Troubled Chinese developer Yango Group Co. received a reprieve after its parent company got bondholders’ approval to delay payment of a local bond due next week, Bloomberg News reported. Holders of the 400 million yuan ($63 million) bond issued by Fujian Yango Group, parent of Yango Group, on Friday supported a proposal to extend principal payment of the debt due Dec. 7 by a year, according to a filing on the Shanghai Clearing House. The agreement, reached at a second meeting with bondholders, came after negotiations failed last week.

Sunshine 100 China Holdings issues update on 10.5% senior notes due 2021, with outstanding principal amount of notes and any accrued but unpaid interest due on Dec. 5, according to a filing, Bloomberg News reported.

China’s central bank said it would reduce the amount of money banks are required to set aside as it moved to stimulate a slowing economy that has been weighed down by a slump in the property market, the Wall Street Journal reported. It was the second such move this year, after an earlier one in July, in an effort to inject liquidity into the financial system. The measure signals Beijing’s growing concerns about the growth outlook of the world’s second-largest economy, which has been battered in recent months by multiple headwinds.

A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential impact, the Associated Press reported. Evergrande Group’s struggle to comply with official pressure to reduce debt has fueled anxiety that a possible default might trigger a financial crisis. Economists say global markets are unlikely to be affected but banks and bondholders might suffer because Beijing wants to avoid a bailout.

Pakistan’s trade deficit is at a record, inflation is the fastest in Asia, and its stock market is among the worst in the world, adding pressure on authorities to take steps beyond the recent revival of a $6 billion loan from the International Monetary Fund, Bloomberg News reported. The first signs of concern emerged when the central bank advanced its review meeting last month and raised the key interest rate by a whopping 1.5 percentage points. The decision is pushing traders to pencil in another 1 percentage point jump for when the State Bank of Pakistan next meets Dec.

The Penang government in Malaysia has dismissed claims by its detractors that the state is heading towards bankruptcy, the New Straits Times reported. Chief Minister Chow Kon Yeow, in allaying such fears during his winding up speech at the last day of the state legislative assembly sitting, said the state still has an accumulated reserve of RM1.82 billion as of last year and not RM888 million as stated by Lim Guan Eng.

The Reserve Bank of India (RBI) on Thursday filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal (NCLT), the Economic Times of India reported. The Reserve Bank had on November 29 superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y (former executive director, Bank of Maharashtra) as the administrator of the company.

Turkish President Recep Tayyip Erdogan appointed a new treasury and finance minister early Thursday after Lutfi Elvan stepped down from the post as the currency has been tumbling to record lows, the Associated Press reported. Erdogan named Nureddin Nebati, who was deputy minister, to the post, according to an announcement published in the Official Gazette. It said Elvan asked to be “pardoned from the job” and that his request was accepted.

Advisers to China's government will recommend authorities set a 2022 economic growth target below the one set for 2021, giving policymakers more room to push structural reforms amid growing challenges to the outlook, Reuters reported. Investors are closely watching for clues on next year's policy and reform agenda as President Xi Jinping and other top leaders hold the annual Central Economic Work Conference due this month.

Turkey’s central bank moved Wednesday to prop up the country’s collapsing currency, selling foreign reserves after the lira reached new lows following comments by President Recep Tayyip Erdogan in defense of his unorthodox economic policies, the Wall Street Journal reported. The lira rebounded after the bank said it was taking action to address “unhealthy price formations in exchange rates.” The free-falling lira has heaped economic pressure on ordinary Turkish people, who are struggling with rising prices of food, fuel, medicine and other essential goods.