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Yuan

Yuan
The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.
illustration by Lau Ka-kuen
US-China decoupling

Open Questions | Yeo on how Trump wants to avoid Taiwan upending China relations

Former Singapore foreign minister George Yeo says that Donald Trump is prioritising stable relations with China, and that the US is facing decline amid a shift to a multipolar world.

Foreign exchange market

China’s currency comeback: yuan seen breaking key dollar level in 2026

China jobs

Open Questions | Economist Huang Yiping on why China’s AI push must be ‘job-oriented’

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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
Open Questions series

Open Questions | Huang Yiping on AI and stablecoins’ risks and rewards for China

Influential economist says growth in artificial intelligence must protect livelihoods and Chinese central bank’s cryptocurrency caution is warranted.

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Bonds

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

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Currencies

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.

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year. Photo: Reuters
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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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

Yuan rapidly gaining ground as Chinese firms plot global expansion

Yuan’s use in cross-border payments rose 14 per cent year on year to 35 trillion yuan (US$4.9 trillion), according to the People’s Bank of China.

The yuan is the world’s third-largest trade finance currency after the US dollar and the euro, according to a report by the China Banking Association. Photo: Shutterstock
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.

Banking & finance

HKEX invests in HKMA unit, strengthening city’s financial market infrastructure

HKEX to invest US$58.5 million in CMU OmniClear, which operates the Central Moneymarkets Unit that provides services for debt securities.

China economy

Why China’s growing global investments could spur yuan internationalisation push

As firms expand overseas, rising investment demand and appetite for yuan assets and swap agreements may prompt Beijing to take action.

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One hundred yuan bill with a flag of China. Photo: Shutterstock
Currencies

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

The IATA logo at the annual International Air Transport Association meeting in New Delhi, India, in June. Photo: Reuters
Currencies

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

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Banking & finance

Beijing backs Hong Kong as global hub with new financial measures

At the Global Financial Leaders’ Summit, Chinese officials vow to strengthen Hong Kong’s international financial centre status.

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US-China trade war

Chinese vice-premier vows further opening up of financial sector

More foreign investment welcome, He Lifeng tells members of National Financial Regulatory Administration’s International Advisory Council.

Vice-Premier He Lifeng leaves following the conclusion of trade talks between China and the US in Kuala Lumpur on Sunday. Photo: Reuters
Banking & finance

New phrase, new phase? China adjusts language on yuan internationalisation

Beijing now states plainly that it aims to ‘promote the internationalisation of the yuan’ amid growing doubts over the US dollar.

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Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

Banking & finance

Exclusive | Property credit quality issues manageable for Hong Kong banks: HKMA’s Eddie Yue

The banking sector next year has more opportunities than challenges, HKMA’s chief executive says.

HKMA chief executive Eddie Yue says Hong Kong’s banking sector has a strong capital ratio and is very profitable. Photo: Edmond So
China trade

At China’s Canton Fair, exporters sense a warming trend in yuan settlements

Chinese traders report a rising number of overseas clients opting to pay using the yuan, signalling a quiet shift away from the US dollar.

A buyer (right) is seen during the 138th edition of the China Import and Export Fair, better known as the Canton Fair, on Wednesday. Sellers say more buyers are open to settling deals in yuan. Photo: Xinhua
Banking & finance

New lending and repo plans accelerate the yuan’s challenge to the US dollar

Hong Kong is the largest offshore yuan market worldwide, with 76 per cent of offshore yuan payments in August conducted in the city.

People’s Bank of China (PBOC)

China’s central bank sets yuan at highest rate against US dollar in a year

PBOC sets high midpoint rate for yuan, separately reports slowdown in Chinese credit growth, as expectations rise for a US interest rate cut.

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Hong Kong economy

Exclusive | Yuan boost eyed as Hong Kong’s mainland China spending hits HK$5 billion

Authorities are now exploring ways to increase mainland China payments in renminbi and expand its use.

More than 70 per cent of the world’s offshore yuan payments are consistently processed by Hong Kong. Photo: AP
Banking & finance

Editorial | Road map keeps Hong Kong growing as world’s top offshore yuan hub

The offshore yuan is drawing heightened investor interest, and broadening its usage and liquidity could tap into a massive market.

Securities and Futures Commission CEO Julia Leung Fung-yee (left) with Hong Kong Monetary Authority Chief Executive Eddie Yuen Wai-man at the launch of the road map on September 25. Photo: Handout
Banking & finance

Opinion | Why Asia-Pacific is rewriting terms of trade from dollar to yuan

It is both a pragmatic response to deepening regional trade integration and, more profoundly, a strategic drive for fiscal independence.

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Foreign exchange market

Chinese yuan’s forex market share grows to 8.5% as global position firms: survey

Beijing’s push to internationalise the yuan is reflected in its rising global use amid efforts to reduce reliance on the US dollar, which has shored up its forex dominance.

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