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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.
People walk near a screen showing stock exchange and economic data in Shanghai on April 20, 2026. Photo: EPA
China stock market

Outlook for China stocks brightens on capital flows, rebounding home prices

Resilience shown since start of Middle East war likely to continue amid haven demand, according to fund managers and investment banks.

Global monetary policy

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

US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

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Chinese offshore investment

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

Beijing’s move to lift offshore-loan quotas seen helping stabilise yuan against weaker US dollar while accommodating a surge in net financing via ‘panda bonds’.

A person walks past the building of China’s central bank in Beijing. Chinese regulators have raised the overseas-loan leverage ratio for foreign banks in China and their joint ventures with Chinese lenders. Photo: Getty Images
Banking & finance

Kazakh sovereign fund issues Central Asia’s first panda bond in ‘milestone’ sale

Samruk-Kazyna chairman says issuance marks ‘an important milestone in strengthening the strategic partnership between Kazakhstan and China’.

Currencies

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.

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US, Israel war on Iran

Conflict catalyst: China’s yuan settlements hit record amid Middle East tensions

Single-day transactions via China’s Cross-border Interbank Payment System surge past 1 trillion yuan as Beijing’s moves to expand the yuan-payment network show signs of paying off.

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People are seen at a booth promoting China’s Cross-Border Interbank Payment System during a financial exhibition in Beijing. Photo: Getty Images
Foreign exchange market

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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Bonds

China’s JD.com returns to dim sum bond market with 10b yuan offering

The e-commerce giant is issuing the yuan-denominated notes in two tranches of 7.5 billion yuan and 2.5 billion yuan.

Banking & finance

Open Questions | Kenneth Rogoff on why China’s yuan will be a reserve currency within 5 years

Harvard economist explains why cryptocurrencies will never take the US dollar’s place, despite their popularity in underground economies.

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Illustration: Henry Wong
US, Israel war on Iran

How the Iran war could pave the way for the rise of China’s ‘petroyuan’

Disruptions from the war could accelerate a shift in the oil trade, threatening the US dollar’s long-held dominance, analysts say.

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China launched yuan-denominated oil futures contracts in 2018, though US dollar-based contracts continue to dominate. Photo: Shutterstock
Science

China names AI tokens after the yuan. Should US worry for the dollar?

China has officially designated ciyuan as the translation for ‘token’, giving strong economic overtones to what has been a tech term.

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Banking & finance

Open Dialogue | Gary Liu and Liu Xiaochun on the US and China’s divergent paths for stablecoins

As investors await Hong Kong’s first stablecoin licences, two experts discuss the assets’ integration with the city’s economy – and the world’s.

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Foreign exchange market

Does China need world-leading forex reserves? Globalising yuan revives debate

As Chinese currency ‘becomes more adopted globally’, report says it can replace many functions of a foreign exchange stockpile.

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As Beijing seeks to promote further international use of the yuan, the composition of China’s forex reserves is coming under scrutiny. Photo: DPA
Banking & finance

China adds 12 banks to digital yuan system, expanding e-CNY’s economic presence

More than doubling the number of institutions using digital yuan in day-to-day operations, China is deepening the currency's role in its financial system.

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A security guard drinks from a bottle near an ad for e-CNY, or digital yuan, in Beijing on August 31, 2022. Photo: AP
China economy

How China plans to use new law to further its financial superpower ambitions

The draft finance law, released by the Ministry of Justice, central bank and three other regulators, will solicit feedback until April 19.

Banking & finance

How China opened the door to creating a direct rival to US payment systems

Beijing has removed several key restrictions on its payment system, allowing it to expand beyond yuan settlements, economist says.

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China-Middle East relations

Will China’s yuan lift Strait of Hormuz blockade? Analysts urge caution

The world’s most vital energy artery has been largely paralysed since the launch of US-Israeli strikes on Iran last month.

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Iran is reportedly considering allowing a limited number of oil tankers to transit the Strait of Hormuz on the condition that the cargo be traded in yuan. Photo: Reuters
Hong Kong economy

Exclusive | Hong Kong tipped to be world’s top financial hub amid global yuan expansion plan

National People’s Congress deputy Li Yinquan says Hong Kong to gain substantially from Beijing’s push to internationalise yuan’s reach.

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Two Sessions 2026

What 2 new laws at ‘two sessions’ mean for China’s financial superpower push

Two new laws may prove wide-ranging, spanning yuan’s global status to green finance and turning ambition into codified rules, analyst says.

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Hong Kong economy

Opinion | Why Hong Kong could be the next global hub for gold trading

If commodity pricing becomes the next frontier of US-China financial competition, Hong Kong could find itself at the heart of that evolution.

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Gold bars weighing 1,000 grams each are displayed at the Austrian Gold and Silver Refinery in Vienna on February 3. Photo: AFP
Currencies

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
Banking & finance

How China’s sovereign debt is becoming a real alternative to US Treasuries

Beijing is now offering dollar-denominated sovereign bonds at rates matching equivalent US Treasuries – and investors are snapping them up.

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Hong Kong politics

Focus on development and cherish stability, Xia Baolong urges Hong Kong

Hong Kong and Macau Affairs Office director meets local delegates ahead of annual political gatherings in capital.

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Two Sessions 2026

How China is using its economic clout to give the US dollar a run for its money

Beijing is using economic clout to reshape its global financial influence – a strategy analysts say could play out over decades.

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Illustration: Lau Ka-kuen
Foreign exchange market

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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The People’s Bank of China has rolled out a pair of measures to lower foreign exchange hedging costs and support cross-border yuan financing. Photo: Shutterstock
Banking & finance

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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China manufacturing

A boat in every dock? Chinese billionaire unveils plan for mass yacht production

JD.com founder Richard Liu has launched a nautical brand with a massive investment in yacht production, aiming to make ownership affordable.

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