China can phase out currency intervention by gradually reducing the amount and frequency of its forays into the market, the country's central bank governor said on Saturday, underscoring Beijing's resolve to keep up efforts to boost the yuan's global presence, Reuters reported. People's Bank of China Governor Yi Gang also said the central bank will seek to guide monetary policy so that real interest rates move slightly below the potential growth rate. "We have been trying to maintain the exchange rate stable for some time.

China Evergrande New Energy Vehicle Group Ltd.’s billionaire founder vowed to overtake Tesla Inc. as the world’s biggest maker of electric cars within three to five years back in early 2019. Four years later, the company’s stock has gone from boom to bust and it’s struggling to survive, Bloomberg News reported. Evergrande NEV, the brainchild of Hui Ka Yan — the tycoon behind beleaguered property developer China Evergrande Group, is seeking a lifeline after last month warning it would need to stop production at its Tianjin factory unless new funds were secured.

China's exports unexpectedly surged in March, with officials flagging rising demand for electric vehicles, but analysts cautioned the improvement partly reflects suppliers catching up with unfulfilled orders after last year's COVID-19 disruptions, Reuters reported. Exports in March shot up 14.8% from a year ago, snapping five straight months of declines. But analysts say the jump was more likely related to exporters rushing to fulfil a backlog of orders that had been disrupted by the pandemic in past months, and warned the global demand outlook remained subdued.

China is softening its stance over how to restructure billions of dollars of debt held by poor nations, offering a glimmer of progress in long-stalled talks over unlocking desperately needed aid, Bloomberg News reported. Discussions under way Wednesday in Washington during the World Bank and International Monetary Fund’s Spring Meetings were aimed at ending a deadlock among the biggest creditor nations on how to renegotiate poorer nations’ debt, which had become unsustainable amid surging inflation and a stronger dollar.

Zambian President Hakainde Hichilema said China and the U.S. have a responsibility to set aside their differences and help countries such as his get the debt relief they need to avoid further damage to their economies, WSJ Pro Bankruptcy reported. With finance officials from around the world gathering in Washington this week for the International Monetary Fund and World Bank biannual meetings, Mr. Hichilema’s country is emerging as a focal point of discussions on how to restructure poor nations’ debts. U.S.

Chinese provinces plan to boost spending on major construction projects by almost a fifth this year as Beijing continues to rely on infrastructure to spur an economy being hindered by consumers still bruised from years of pandemic restrictions, Bloomberg News reported. About two thirds of China’s regions have announced spending plans for major projects such as transport infrastructure, energy generation and industrial parks this year, adding up to more than 12.2 trillion yuan ($1.8 trillion), according to a Bloomberg analysis of government statements and state-media reports.

China's consumer inflation hit an 18-month low and factory-gate price declines sped up in March as demand stayed persistently weak, shoring up the case for policymakers to take more steps to support the uneven economic recovery, Reuters reported. In contrast to surging prices globally, China's retail and producer inflation has remained anaemic as the consumer and industrial sectors struggle to recover from their pandemic hit. Analysts now think consumer inflation could fall short of Beijing's official targets this year.

China's new bank lending hit an all-time high in the first quarter while broad credit growth quickened as the central bank kept up policy support for the economy after the lifting of stringent COVID-19 curbs, Reuters reported. The world's second-largest economy rebounded from pandemic disruptions driven by consumption and infrastructure. To spur credit growth, the central bank in March cut banks' reserve requirement ratio (RRR) for the first time this year.

Cash-strapped Shanghai-listed Chinese property developer Sichuan Languang Development is facing delisting risks, after its closing price fell below one yuan per share for two consecutive days and the company warns of insolvency, Nikkei Asia reported. Shares of Sichuan Languang tumbled 7.77% from 1.07 yuan ($0.16) to close at 0.95 yuan on Thursday. On Friday, the company closed further down 2.11% to 0.93 yuan per share. That puts the developer on the cusp of getting booted from the Shanghai Stock Exchange (SSE).

Some smaller Chinese lenders cut interest rates for time deposits over the weekend, following a similar move by their larger rivals last year, after several lending rate reductions by policy makers started to squeeze their margins, Bloomberg News reported. Rural lenders in provinces including Henan and Hubei lowered deposit rates by as much as 45 basis points on some tenors, according to their announcements. After the adjustment, these lenders will pay an annual 1.9% for one-year deposits, down from the previous 2.25%.