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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.
Five 100-yuan banknotes are rolled and arranged in a neat row. Photo: SOPA Images/LightRocket via Getty Images
Banking & finance

‘Clear signals’: Why China could expand capital outflow channels

As China’s trade surplus grows, signs point to Beijing broadening the opening-up of its capital account amid yuan internationalisation push.

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Fintech

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

Banking & finance

Open Questions | Citic Capital CEO on making China a financial powerhouse

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Currencies

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

London Clearing House accepts dim sum bonds as non-cash collateral

Bank of China led the roll-out of the yuan-denominated assets, with three of its overseas units executing the first transactions.

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Global monetary policy

Amid rising dollar risks, Plaza Accord-style unity not feasible: ex-IMF adviser

Economic historian Barry Eichengreen says if current policy paths persist, modern rifts could bring about a confidence crisis in the US currency.

China’s yuan is often cited as a possible alternative to the US dollar in global trade. Photo: Reuters
China stock market

Chinese hard tech giants see market value surge as overseas capital pours in

Under the mainland-Hong Kong Connect programme, northbound holdings rise to record high of 3.13 trillion yuan by end of June.

Currencies

Opinion | Markets, not politics, will make China’s yuan a global currency

Until authorities can reduce costs and allay the market’s concerns, yuan internationalisation will be stronger on paper than balance sheets.

Hong Kong stock market

China’s appeal as portfolio diversifier grows: BlackRock strategist

‘China can provide exposure to different economic drivers,’ says Li Wei, the asset manager’s global chief investment strategist.

People walk on a street beneath a screen showing stock market and economic data in Shanghai on June 15. Photo: EPA
Banking & finance

How the RMB Business Facility will help consolidate Hong Kong’s financial role

Quota expanded to 500 billion yuan from Friday, with tenor increased to two to three years, up from one.

Chinese 100-yuan notes at a Bank of China branch in Hong Kong. Photo: Reuters
Banking & finance

Yuan: global ambitions

Chinese President Xi Jinping wants the yuan to be a “strong currency”, with widespread use in international trade and foreign exchange markets. Achieving this goal would pare the US dollar’s global dominance and reduce risks from sanctions.

Banking & finance

China further boosts Hong Kong’s role as offshore yuan hub

Central bank chief Pan Gongsheng unveiled new steps to grow the yuan market in Hong Kong, underscoring the city’s role in boosting global use of China’s currency.

Hong Kong economy

Editorial | In the age of AI, Hong Kong’s strategy as a ‘superconnector’ is progressing

At SCMP’s China Conference, Chief Executive John Lee and panellists made clear the city’s potential as an innovation centre, building on its traditional strengths.

(From left) Jeanne Lim, founder and CEO of beingAI; Hendrick Sin, president of the Hong Kong Internet Professional Association; and Zhang Xiaoyan, vice-president of the China Centre for Information Industry Development, at South China Morning Post’s China Conference on July 7. Photo: Jonathan Wong
Banking & finance

Beijing unveils policy enhancements to give ‘vitality’ to Hong Kong markets

The governor of China’s central bank says Beijing is set to increase capital allocation to the city to 800 billion yuan under the Bond Connect scheme.

Pan Gongsheng, governor of the People’s Bank of China gives a keynote speech at Hong Kong FIC & Bond Connect Summit in Admiralty. Photo: Sun Yueng
Banking & finance

Global investors load up on yuan for portfolio diversification: HSBC survey

Three quarters of respondents expect to increase yuan allocations over the next one to two years.

Hong Kong economy

Hong Kong must brace for AI bubble risk and quantum computer threat: HKMA chief

Eddie Yue urges city’s banks to safeguard against stock market correction coinciding with geopolitical events triggering inflation anxieties.

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China travel

Currency advantages, K-beauty fuel Chinese shopping trips, spending in Korea

Chinese tourists in Seoul are turning tourist trips into shopping sprees, as a softer won makes luxury and lifestyle services more affordable.

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A surgeon and a patient at a clinic in Gangnam district, Seoul, on April 16. Photo: Korea Times
Banking & finance

Hong Kong broadens yuan’s financial footprint as currency gains global appeal

Hong Kong Monetary Authority widens scope of yuan finance to solidify status as ‘offshore laboratory’ for currency amid de-dollarisiation trend.

China economy

Opinion | When and how will China ease capital controls?

While China has reasons to maintain capital controls, the recent crackdown on three Hong Kong brokerages is not meant to discourage mainland outbound investment.

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Banking & finance

As Beijing raises Shanghai’s offshore yuan profile, where will Hong Kong fit in?

Geopolitical tensions add fuel to long-standing debate about China’s need for multiple offshore yuan centres – a role that suits Shanghai well.

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Illustration: Henry Wong
Banking & finance

Indonesia set to issue US$1 billion in panda bonds in China

The Southeast Asian country will offer the bonds in an attempt to better stabilise its national finances as the rupiah continues to fall.

Indonesia and China flags. Photo: Shutterstock
Semiconductors

China’s Big Fund becomes SMIC’s third-largest shareholder after record buyout

The landmark deal consolidates the Big Fund as third largest owner of SMIC, China’s largest wafer foundry.

Hong Kong economy

Can Hong Kong keep its financial crown?

As Hong Kong marks the anniversary of its handover, the city’s status as a premier global financial hub is evolving. In this miniseries, we explore the future of Hong Kong finance, from efforts to boost market liquidity to the rising competition it faces from Shanghai in the offshore yuan market.

Banking & finance

Can Shanghai’s offshore finance push test Hong Kong’s dominance?

Beijing is accelerating Shanghai’s offshore finance ambitions, raising questions over whether Hong Kong’s long-held edge can endure.

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Shanghai is seeking to expand its offshore finance business under a new action plan backed by Beijing. Photo: Getty Images
Futu

China closes another offshore investing loophole as TRS faces restrictions

Brokerages told to halt expansion of offshore-linked TRS portfolios as Beijing tightens oversight of cross-border investing channels.

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Futu Holdings was among the offshore brokerages ordered by Chinese regulators in late May to stop mainland residents from opening new accounts to trade foreign securities directly. Photo: Sam Tsang
Shanghai

Hong Kong readies offshore yuan initiatives after Shanghai move

Beijing is supporting the development of offshore yuan trading as part of a broader drive to boost the Chinese currency’s global role.

China trade

China’s central bank sets weaker yuan midpoint against US dollar for third day

The move comes after European Central Bank chief urged global leaders to discuss undervaluation of the Chinese currency.

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