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Outstanding mortgage rates for individual borrowers will be cut by 0.5%, potentially helping around 50 million households, while the reserve requirement ratio (RRR) for most banks will also be cut by 0.5%.

FA spoke to the CEO of Dubai-based private equity player Fajr Capital, on China’s Belt and Road Initiative, the importance of the Rmb, fast-growing sectors, and how Chinese firms can expand in the Middle East.

Hong Kong-based Yang has previous CFO experience at major Chinese e-commerce firms, and has also worked in the technology, media and telecommunications' investment banking team at Citi.

Beijing steps up stimulus measures and reforms, as small firms suffer from a liquidity trap, and some foreign private equity firms leave China.

This move makes Alibaba eligible for the SAR’s Stock Connect programmes, which will help the firm tap a larger group of Chinese investors; however, rival PDD Holdings saw its shares drop sharply on the Nasdaq this week, and JD.com has unveiled a $5bn share buyback plan.

ECM and M&A activity plunged by 66.2% and 21.6% respectively, however DCM demonstrated resilience, dropping slightly by 1.8%.

Will the Middle East provide an opportunity for China to push forward the internationalisation goal for its currency? Experts say it’s happening, but all too slowly.

The deal, including the transfer of 300 employees and around $3.6bn of assets and deposits, was announced in October 2023 as part of a wider strategy by Citi, which has now closed sales of consumer units in nine markets.