China unleashes $1.4trn package to bolster economic growth - reports

'Good news for other emerging market economies'

China has introduced a $1.4trn fiscal package in a move to aid the country’s damaged finances.

The National People's Congress has given local governments the authorisation to issue around $840bn in new bonds over the next three years, according to several media reports. Additionally, local governments could reallocate a further $560bn in previously devised five-year bonds. The Chinese yuan dropped by nearly 0.4% against the US dollar following the introduction of the fiscal stimulus today (8 November), according to data from MarketWatch. Chinese equities jump 5% on the back of Beijing's 'full confidence' in hitting growth targets Patrick Zweifel, chief economist at P...