China

China raised $2 billion from three- and five-year securities at one and three basis points over Treasuries, respectively, according to a person familiar with the matter.

The existing notes, known as non-standard debt and held by insurers, were swapped this month into newly issued commercial mortgage-backed securities in equal proportions.

Western central banks trying to develop sovereign cryptocurrency models face pushback from lawmakers and other obstacles, while the digital yuan has a much clearer path.

If President Trump’s tariffs on steel and other products stay in place long, big U.S. importers would be hurt and pass on the pain to their midsize and small-business suppliers — which are the bread and butter of commercial lending.