Beijing has rolled out a series of measures to spur the economy and revive the crisis-hit property market, including the easing of some borrowing rules.
Five of China's biggest banks on Friday cut interest rates on a range of deposits in a coordinated effort to ease pressure on their shrinking margins.
On Thursday, Country Garden delayed a deadline for creditors to vote on whether to postpone payments for an onshore 3.9 billion yuan private bond until Friday 1400GMT to give bondholders "sufficient time" to prepare for the vote.Costfoto | Nurphoto | Getty Images China is grappling with a slowdown that has rattled global markets, with the spotlight now firmly focused on troubled developer's spiraling debt crisis in a sector that contributes to roughly a quarter of the economy.
On Thursday, Country Garden delayed a deadline for creditors to vote on whether to postpone payments for an onshore 3.9 billion yuan private bond until Friday 1400GMT to give bondholders "sufficient time" to prepare for the vote.
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Country Garden faces vote to delay payments as China rolls out more support measuresEmbattled Chinese developer Country Garden faced a key test of investor confidence on Thursday as its creditors were due to vote on whether to delay payments for an onshore private bond, while Beijing rolled out more support measures for the property sector.
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