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TOPIC

Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
A terrace in Beijing’s central business district in China. Photo: Getty Images
Banking & finance

China sees revival of foreign investors through IPOs, convertibles: UBS

The trend is part of a broader recovery of interest in Chinese assets from investors overseas.

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Hong Kong economy

Open Questions | Hong Kong must embrace ‘bipolar’ role to thrive in its ‘Stage 3.0’: Charles Li

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Hong Kong economy

Hong Kong considers new offshore yuan venture fund for tech, emerging industries

China trade

China-led SCO bloc looks to fast-track plan for new bank, rival Western lenders

Member states seek more financial autonomy and localised credit by advancing an effort to fund regional growth using their national currencies, not the US dollar.

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Flags wave outside the Tianjin Meijiang Convention and Exhibition Centre during the Shanghai Cooperation Organisation (SCO) Summit in Tianjin on September 1. Photo: AFP
Donald Trump

Note for Trump: US Treasury designs US$250 bill with president’s face

Scott Bessent confirms planning for currency despite a long-standing legal ban on living faces on banknotes.

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Yuan

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

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

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Hong Kong stock market

US$32b worth of Hong Kong assets involved in transborder trade crackdown: Citic

The assets involve a crackdown on Futu, Tiger Brokers and Long Bridge for offering mainland Chinese investors access to unlicensed trading.

A view of Victoria Harbour taken from Hong Kong Observation Deck. Photo: Sam Tsang
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.

China trade

Ex-mayor calls for stronger yuan, tariff cuts to reduce China’s trade surplus

Huang Qifan says coordinated policies, including gradual yuan appreciation and lowering of tariffs, are needed to address trade imbalances.

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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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Kevin Warsh was confirmed as the next chairman of the US Federal Reserve earlier this month. Photo: Reuters
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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Yuan

Editorial | Why China’s yuan is gaining appeal

More countries find yuan financing attractive. Even without full convertibility, the Chinese currency offers something invaluable.

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.

Argentine President Javier Milei (right) has moved closer to US President Donald Trump as Argentina winds down much of its Chinese swap line.Photo: Getty Images
Yuan

As China’s yuan hits multi-year highs, Beijing puts the focus on stability

China’s top foreign exchange regulator said in an article that authorities would seek to keep the yuan ‘basically stable’.

China’s yuan has appreciated steadily against the US dollar in recent months. Photo: Getty Images
Hong Kong property

Mainland Chinese demand for Hong Kong homes grows on yuan gains and rising rents

Purchases climb to a two-year high in April as mainland Chinese buyers pile into new launches, drawn by rental yields and yuan’s strength.

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Yuan

How Australia’s mining giants are helping China to globalise the yuan

Mining firms are increasingly using the yuan for financing and settlements, as China pushes to reduce its reliance on the US dollar.

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China trade

Pakistan to tap China debt market with first sale of yuan-priced ‘panda bonds’

Islamabad turns to ‘panda bonds’ to secure cheaper credit and diversify its borrowing into yuan-denominated funding, with a focus on sustainable development.

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Pakistan and China continue to forge stronger economic ties. Here, a family rides past a roadside display in the shape of their national flags in Lahore, Pakistan, ahead of a visit by Vice-Premier He Lifeng in 2023 to mark the 10th anniversary of a mega economic plan. Photo: AFP
Diplomacy

Opinion | Just because Brics isn’t a coherent bloc doesn’t mean it’s impotent

The grouping has a future, not as a binding structure demanding policy alignment but as a tool for members to enhance leverage and maximise options.

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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.

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.

A view of the Hong Kong Monetary Authority office at Two International Finance Centre in Central. Photo: Jelly Tse
US, Israel war on Iran

Trump says US will ‘guide’ ships out of Hormuz, as vessels attacked

US to launch new mission dubbed ‘Project Freedom’ as Tehran signals interference would be seen as a ceasefire violation.

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The USS Michael Murphy patrolling the Arabian Sea during a maritime blockade in April. Photo: US Navy via AFP
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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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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China economy

Opinion | For the US dollar, a subtler shift than a ‘petroyuan’ order is underfoot

Talk of a dollar collapse or ‘petroyuan’ order arriving amid the Iran war misses the mark. The larger shift is subtler and no less consequential.

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China’s President Xi Jinping shakes hands with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, in Beijing on April 14. Photo: cnsphoto via Reuters
US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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China has been patiently chipping away at the US dollar’s global dominance, and Washington may even be doing it a favour. Photo: dpa
Yuan

China boosts overseas-loan quotas as ‘panda bond’ issuance hits record high

Beijing’s move to lift offshore-loan quotas seen helping stabilise yuan against weaker US dollar while accommodating a surge in net financing via ‘panda bonds’.

India

Macroscope | How the rupee’s fall shows India’s struggle to overcome vulnerabilities

While India’s economy is stronger than it was in previous sell-offs, lingering weaknesses are coming to the fore and driving new tensions.

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