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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.
In late 2025, reports surfaced that CMRG had instructed traders to stop buying US dollar-denominated iron ore from BHP – sparking tense negotiations that culminated in the recent agreement. Photo: Reuters
China trade

‘Paradigm shift’: is China’s deal with mining giant BHP a global yuan milestone?

The agreement to partly link iron ore pricing to the yuan is a breakthrough but US dollar dominance in the trade remains entrenched for now, analysts say.

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Bonds

China opens government bond futures to select foreign investors in reform push

Stock Connect

Brazil beckoned: China now has stock and bond ‘connect’ schemes in 5 regions

Banking & finance

Open Questions | Euro, yuan unlikely to match US dollar, Daniel Gros says

German economist doubts EU and Chinese currencies will be widely used for international trade or that stablecoins will take off outside the ‘shadow economy’.

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Illustration: Lau Ka-kuen
China trade

Canton Fair defies global trends as overseas buyers flock to buy robots, drones

Foreign buyers queue up to test the latest technological hardware at China’s largest trade show despite softening international demand.

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Banking & finance

Greater China private equity set for patchy recovery, modest fundraising boost

China’s private equity market recovers selectively amid geopolitical tensions, with yuan funds leading and exits reaching record highs.

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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.

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

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

Kazakhstan’s issuance of yuan-denominated debt shows developing nations can use ‘panda bonds’ as stepping stones into global capital markets.

US-China trade war

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

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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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’.

By the middle of last month, 78 billion yuan of panda bonds had been issued this year. Photo: Shutterstock
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.

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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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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The Chinese yuan may be used more widely in cross-border payments than conventional data suggests, analysts say. Photo: AFP
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.

S&P Global Ratings has assigned an ‘A-’ long-term rating to JD.com’s notes. Photo: Reuters
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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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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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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China has designated ciyuan as the translation for “token”, during an official’s speech on AI development that linked tech supply with commercial demand. Photo: Reuters
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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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.

A draft of China’s finance law was released by the People’s Bank of China and four other regulators on Friday. Photo: AFP
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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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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Lunar New Year fireworks in Hong Kong. Photo: Sam Tsang
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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Zhao Leji, chairman of the National People’s Congress Standing Committee, speaks at the Great Hall of the People in Beijing on Monday. Photo: AP
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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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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