China has said it will cut interest rates on existing mortgages and ease rules for first-time buyers in big cities, in what the central bank and financial regulators jointly say are moves 'conducive to expanding consumption.'

Several top banks are currently turning most potential crypto-related customers away, while others say they are only working with top-tier firms - policies that most say are unchanged from their historical positions.

Speculation is rife that the Bank of Japan may tweak its bond yield control, or ditch it altogether, sooner or later under new Bank of Japan Governor Kazuo Ueda, who took the helm at the bank earlier this month.

The IMF says that banking system contagion risks are contained by strong policy actions after the failures of two US regional banks and the forced merger of Credit Suisse.

BaFin, Germany's financial watchdog, has been increasing its focus on consumer protection in the wake of the collapse of Wirecard, the blue-chip payment company that folded in an accounting scandal.

German households have been seeking for higher returns on their cash by opening deposits online at small banks in weaker economies such as Lithuania, Malta, Italy and Portugal.

The men, who cannot be identified under Swiss reporting restrictions, were found guilty at a hearing at Zurich District Court and were given suspended fines totaling hundreds of thousands of Swiss francs.

Out of the US$1 trillion in deposits that were pulled out of the most vulnerable US lenders, half went to government money market funds, while the other half landed at larger US banks, analysts say.

Some investors, including a large mutual fund group that also runs a hedge fund, said prospects for banks had gotten progressively worse in recent months given the economic outlook.

Following a crisis that wiped 25% off the value of Credit Suisse shares, the bank sought a liquidity line from the Swiss National Bank in the first such move for a global lender since the financial crisis of 2008.

Investor worries about potential contagion to other lenders have not been dispelled by Biden's efforts to reassure markets and depositors or emergency US measures to shore up banks with additional funding.

Hong Kong is hosting a week of high-profile events after years of political unrest and pandemic travel curbs tarnished the city's business-friendly reputation, sparked an exodus of talent and battered its economy.