China has approved an a 6 trillion yuan ($839 billion) program to refinance local government debt, aiming to support its slowing economy. The plan, reported by Xinhua News Agency, offers limited details but provides some clarity for investors.
China's economic growth slowed to 4.6% in the third quarter, jeopardizing its 5% annual target. In response, policymakers implemented supportive measures, including interest-rate cuts and assistance for stock and real estate markets. These actions sparked a stock rally and improved forecasts from global banks.
Offshore RMB exchange rate falls to 7.180.
