China's property market continued its slump in October, with private data showing home prices and sales falling, suggesting lacklustre sentiment and a bleak outlook amid strict COVID curbs that have rattled consumer confidence, Reuters reported. China's property sector, once a pillar of growth, has slowed sharply in the past year as a result of a government clampdown on excessive borrowing by developers, and a COVID-19-induced economic slump.

Stellantis said that shareholders of its loss-making joint venture producing Jeep vehicles in China have approved it to file for bankruptcy, Reuters reported. The European carmaker said in a statement it had fully impaired the value of its investment in the venture in its results for the fist half of 2022, adding that it will continue to provide services to existing and future Jeep brand customers in China. Stellantis had terminated the joint venture with Guangzhou Automobile Group Co. (GAC) in July, only months after it said it would raise its stake in the business to 75% from 50%.

Major Chinese state-owned banks sold U.S. dollars in both onshore and offshore markets in late trade on Tuesday to prop up the weakening yuan, two sources with direct knowledge of the matter told Reuters. Such dollar selling comes as the Chinese currency is facing mounting downside pressure, with the onshore yuan hitting the weakest level since December 2007 and the value of yuan against currencies of its major trading partners at a five-month low. The selling of dollars by state banks in early U.S.

China's cabinet issued rules on Tuesday to promote private businesses, including incentives for financial institutions to lend to them, in its latest move to support an economy facing multiple headwinds, Reuters reported. The rules aim to safeguard the legitimate rights and interests of private businesses and expand employment, China's cabinet said in a notice published on its website. "Private businessmen are important market players, playing an important role in booming the economy and increasing employment." The Tuesday rules also banned abusive charges to the self-employed.

China’s economy expanded more strongly than expected in the third quarter as the country bounced back modestly from crippling Covid lockdowns in the spring, though challenges remain as leader Xi Jinping consolidates control over the political apparatus for another five years, the Wall Street Journal reported. China’s gross domestic product grew by 3.9% in the three months ended Sept. 30 from a year earlier, China’s National Bureau of Statistics said Monday in a data release that was unexpectedly delayed as Communist Party leaders gathered for a key meeting in Beijing.

China’s export growth weakened in September as global consumer demand cooled while imports rebounded from a contraction after Chinese economic growth improved, the Associated Press reported. Exports rose 5.7% over a year earlier to $322.8 billion, down from August’s 7% growth, official data showed Monday. Imports gained 0.3% to $238 billion, recovering from the previous month’s 0.2% contraction.

China on Monday suddenly delayed the release of its economic data—including September housing sales—that was scheduled for this week. But there is little doubt that the property market is still in a dire shape and likely won’t get better without more determined help from Beijing, the Wall Street Journal reported. While defaults for property developers in China have become a common event, the recent one from CIFI Holdings still rocked the market. The company said last week that it missed an interest payment on a Hong Kong dollar-denominated convertible bond.

A worsening crisis in China’s property market is dragging junk dollar bonds from the nation’s borrowers deeper into distress, as the implosion of what was once one of the world’s most-profitable bond trades sends ripples across trading floors, Bloomberg News reported. Anyone who had been expecting a market turnaround from the 20th Communist Party congress which started Sunday has been left grappling with a further grind lower in China’s offshore credit market this week.

The three countries that helped Moscow to maintain crude exports in the wake of its invasion of Ukraine appear to be stepping back into the market for Russian barrels, with Turkey taking a lead role in the latest buying, Bloomberg News reported. A marked increase in the volume of crude on tankers that have yet to signal a final destination makes the task of monitoring Russia’s exports more complicated, but most of those vessels end up in India, with a smaller number heading further east to China.

China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday, largely in line with market expectations, Reuters reported. The People's Bank of China (PBOC) said that it was keeping the rate on 500 billion yuan ($69.55 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75% from the previous operation.