Gobind Singh Deo exits as Selangor DAP chairman after failing to secure top 15 spot; Yeo Bee Yin leads new lineup
However, the mood changed after Beijing said Friday it would lift local government debt by US$840 billion to help them clear so-called hidden debt, but fell short of announcing any new growth-boosting measures for the stuttering economy. Among them were interest rate cuts and an easing of home-buying measures as leaders try to address a crisis in the country’s vast property sector.And Hong Kong led losses Monday, shedding more than two percent, while Shanghai was also down, along with Tokyo, Sydney, Seoul, Wellington, Taipei, Manila and Jakarta.
Pepperstone Group’s head of research Chris Weston said Beijing may have had an eye on this in its announcement.