Bloomberg Chinese banks lowered borrowing costs and the government promised to sell another 1 trillion yuan ($141.3 billion) in bonds to pay for stimulus spending after the economy had its first contraction in decades due to the coronavirus outbreak. The one-year loan prime rate was set at 3.85% versus 4.05% in March, according to a statement from the People’s Bank ...

Bloomberg Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co. and US Bancorp were sued by small businesses that accused the lenders of prioritising large loans distributed as part of the virus rescue package, shutting out the smallest firms that sought money. The four banks processed applications for the largest loan amounts because they generated the highest ...

Bloomberg India’s central bank has a number of policy options to draw upon to cushion the economic blow from Covid-19 pandemic. With a limited fiscal response so far, the Reserve Bank of India has taken the lead in providing virus relief to the economy. It’s cut interest rates by 75 basis points, injected more than $50 billion of liquidity into ...