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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.
The Hong Kong Monetary Authority (HKMA) logo in IFC Two. Photo: Jonathan Wong
Banking & finance

Hong Kong taps group of experts to help rewrite rules for tokenised bonds

HKMA sets up the collective, spanning 21 institutions, in push to expand blockchain-based issuance beyond government pilots.

Banking & finance

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

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Banking & finance

Hong Kong banks tighten rules in mainland China as Beijing pores over outflows

China manufacturing

Is China’s global economic influence bigger than it looks? New study says yes

Standard metrics understate China’s physical investment gap with the US and its wider economic influence, researchers say.

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A clerk counts Chinese currency notes at a bank branch in Huaibei in central China’s Anhui province. Photo: AP
Hong Kong economy

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

Initiative would build on AI and finance convergence while supporting yuan internationalisation, finance chief Paul Chan says.

Chinese offshore investment

Going global? Here’s a quick look at 4 options for China’s offshore investors

As Beijing tightens its grip on unlicensed stock platforms, mainland China’s retail players utilise these state-sanctioned options to diversify globally.

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US Federal Reserve

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.

US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
China trade

China’s yuan gains ground in global trade with room to grow, Goldman Sachs says

The currency’s use in global trade has grown sharply in recent years but still falls short of China’s economic weight, the bank says.

China’s private sector

A new battlefront for KFC and its Chinese rivals: the lighter meal

Big-name fast-food chains are seeking to capitalise on a surge in demand in China for lighter meals.

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
Semiconductors

China’s biggest contract chipmaker clears final hurdle for US$6 billion takeover

SMNC is to become a wholly owned subsidiary of SMIC, boosting the semiconductor manufacturer’s prowess and market position.

An electronic board shows stock prices in the Lujiazui financial district of Shanghai, China. Photo: Reuters
Currencies

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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Mainland China

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
Central banks

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
Central banks

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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Banking & finance

Editorial | Why China’s yuan is gaining appeal

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

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Foreign exchange market

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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US-China relations

Is China set to benefit from new US Fed chair Kevin Warsh’s policy vision?

The appointment follows White House pressure on the central bank to lower interest rates – a move analysts warn could have unintended consequences.

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Banking & finance

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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Cranes unload bauxite ore imported from Australia at a port in China’s eastern Shandong province. Photo: Reuters
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
Currencies

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.

China-Asean relations

How China is quietly reshaping Southeast Asia’s payments beyond the US dollar

New initiative lets consumers use home-grown apps like Alipay for cross-border payments – supporting Beijing’s push to expand regional financial links.

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China's economic recovery

Open Questions | How China can avoid a repeat of Japan’s ‘lost decades’

Bai Chongen, an economist and adviser to China’s government, explains how the country can dodge ‘Japanification’ and why its economic rise is misunderstood.

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Illustration: Henry Wong
Hong Kong Monetary Authority (HKMA)

Hong Kong, mainland China officials meet to bolster cross-border connect schemes

HKMA’s Eddie Yue, State Administration of Foreign Exchange’s Zhu Hexin discuss ways to strengthen city’s role as a global financial hub.

The talks likely covered boosting the bond markets, expanding the wealth connect scheme, enhancing Hong Kong’s role as a yuan trading hub, and aligning with the country’s next five-year plan, according to analysts.Photo: Sam Tsang
Mainland China

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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