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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
Illustration: Brian Wang
Yuan

As de-dollarisation trends persist, can the yuan take the euro’s place?

The US dollar is still dominant, but a slump in Europe may see China’s currency gain strength and reach the No 2 spot in global settlements.

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Fifa World Cup 2026

Gold-laden World Cup trophy’s value surges 157% – how much is the bullion worth?

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IPO

The world’s 5 largest-ever IPOs, before Elon Musk’s SpaceX listing

China property

New York leads, but Asia-Pacific’s financial hubs are on the rise

The centre of gravity is shifting east in the financial services world, but New York remains the global benchmark, says Colliers report.

Singapore ranked third in a Colliers report on the world's leading financial centres, behind New York and London. Photo: AFP
Semiconductors

Amid a memory supercycle, CXMT rival UniIC pushes for mainland IPO

As markets see a global, AI-driven demand for memory, UniIC is a step closer to listing in China.

Bonds

Mainland China set to issue US$2.2b of sovereign bonds in Hong Kong next week

The offering is expected to be popular with central banks and sovereign funds seeking to diversify away from US dollar assets.

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Hong Kong

Tencent, Swire boost Hong Kong debt market with US$5.2b multi-currency deals

Investor appetite for Hong Kong debt is growing, with the offerings reinforcing the city’s role as a global bond hub.

Tencent has unveiled a dual-currency bond package worth US$2.45 billion in US dollar notes and 15 billion yuan (US$2.2 billion) in offshore yuan notes. Photo: Reuters
Hong Kong

Beijing expects Hong Kong to press advantage as offshore yuan hub

Officials pledge ‘unswerving’ support for Hong Kong’s development as a financial centre while urging city to promote global yuan use.

Hong Kong property

Singapore group deepens Hong Kong student housing push with tower purchase

Acquisition of 26-storey building highlights growing international appetite for city’s distressed assets as banks step up property disposals.

Financial Services and the Treasury Bureau (FSTB)

Hong Kong rolls out incentives to boost role as a corporate treasury hub

Plan expands tax concessions and introduces pre-approval mechanism to lure multinationals to manage capital and risk in the city.

Hong Kong is also pursuing more double-taxation agreements with major trading partners to prevent overseas companies using Hong Kong as a treasury base from being taxed twice. Photo: Karma Lo
China economy

New head of China’s financial regulator vows to prevent ‘blow-ups’

Ding Xiangqun identified smaller lenders, the property sector and local government debt as sources of risk while calling for tougher supervision.

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China’s newly appointed financial regulator chief Ding Xiangqun. Photo: Handout
Hong Kong economy

Opinion | Why another golden era for Hong Kong is just around the corner

The city’s biggest growth catalyst of the next decade will be to embrace its role as China’s global treasury capital.

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Investing

Why are Chinese savers moving money out of banks and into tech stocks?

Some commercial lenders have stopped offering long-term deposit products with higher interest rates.

Hong Kong economy

Opinion | Why Hong Kong and Kazakhstan are drawing closer

As Kazakhstan seeks to diversify its financial partnerships and deepen engagement with China, Hong Kong’s offerings stand out.

Hong Kong Chief Executive John Lee Ka-chiu visits the Astana Hub to learn about the latest Kazakh developments in artificial intelligence on June 1, in Kazakhstan. Photo: ISD
Hong Kong stock market

Hong Kong tech gauge welcomes MiniMax, Zhipu in AI milestone amid slump

Analysts say substantial passive inflows may follow the inclusion of MiniMax and Zhipu, though looming lock-up expiries risk diluting gains.

Morgan Stanley projected that had MiniMax and Zhipu been included in the Hang Seng Tech Index at the time of their IPOs, replacing the benchmark’s two smallest constituents, the index’s year-to-date return would have been about 5 percentage points higher. Photo: Shutterstock
Yuan

Panda bond boom: why China is seeing a rush of global borrowers

Beijing’s looser monetary policy, a wider bond market opening and expanding yuan internationalisation are helping drive the trend, analysts say.

Wealth management

International firms bet big on Hong Kong’s US$2.95 trillion wealth hub status

City’s offshore wealth market is thriving as AXA and Standard Chartered target high-net-worth clients despite regulatory tightening.

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China consumption

Gold slump: China’s sales plunge as precious metal’s price dips

While China’s interest in gold is unlikely to fade, investment-grade product sales have dwindled after 15 months of retail growth.

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Gold sales have slumped in China as the global spot price drops amid consumer caution and an unstable economic outlook. Photo: Getty Images
IPO

The Stock Connect problem: why can’t investors buy the mainland’s top AI stocks?

Hong Kong’s investors have been unable to take advantage of the recent wave of blockbuster listings by Chinese AI companies on the mainland.

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Wealth management

China will enhance regulation of programme trading: CSRC chairman

China’s top securities regulator says new measures needed to ‘prevent someone from abusing the technology’.

Japan

Macroscope | The problem with Japan’s bid to strengthen energy security, supply chains

By competing rather than dovetailing with the Belt and Road Initiative, the joint project with the World Bank reflects increasing regional fragmentation.

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World Bank president Ajay Banga and Japanese finance Minister Satsuki Katayama in Tokyo on June 1. Photo: Kyodo
Hong Kong Monetary Authority (HKMA)

Mainlanders can still open bank accounts in Hong Kong despite new rules: HKMA

Some mainlanders have reported having applications to open Hong Kong accounts rejected amid China’s tightening cross-border investment controls.

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A pedestrian walks past HSBC’s branch at Pedder Street in Hong Kong. Photo: Yik Yeung-man
Hong Kong

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.

Qatar

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

The trend is part of a broader recovery of interest in Chinese assets from investors overseas.

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Wealth management

Hong Kong’s proposed fund talent tax break set to sharpen edge over Singapore

Incentive will give Hong Kong the lowest tax rate globally for fund managers whose income is largely driven by performance fees, sources say.

The measure is poised to make Hong Kong the first major Asian financial centre to grant tax relief on such bonuses. Photo: Eugene Lee
Hong Kong

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

Some banks are exercising more caution with offshore accounts for their mainland China clients amid tighter investment controls from Beijing.

At least one branch of the Bank of East Asia (BEA) in Shanghai has banned mainland Chinese customers from opening Hong Kong bank accounts. Photo: May Tse
Artificial intelligence

How China plans to turn the AI computing boom into a new financial market

Aimed at attracting capital into hi-tech sectors, the move would be a first for the city and comes weeks after US-based CME Group announced a similar plan.

US Treasury

China among top buyers as gold overtakes US Treasuries in global reserves: ECB

Higher prices and global shocks have fuelled demand for gold, as central banks hedge against uncertainty.

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