

As the government in Hong Kong struggles to contain the city’s worst Covid outbreak ever, some residents have panicked, the New York Times reported. Tens of thousands of new Omicron cases are being reported each day, and deaths have surged. The anxiety gripping Hong Kong is not just about the explosion of infections, but also about what the government will do next. Under pressure from Beijing to eliminate infections, Hong Kong officials have vowed to test all 7.4 million residents.

Japan has frozen the assets of an additional 32 Russian and Belarusian officials and oligarchs following the invasion of Ukraine, the Ministry of Finance announced on Tuesday, Reuters reported. The newly added sanctions target 20 Russians including deputy chiefs of staff for President Vladamir Putin's administration, deputy chairmen of the state parliament, the head of the Chechen Republic and executives of companies with close ties to the government such as Volga Group, Transneft and Wagner.

Malaysia will allow quarantine-free entry for fully vaccinated travelers from April 1, ending almost two years of stringent border controls introduced to contain the Covid-19 outbreak, Bloomberg News reported. “Citizens with valid travel documents can enter and leave the country as they did before the pandemic,” Prime Minister Ismail Sabri Yaakob said at a briefing on Tuesday. Foreigners will no longer need to apply for MyTravelPass, which will be abolished next month, he said.

Sri Lanka is effectively devaluing its currency as its foreign reserves dwindle, potentially accelerating the worst inflation surge in Asia as the nation struggles to service its debt and pay for imports, Bloomberg News reported. The Central Bank of Sri Lanka said in a statement late Monday that “greater flexibility in the exchange rate will be allowed to the markets with immediate effect.” The central bank also said it’s “of the view” that transactions would be capped at 230 rupees per dollar, about 12% below the current market level of 201.49 rupees.

Japan's bank lending rose at the slowest increase in a decade in February as immediate pressure for corporates to borrow cash continued to ease amid a broader economic recovery from the pandemic slump, Reuters reported. While the central bank's massive money printing will likely keep funding conditions ultra-loose, the crisis in Ukraine could hurt restaurants and retailers still reeling from the COVID-19 curbs, some analysts say.

China’s government signaled more stimulus is on the cards by setting an aggressive economic growth target, calling for confidence amid rising domestic strains and global instability stemming from Russia’s invasion of Ukraine, Bloomberg News reported. While the growth goal of about 5.5% for this year is the lowest in more than three decades, it’s above consensus forecasts closer to 5% and far higher than the International Monetary Fund’s projection of a 4.8% expansion.

China's export growth slowed in the January-February period largely due to base effects, and though the data beat expectations, Russia's invasion of Ukraine has heightened uncertainty over the outlook for global trade this year, Reuters reported. Outbound shipments rose 16.3% in the first two months of the year from the same period a year earlier, official data showed on Monday, beating analyst expectations for a 15.0% rise, but down from 20.9% gain in December. Imports increased 15.5%, easing from a 19.5% gain in December and below the forecast 16.5% increase.