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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
An electronic board showing the US dollar and Japanese yen exchange rate at a securities firm in Tokyo on August 3. Photo: AP
Banking & finance

Opinion | Just like with the yen, America cannot save the AI bubble

The Japanese currency and US tech stocks share the same fatal problem: momentum can’t survive broken fundamentals.

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Bonds

Hong Kong to list first Shanghai free-trade zone bond to defend yuan hub status

Banking & finance

Chinese central bank’s 15th five-year plan

Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Yuan notes are counted at a bank in China’s Jiangsu province. According to a Goldman Sachs analyst, “the current bond-issuance boom is a historic opportunity”. Photo: Reuters
Banking & finance

Macroscope | Behind the AI stock market bubble lies a weak yen

The tech stock boom, financed in large part by the yen carry trade, is at risk of collapse if the currency strengthens.

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Banking & finance

Hong Kong preferred base as Chinese SOEs consolidate overseas accounts

City’s attractions include international banking system, deep capital markets, offshore yuan pool and close links with mainland.

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China-Latin America relations

Argentina extends US$19 billion China currency swap despite US pressure

Buenos Aires locks in the yuan line until 2031, months after the US Treasury Department offered a rival facility.

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Argentine President Javier Milei campaigned on a pledge never to do business with communist governments, but later sought Beijing’s help to extend the currency swap. Photo: Reuters
Banking & finance

Macroscope | US efforts to prop up the yen risk doing more harm than good

Reversing the yen’s long-term decline ultimately rests on Japan’s ability to take its real interest rates out of negative territory – without triggering market panic.

Yuan

China needs a stronger yuan, ‘fiscal boost’ to drive near-term growth: analysts

Rebalancing economy and offsetting a record trade surplus requires targeted stimulus to counter growing global trade barriers, analysts say.

Banking & finance

The US helped boost the yen. Can China do the same for the Australian dollar?

Currency traders believe Beijing’s economic policies could give the Australian dollar a boost. Analysts say things are more complex in reality.

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Some analysts view the Australian dollar as particularly sensitive to fluctuations in Chinese economic policy. Photo: Shutterstock
China-Latin America relations

Brazil to become regular borrower in China, treasury official says

Brasilia cannot guarantee debut will happen this year, but wants it repeated to give companies a yuan benchmark to aim for.

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Brazil intends to sell yuan bonds in China every year, a senior Brazilian treasury official said on Wednesday. Photo: Getty Images
Japan

US-Japan trade thaw driven by shared yen for stronger currency

How long this boost in relations will last, though, depends on whether the yen can hold its value, experts say.

Banking & finance

China’s foreign reserves hold steady as external earnings stay in private hands

Hong Kong absorbed nearly two-thirds of mainland China’s portfolio outflows last year and now holds about half of the total external stock, IIF says.

Yuan

Fresh mBridge progress boosts cross-border digital yuan push

China’s Project mBridge, the multilateral central bank digital currency platform, is moving closer to broader commercial adoption.

Industrial Bank in the Hengqin financial district in Zhuhai, southern Guangdong province. The bank has launched mBridge payment services for cross-border transactions with Macau and Hong Kong. Photo: K.Y. Cheng
Banking & finance

Rare US-Japan intervention as yen hits 40-year low: what does it mean?

Washington steps in to save Tokyo’s weakened currency in first joint yen-buying action for almost 30 years, causing its value to surge.

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A notepad in front of US Secretary of the Treasury Scott Bessent reads “To Do Buy Japanese Yen $5-10 bil” during a cabinet meeting on Friday. Photo: Reuters
Banking & finance

Opinion | Hong Kong’s Chinese bond futures are a major step for the global yuan

Making Chinese treasury bond futures tradeable on Hong Kong’s stock exchange adds the interest rate hedging component markets have demanded.

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HKEX

Treasury bond futures ‘a milestone’ to boost Hong Kong’s bridgehead role: CSRC

First offshore China government bond futures rose more than 1 per cent on debut on Monday.

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Banking & finance

China’s CIPS to become settlement norm in Mongolia within 2 years: Golomt Bank

Six months after Golomt adopted the technology, 96 per cent of yuan payments moved from Swift to China’s payment system, the bank says.

A CIPS logo is displayed on a smartphone. Photo: CFOTO/Future Publishing via Getty Images
Yuan

China’s offshore yuan hits 3-year high as Beijing signals policy support

Politburo’s pledge to stabilise growth and boost capital markets helps drive rally, reinforced by days of relatively strong reference rates by the central bank.

Yuan

China stokes panda bond boom in bid to grow tiny market

Overseas borrowers in China’s onshore yuan debt market will avoid some fees until 2028 as regulators seek to grow international use of the currency.

Bonds

Shanghai Clearing House targets global growth with expanded offshore yuan push

SHCH will broaden its clearing services across offshore yuan bonds, interest rates and foreign exchange products.

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China is taking steps to expand the offshore yuan pool by pushing a new model to boost international sales of its domestic bonds. Photo: CFOTO/Future Publishing via Getty Images
Banking & finance

Beijing scraps panda bond fees to bolster global market for yuan debt

Analysts say removing some expenses for foreign borrowers will help funnel more yuan overseas and create a large offshore liquidity pool of China’s currency.

Analysts say Beijing’s decision to waive fees associated with panda bonds serves as a sign of leadership’s commitment to the market. Photo: Getty Images
Bonds

China vows to improve panda bond ratings to lure more foreign capital

Body overseeing interbank market, where most panda bonds are traded, sets August 1 deadline for rating agencies to comply.

Banking & finance

Chinese bank touts digital currency platform’s largest transfers yet

Bank of China uses mBridge for two cross-border transfers worth more than US$1.7 billion each, as CBDC platform gathers momentum.

Fintech

China-UAE retail QR payment link to boost the yuan’s global push

Beijing linking its retail payment networks with Dubai is another step toward yuan internationalisation and reducing US dollar reliance.

Bank of China (BOC) will act as the exclusive clearing bank for Jaywan, the UAE’s national debit card. Photo: Handout
Yuan

China eyes broader global access to yuan assets, as panda bond demand surges

Beijing plans further reforms to make it easier to issue and trade panda bonds, as it focuses on boosting the yuan’s role as a global currency.

A staff member counts stacks of yuan banknotes at a credit cooperative in east China’s Shandong province. Photo: Xinhua
Hong Kong economy

Opinion | Connect scheme for gold shines light on China’s financial liberalisation

The Connect model has evolved from isolated reforms into a blueprint for China’s financial opening up, with Hong Kong as the bridgehead.

Banking & finance

China increases holdings of US Treasuries despite diversification trend

Overall foreign holdings climb to US$9.371 trillion in May, with China’s rising to US$659.3 billion after hitting an 18-year low in April.

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