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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
Beijing has set the Chinese yuan at its strongest level against the US dollar since February 2023. Photo: Shutterstock
Yuan

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.

Hong Kong economy

Hong Kong minister touts gold as ‘bridge between conventional and new finance’

Venture capital market

China private equity activity picks up as investors focus on tech, AI prospects

Bill Winters

HSBC’s CEO says AI will both create and destroy financial industry jobs

Georges Elhedery says HSBC is focused on embracing future challenges, while analysts warn of 7,000 job losses at Standard Chartered by 2030.

HSBC’s Group Chief Executive Georges Elhedery. Photo: Jonathan Wong
Yuan

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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Asia Tech

AI | AI infrastructure investment bubble unlikely to burst by 2027: Macquarie

Investors are piling money into AI technologies – but revenues still have a long way to catch up, Macquarie’s Viktor Shvets says.

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Yuan

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
Technology

Opinion | Quantum IPO wave is a milestone. It should also come with a warning

Like with the dotcom bubble, investors are piling into companies exploring technologies with a commercial future that is not yet clear.

Artificial intelligence

China’s Moonshot AI moves to unwind offshore structure in IPO pursuit: sources

Beijing-based unicorn tells shareholders it will dismantle VIE model as regulators tighten oversight, as shift may signal new era for foreign tech investment.

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Standard Chartered Bank

Standard Chartered bets on Hong Kong as it raises long-term earnings goals

Bank refines 2030 profit plans, citing city’s role as a superconnector in wealth and global capital flows, with automation trimming costs.

Hong Kong is Standard Chartered’s biggest and fastest-growing market, says Bill Winters. Photo: Enoch Yiu
Yuan

Editorial | Why China’s yuan is gaining appeal

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

Many mainstream economists think the yuan faces insurmountable barriers to internationalising as a major currency because of domestic capital controls. They are not wrong, but Beijing has different goals. Photo: Shutterstock
China-Latin America relations

How a US$5 billion Chinese lifeline to Argentina shrank to almost nothing

Central bank records show the swap balance fell to US$675 million as Washington pressed Buenos Aires to wind it down.

Yuan

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’.

Accounting and auditing

Evergrande liquidators seek US$8.4 billion from PwC units in Hong Kong lawsuit

PwC International seeks removal from case as liquidators press claims against global arm as well as the Hong Kong and mainland China units.

A general view of The High Court in Admiralty. Photo: Warton Li
Scams and swindles

Letters | Hong Kong must strengthen its banking system against scams

Readers call for stronger systemic defences as technology evolves, and no let-up in efforts to combat illegal betting ahead of the World Cup.

As an international financial centre, Hong Kong must ensure its financial security standards are world-class. Photo: Jelly Tse
China economy

Resilient economy lifts Chinese banks, but property debt drags, experts say

Steady growth and stabilising China-US ties support banks, with PBOC expected to keep rates steady, according to economists.

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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SFC

Hong Kong regulator now a ‘collection agent’ for wronged investors

SFC follows international peers by pursuing compensation for victims rather than fines in some cases of securities misconduct.

Illustration: Henry Wong
US Federal Reserve

Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Miran quit his job as a Trump economic adviser to join the US Federal Reserve board, where he became known as a vocal dove.

Brics

Opinion | Brics is less a structure than a sentiment

Despite lacking geopolitical alignment, Brics captures a prevailing mood among emerging economies that won’t fade away any time soon.

China debt

China’s credit demand weak in April despite policy support, strong industry

Lending growth slows as borrowing demand from households and businesses remains weak.

An elderly man walks past a bank branch in the Central Business District in Beijing in April. Photo: EPA-EFE
Hong Kong property

Chow Tai Fook turns from tenant to owner with Hong Kong school property deal

Cheng family entities acquire DSC International School site, with the purchase a bet on demand for international schools in city: analysts.

A general view of the Taikoo Shing area. Photo: Jelly Tse
China economy

Opinion | Why the world needs China to save more, not less

The IMF assumes China should save less. China’s saving is key to financing the developing world’s need for green infrastructure.

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China stock market

Xi-Trump meeting could lift Chinese stocks 12%: Morgan Stanley

‘Moderate’ upside is possible as investors ‘direct attention back to China somewhat’, assuming trade truce is extended, bank says.

Biomedicine: Companies

Hong Kong-listed firm uses AI to make nano-rockets to deliver life-saving drugs

METiS TechBio debuts on Hong Kong stock market as its CEO compares the drug design start-up to SpaceX for the pharmaceutical industry.

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METiS TechBio debuts on Hong Kong stock market and raises HK$2.11 billion (US$269.5 million) from the sale of 201.23 million shares at HK$10.50 each. Photo: Jelly Tse
Yuan

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
Hong Kong society

Editorial | Tightened rules for Hong Kong’s money lenders will protect helpers

Moves to regulate the moneylender sector must be accompanied by strengthening law enforcement and stepping up education efforts.

United States

US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board

The decision clears the way for Warsh to take over the role of Fed chair from Jerome Powell later this week.

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