China’s Caixin/S&P Global services purchasing managers’ index (PMI) remained in expansionary territory for the 16th straight month in April, but eased from March, data released on Monday showed.
HSBC plans to tighten risk management at Hong Kong unit Hang Seng Bank due to worries about a potential rise in bad loans amid growing economic headwinds and property sector crisis in China, said two people with knowledge of the matter. Hang Seng's top executives will be more closely involved in its parent's Asia-Pacific risk management discussions regarding corporate, retail, wealth and private banking, the people said. The initiative comes as HSBC's pivot toward Asia coincides with economic turmoil in mainstay market China, where a stock rout and developer debt defaults have triggered concern about financial sector health in the world's second-biggest economy.