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Global monetary policy

Global monetary policy
The latest news, analysis and opinion on Global monetary policy. In-depth analysis, industry insights and expert opinion.
An employee counts 100-yuan notes at a bank in Beijing on November 14, 2024. Photo: AFP
Yuan

Editorial | Chinese yuan slowly but surely cutting into US dollar dominance

Kazakhstan’s issuance of yuan-denominated debt shows developing nations can use ‘panda bonds’ as stepping stones into global capital markets.

Yuan

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

Hong Kong society

Opinion | 4 identities Hong Kong must embrace to provide global leadership

Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

People walk past Chinese yuan and US dollar symbols in Hong Kong. Former PBOC governor Zhou Xiaochuan says China should seize fresh opportunities to promote the yuan as an international currency. Photo: AFP
Artificial intelligence

Opinion | How AI and geopolitical rivalry are breaking economic orthodoxy

Today’s imbalances go beyond exchange rates; they reflect concentrated technological investment in one economy and uneven risks in others.

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Trade

Opinion | In age of US-China rivalry, supply chain statecraft counts

Systems that once underpinned globalisation as a process of integration are becoming repurposed as instruments of competition.

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Asia housing and property

The View | War-induced interest rate shocks unlikely to upset Asia’s property markets

While monetary tightening would add to affordability pressures, it would have little bearing on the forces driving up prices and rents.

A real estate agent points to the view from a property in Niseko, Japan, on February 20. Photo: AFP
Banking & finance

China’s central bank pledges stability in capital markets amid global sell-off

With worries over the Iran war driving down stock prices, the People’s Bank of China has named market stability as a ‘major task’ in 2026.

Hong Kong Monetary Authority (HKMA)

HKMA warns of interest rate uncertainty amid Middle East conflict

HKMA leaves city’s base rate untouched at 4 per cent, as HSBC, Standard Chartered and BOCHK keep prime lending and saving rates unchanged.

Banking & finance

Macroscope | How global debt is sowing the seeds of financial collapse

Markets have so far shrugged off wars and trade conflicts, but the rapid rise of already massive debt should alarm investors.

People with smartphones walk through the business district of Jakarta, Indonesia, in June 2022. Debt stocks have reached new highs across both advanced and emerging economies. Photo: NurPhoto via Getty Images
Yuan

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

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A woman walks by an exchange shop decorated with banknotes. There has been mounting pressure from China’s trade partners to allow the yuan to strengthen. Photo: Felix Wong
Artificial intelligence

Opinion | How the US ceded the robotics economy to China

Chinese gains in robotics show that nations wishing to compete must go beyond financial engineering to master their physical realities.

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Yuan

As the yuan sizzles, China’s central bank deploys double-barrelled policy tweak

Regulators refine cross-border rules and cut the foreign exchange risk reserve ratio for forward forex sales to zero, aiming to provide stable offshore liquidity and help firms manage risks.

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Banking & finance

Opinion | Why the Fed credibility crisis will hit emerging markets harder

As confidence in US monetary stewardship falters, inflation risks rise and capital flows become more volatile. Emerging markets with fewer policy buffers will bear the brunt.

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US Federal Reserve chair Jerome Powell speaks during a press conference at the Federal Reserve Board Building in Washington on January 28. Photo: AFP
Japan

Macroscope | Why the IMF is right to press Japan on its fiscal risks

The fiscal and monetary policies of advanced economies have global repercussions, and Takaichi’s expansionary fiscal agenda risks market pushback.

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Japan’s Prime Minister and leader of the ruling Liberal Democratic Party Sanae Takaichi speaks during an election campaign event in Tokyo on February 7. Photo: Reuters
Banking & finance

Macroscope | US dollar weakness is no game changer for a globalised yuan

Beijing will seize on the crisis to promote the yuan, but without capital account liberalisation – essential for a truly global currency – its rise will remain limited.

China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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Banking & finance

China lets yuan rise to strongest level in years as de-dollarisation trend grows

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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The yuan has steadily appreciated against the US dollar in recent months amid a growing de-dollarisation trend among global investors. Photo: AFP
Japan

Macroscope | Could Japan stop being the ballast of the bond market?

A lower house election victory would give flight to Prime Minister Takaichi’s fiscal expansionism – and introduce upheaval far beyond Japan.

Banking & finance

Opinion | Central banks are propelling a 21st century global gold rush

The world must choose between believing in the authority of central banks to decide the worth of fiat currencies or trusting in gold as a store of value.

China economy

Opinion | Fears of overcapacity ignore China’s full balance of payments picture

The right question to ask is whether China’s overall current account represents a destabilising imbalance that siphons growth from trading partners.

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People shop at an international duty free shopping centre in Haikou, Hainan province, on December 18, 2025. Photo: Xinhua
Yuan

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

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China’s yuan has broken through the psychologically important level of 7 per US dollar for the first time in years, as confidence in US dollar assets weakens. Photo: AFP
China trade

China should leverage buying power to boost yuan’s use, former PBOC adviser says

With the yuan’s fixing at fresh 2023 highs and US dollar uncertainty rising under Trump, Beijing is urged to expand yuan-settled imports to internationalise its currency.

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China economy

Opinion | China’s focus is on stability as the US rocks the global boat

While Beijing has achieved its major economic goals for 2025, this year policymakers might be forced to focus on external crises and US foreign policy.

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Yuan

China’s PBOC sets onshore yuan fixing at strongest point in nearly 16 months

Analysts note how Beijing’s policy goals, such as internationalising China’s currency and curbing overcapacity, are aligning with a firmer exchange rate.

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The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0103 to the US dollar on Tuesday. Photo: dpa
China trade

China pledges green-energy push with Global South, signals wider market opening

Sixth entry in Communist Party mouthpiece’s editorial series calls domestic market ‘world’s rarest resource’, vows supply-chain support to aid industrialisation.

Solar panels are seen in May at the China-Africa Green Technology Park in Mauritania. Solar panels and microgrid projects built by Chinese firms in Africa have electrified local communities, according to a People’s Daily commentary. Photo: Xinhua
China economy

Editorial | Amid rivalry with US, silver can be seen as China’s new industrial leverage

Beijing’s export controls are simply about following the logic of the market and geopolitics in the interest of the nation.

China inflation

China must take action to avoid Japan-style deflation spiral, scholars warn

Unless Beijing introduces more forceful policies, consumers could get locked into a mindset that is ‘nearly impossible to break’, scholars say.

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