FirstFT: Today’s top stories | Financial Times

China’s central bank has asked lenders to rein in credit supply, as the surge of lending that sustained the country’s debt-fuelled coronavirus recovery renewed concerns about asset bubbles and financial stability.

New-loan growth hit 16 per cent in the first two months of the year. The People’s Bank of China responded in February by instructing domestic and foreign lenders operating in the country to keep new loans in the first quarter of the year at roughly the same level as last year, if not lower, according to people with knowledge of the situation.

The directive could translate into a considerable drop in bank lending, the largest source of financing for the world’s second-largest economy.

The move underscored a change in policy focus as Beijing has shifted regulatory scrutiny to controlling credit risks rather than boosting economic growth, which has already returned to pre-pandemic levels. (FT)

Coronavirus digest

• Hong Kong executives, including expats, are opting to take China’s Sinovac vaccine over the more effective BioNTech/Pfizer shot in the hope it will speed up visa and re-entry procedures for mainland China, local health officials say.

• The Indian state of Maharashtra introduced restrictions including a weekend lockdown as the country’s daily Covid-19 caseload approached a record high.

• In Brazil, with infections soaring and the economy weakening again, President Jair Bolsonaro is struggling to keep his government together.

• Laurence Freeman, a Benedictine monk, reflects on a year of lockdown from his cloistered cell.

• Europe is enduring a grim spring, with Covid-19 infections, hospitalisations and deaths rising in many countries as the continent grapples with a more infectious variant, a shortage of vaccines and public weariness with lockdowns. (FT)

In the news

Former crown prince accused in Jordan The foreign minister has accused Prince Hamzah, a half-brother of King Abdullah and heir apparent until his demotion in 2004, of plotting with foreign and local parties to destabilise the western ally as divisions within the ruling family in the normally stable country burst into the open. (FT)

Multinationals tread cautious path in China boycott A backlash in China against foreign brands that have sought to distance themselves from “forced labour” in Xinjiang cotton threatens to drag multinationals into a lengthy diplomatic spat as Beijing demands that the global clothing industry rejects the allegations. (FT)

Total rejects call to freeze payments to Myanmar junta The energy group has rejected campaigners’ calls to withhold payments to Myanmar’s military junta from its offshore gas project in the country, saying that doing so would break the law and put local employees in danger. Anti-coup protesters launched an “Easter egg strike” on Sunday. (FT, AP)

Biden officials open to debate on infrastructure plan funding Top Biden administration officials said they saw room for a deal on corporate taxes to pay for the president’s $2tn infrastructure plan, as they pushed Congress to make progress on the package by the end of next month. Plus, what the US can learn from Chinese infrastructure. (FT, WSJ)

Chinese tech groups scrap IPOs at record pace An FT analysis of figures released by Shanghai’s Star Market shows that a record 76 companies suspended their IPO applications in March, or more than double the previous month, as regulators increase scrutiny of technology businesses after scuppering Ant Group’s $37bn initial public offering. (FT)

US to rejoin talks on Iran nuclear deal The US will attend international talks in Vienna on the Iranian nuclear agreement this week in the biggest effort to rescue the deal since Donald Trump abandoned it almost three years ago. (FT)

Taiwan train crashes A train carrying 350 people crashed in Taiwan, killing dozens in the country’s worst rail disaster in decades. The train was travelling from the capital Taipei to the south-eastern city of Taitung when it hit a construction vehicle that had fallen on to the track close to Qingshui, a scenic stretch of coastline on the Pacific Ocean. (FT)

Police officer dies after man rams car into US Capitol barricades Capitol police officer William Evans was killed after the driver of a vehicle rammed barricades at the US Capitol building on Friday, leaving Washington shaken from another deadly assault on the seat of America’s legislature. (NPR, FT)

The day ahead

Israeli president gathers parties to discuss new government President Reuven Rivlin is set to meet representatives of the parties elected to the Knesset to discuss forming a new government. Prime Minister Benjamin Netanyahu’s corruption trial will also resume on Monday. (Ha’aretz)

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What else we’re reading

Twitchy resilience becomes norm in equity markets Somehow, equity markets have made it to the end of the first quarter of 2021 in one piece, demonstrating bulletproof resilience to both well-understood and out-of-the-blue challenges, writes Katie Martin. These money managers offer post-pandemic investment tips. (FT, Bloomberg)

Climate change and disease top global anxieties Clear majorities in all 14 countries surveyed by Pew say both issues are big threats to their country, and overall were cited more frequently than other concerns including terrorism, cyber attacks, nuclear proliferation, economic woes and mass migration. (FT)

Ambani bomb scare puts spotlight on Mumbai’s dirty politics The mystery of an explosive-laden car near the home of Mukesh Ambani, India’s richest man, exposes the city’s gritty underbelly. “This is a quintessential Bombay story,” said a journalist in the city. (FT)

Trump’s grip on Republicans is still growing One of the two main parties now openly rejects the rules of the game and is making a concerted attempt to ensure any replay of the 2020 election would produce the opposite result, writes Edward Luce. Read more from Ed on the ongoing threat from the far-right in Swamp Notes. Sign up here. (FT)

Who is Bill Hwang? His was remarkable. A pastor’s son, Hwang moved from South Korea to the US as a teenager speaking hardly any English. He has wound up as the central figure in a colossal Wall Street mess. The Archegos avalanche has exposed broader vulnerabilities in the financial system, writes Gillian Tett. (FT)

England’s elite schools face sex abuse claims Leading independent schools could face legal claims and reputational damage after youth-led campaigns alleged that misogyny, sexual violence and harassment were widespread among pupils in their care. In France, #MeToo à la française is belatedly blowing the roof off the house, writes Simon Kuper. (FT)

Video of the day

Greta Thunberg: ‘treat the climate crisis like a real crisis’ The environmental activist talks to the FT’s Leslie Hook about her future beyond climate strikes, her neutrality towards business and politics, and her frustration with climate conferences.