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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.
Multilateral lender Africa Finance Corporation (AFC) has confirmed that a debut panda bond issuance is “on the table for this year”. Photo: Getty Images
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

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Japan

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

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.

A customer and an employee count Thai baht banknotes at a gold shop in Bangkok’s Chinatown, Thailand, on October 9, 2025. Photo: Reuters
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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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 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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A former adviser to China’s central bank said Beijing should leverage the nation’s purchasing power to boost imports settled in yuan. Photo: AFP
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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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.

Silver bars are displayed at an office in Hong Kong, on August 20, 2020. Photo: May Tse
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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Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

Technology

Opinion | Forget the US dollar. Watch water and energy resources instead

In our increasingly hi-tech-based economy and financial systems, energy and water resources will be macroeconomically critical.

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Illustration: Craig Stephens
Japan

Will Japan’s young embrace 50-year loans amid rising housing prices?

Opting for 50-year loans lowers monthly costs, but the long-term risks are mounting.

People cross a road in Tokyo earlier this month. Fifty-year mortgages are transforming home ownership for young buyers in Japan. Photo: AFP
Japan

Bank of Japan’s historic rate increase signals new era for economy

Bank of Japan lifts rates to 0.75 per cent – a 30-year high – ending zero-interest era, paving the way for further increases amid rising inflation.

Banking & finance

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

The increase in government debt means that nations must look elsewhere for funds required to meet socioeconomic needs.

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Banking & finance

Editorial | Hong Kong must find new growth areas amid uncertain US monetary policy

Divisive US Federal Reserve interest rate cut underscores why the city should not look too much to American interest rate cuts to bolster the economy.

US Federal Reserve chairman Jerome Powell attends a press conference in Washington on December 10 after the US central bank decided to lower the target range for the federal funds interest rate by a quarter of a percentage point. Photo: Xinhua
Banking & finance

Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Savings rates near zero limit room for cuts as lenders protect profitability margins, analysts say.

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Climate change

Opinion | How Hong Kong can distinguish itself as a climate finance hub

The city should lead by directing capital to projects that modernise grids, electrify transport and accelerate green supply chains.

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Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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People take photos by the bull statue in Shanghai, on August 7. Photo: EPA
China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

People’s Bank of China governor Pan Gongsheng has said that monetary policy must balance internal and external pressures. Photo: Getty Images
Yuan

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

Banking & finance

Yuan’s long-term hedge costs equalise for first time since 2011

The risk reversal as the yuan has fared better than expected this year and as investors brace for a weaker dollar on Fed rate cut prospects.

Diplomacy

Opinion | As power balance tips to China, world needs a fairer financial system

China-led macro region will have to work on independence of monetary policy and partnerships in a fairer financial and trade framework.

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Illustration: Craig Stephens
Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

The Japanese yen’s exchange rate briefly weakened beyond 155.3 to the US dollar on Tuesday. Photo: Reuters
Banking & finance

As China’s central bank projects confidence, are rate cuts on the back burner?

The People’s Bank of China said the economy was on track to hit its annual growth target despite facing a challenging environment.

China inflation

Macroscope | Forget inflation, deflation poses bigger risk to Asia’s economies

While Asia has not had inflation worries for some time, its economic future has become more closely tied to China’s, with all that entails.

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