Turkey’s lira snapped a five-day rally, challenging government assurances that it’s on a more stable footing after measures were introduced a week ago to stem its collapse, Yahoo Finance reported. The currency slipped 7.2% to 11.4665 per dollar as of 6:37 p.m. in Istanbul after trading as weak as 11.5831 earlier. The decline took the lira’s drop this year to more than 35%, the sharpest depreciation of any emerging-market currency during 2021.

China Evergrande Group said it has resumed construction at most of its housing projects as authorities push the debt-laden developer to pay migrant workers and deliver apartments, Bloomberg News reported. Nearly 92% of Evergrande’s property projects have so far restarted, compared with just about 50% at the beginning of September, according to a company statement released Sunday night. The number of workers involved in the projects that have resumed building has risen 31% from September to 89,000.

China’s central bank pledged greater support for the real economy, and said it will make monetary policy more forward-looking and targeted Bloomberg News reported. There will be more “proactive” use of monetary policy tools, the People’s Bank of China said in a statement on Saturday. It added that there will be “good use” of the monetary policy tools’ quantitative and structural functions, referring to the adjustment of liquidity in the market and policies targeted at certain groups. The monetary policy committee held a meeting on Friday that was chaired by Governor Yi Gang.

A U.S. bankruptcy court has confirmed the chapter 11 plan to liquidate entities of troubled Eagle Hospitality Trust (EHT), following a confirmation hearing held on Dec 20, 2021, Business Times reported. The DBS Trustee said it does not expect unit-holders will receive any distributions on account of liquidating trust interests at this time. Under the plan, the stapled securityholders will only be entitled to a distribution only if there is value available at EH-Reit and only if holders of claims against EH-Reit have been paid in full.

This November, Chinese media reported that a 42-year-old restaurant owner in the central Henan province — who had made a name for himself by passing out free meals to medical workers — died by suicide after severe floods and yet another local outbreak of COVID-19 left his mired business hopelessly in debt, according to a commentary in Sixth Tone. That same month, a court in the southern megacity of Shenzhen made national headlines by approving a bankruptcy petition from a single mother and former small-business owner.

Credit Suisse has launched legal action against SoftBank in an effort to recoup hundreds of millions of dollars it claims it is owed by the Japanese investor, marking a further deterioration in a relationship that has grown increasingly acrimonious following the collapse of Greensill Capital, Asia Nikkei reported. The lawsuit relates to $440m in funds that were owed to the Swiss bank's wealthy customers by Katerra, a U.S. construction company.