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Central banks

Central banks
News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.
A woman walks past anti-US graffiti painted on the wall of Tehran University in Iran, on April 25. The war has pushed up inflation and added to the financial burden of already highly indebted countries. Photo: AP
Banking & finance

Macroscope | Why bond yields are going up everywhere

Unlike stock markets, bond markets are signalling a more cognisant and mature appreciation of the state of government finances.

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South Korea

‘Transitory euphoria’: South Korea’s strong economic outlook masks key hurdles

Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

United States

US key inflation gauge worsens, eroding Americans’ income, spending power

Inflation of 3.8 per cent in April was the highest since May 2023 amid high petrol prices and food costs.

Supermarket shoppers in Chicago, the US earlier this month. Photo: Getty Images via AFP
US, Israel war on Iran

Gold continues decline as inflation fears outweigh hope of end to Iran war

The metal is down nearly 20 per cent from its all-time high in January as investors focus on the Federal Reserve’s plans to combat inflation.

United States

Warsh takes US Fed’s helm with inflation dilemma already unfolding

Trump’s pick to lead the central bank must contend with an economy roiled by the AI boom, as well as oil price and tariff shocks.

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Bonds

Macroscope | Bond market sell-off raises stakes for Asia’s tech-driven economies

Stakes are high for Asia’s tech-driven economies amid a global sell-off in bond markets that signals investor fears.

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A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index and the foreign exchange rate between the US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul on May 20. Photo: AP
Yuan

China’s yuan hits 3-year high as global banks issue bullish forecasts

Beijing has set the yuan at its strongest level against the US dollar since early 2023, with banks projecting further appreciation.

Yuan

As the world retreats from US Treasuries, will the sell-off deepen?

China is one of several nations trimming their exposure to US debt, as inflation drives Treasury yields to levels not seen since 2007.

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Yuan

China’s US Treasuries slump may not be what it seems

A reduction in China’s direct holdings of US government debt may be partly offset by the nation holding Treasuries via third parties.

Photo: AFP
Yuan

China joins global sell-off of US Treasuries in March as Iran war prompts panic

Seven of the top 10 foreign holders cut their exposure to US government debt, led by Japan, which offloaded US$47.7 billion.

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Mainland Chinese investors are among seven of the top 10 foreign holders to cut their exposure to US government debt, triggered by uncertainty around the war in Iran. Photo: AFP
China-Latin America relations

How a US$5 billion Chinese lifeline to Argentina shrank to almost nothing

Central bank records show the swap balance fell to US$675 million as Washington pressed Buenos Aires to wind it down.

Banking & finance

Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Miran quit his job as a Trump economic adviser to join the US Federal Reserve board, where he became known as a vocal dove.

United States

Warsh confirmed as Fed chair, as US central bank faces Trump assault

He is taking over as the world’s largest economy reels from repeated shocks, including inflation fuelled in part by the Iran war.

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Kevin Warsh testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in April. Photo: AFP
United States

US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board

The decision clears the way for Warsh to take over the role of Fed chair from Jerome Powell later this week.

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Kevin Warsh testifies before a Senate Banking Committee confirmation hearing on Capitol Hill in April. Photo: Reuters
Banking & finance

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Banking & finance

Macroscope | Australia’s interest rate rise signals growing hawkish stance in Asia

Reserve Bank of Australia is less an outlier than a harbinger of global monetary trends in the wake of war-induced supply shocks.

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Yuan

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

The Chinese yuan has steadily strengthened against the US dollar in recent months. Photo: Shutterstock
The Philippines

Middle East conflict pushes Philippine inflation to 3-year high

Higher fuel, food, transport and utility costs forced inflation to 7.2 per cent last month, the highest since March 2023.

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Hong Kong Monetary Authority (HKMA)

Hong Kong Exchange Fund records smallest gain in 5 quarters amid market slump

The war chest used to defend the city’s currency takes a hit as conflicts in Middle East prompt investors to move from stocks to safer assets.

Asean

Why Singapore, Thailand are among the world’s ‘happiest’ economies

Southeast Asian countries outdid larger economies in the 178-nation Hanke’s Annual Misery Index for 2025.

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People walk on the boardwalk in front of Singapore’s financial centre. Photo: AFP
Commodities

Gold loses its shimmer in Asia over rising oil prices, hawkish Fed stance

Demand for the metal is likely to remain weak, with central banks not expected to cut interest rates for some time due to high energy prices.

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Gold prices fell by 12 per cent from US$5,247.90 per troy ounce on February 27 to US$4,620 on Friday morning. Photo: Shutterstock
Brics

Brics to push for intra-currency payments as ‘immunity’ against Western clout

New Delhi has to be wary of any move to challenge the US dollar as it seeks to sign an interim trade deal with Washington, analysts say.

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Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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United States

Powell says he’ll stay at Fed as governor, defying Trump

Outgoing chair triggers fresh clash with the White House by exercising his right to remain on the Fed board.

US Federal Reserve Chair Jerome Powell following his final press conference. Photo: Reuters
Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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Illustration: Lau Ka-kuen
United States

US drops criminal probe of Fed chair Powell, likely clearing way for Warsh

Judge James Boasberg, said prosecutors had produced ‘essentially zero evidence’ to suspect Powell of a crime.

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Stock Connect

Brazil beckoned: China now has stock and bond ‘connect’ schemes in 5 regions

Strategic financial corridors now bridge mainland bourses with global hubs, enabling more seamless investment through specialised fund vehicles and receipts.

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