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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.
Hong Kong’s renewed push to strengthen its position as an international financial centre has been welcomed. Photo: Felix Wong
Hong Kong budget 2026-27

Hong Kong seeks to hone edge as offshore yuan hub, digital-asset front runner

Market participants largely welcome Paul Chan’s renewed push to strengthen Hong Kong’s position as an international financial centre.

ByteDance

ByteDance valuation said to hit record US$550 billion in proposed equity sale

China manufacturing

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

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Hong Kong budget 2026-27

‘Steady as she goes’ as Hong Kong bids farewell to deficits

Financial Secretary Paul Chan pledges caution as he presents budget aimed at stoking growth and innovation.

Hong Kong Financial Secretary Paul Chan delivers his annual budget speech. (Photo: AFP)
Yuan

China’s yuan strengthens to near 3-year high as US dollar uncertainty grows

The offshore currency continues to appreciate, with official fixing also hitting its strongest level since May 2023.

Hong Kong stock market

World’s biggest companies return US$2 trillion to shareholders in dividends

Financial and technology firms powered a 7 per cent rise in global payouts, with 30 markets logging record dividend payments last year.

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HSBC

HSBC to boost spending in Hong Kong, other high-growth markets to US$1.8 billion

HSBC reported a 7 per cent profit drop, but shares rose on its CEO’s comments on higher return goals, steady dividends and new growth plans.

HSBC Holdings is the largest banking group in Europe and Hong Kong by assets. Photo: Reuters
Yuan

Why China’s rise as a ‘financial superpower’ could depend on Hong Kong

From the yuan’s growth as a global currency to IPO funding to tokenisation, the city is a linchpin in Beijing’s ambitions.

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China stock market

China’s top court backs legal action against corrupt firms amid equity rally

The court’s initiative marks ‘a positive sign that the market would sustain its upward momentum’, hedge fund manager Zhou Ling says.

Standard Chartered Bank

Standard Chartered’s 2025 profit jumps 16% buoyed by wealth management growth

The London-based bank’s underlying pre-tax profit stood at US$7.9 billion last year, versus a gain of US$6.8 billion in 2024.

Standard Chartered Bank is one of Hong Kong’s three note-issuing banks. Photo: Nathan Tsui
UBS Group AG

Hong Kong IPO boom sparks finance hirings – but staff cuts have not gone away

Hiring in Hong Kong finance rose by 4,800 roles in the year to September, official figures show, as listings and trading gathered pace.

Hong Kong’s financial sector added about 4,800 jobs in the 12 months to the end of September. Photo: Jelly Tse
US Federal Reserve

Opinion | Why the Fed credibility crisis will hit emerging markets harder

As confidence in US monetary stewardship falters, inflation risks rise and capital flows become more volatile. Emerging markets with fewer policy buffers will bear the brunt.

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China digital currency

Hong Kong, UAE solidify financial links with regulatory ties, digital currency

Transaction volume under Project mBridge surged over 2,500-fold from the early 2022 pilot levels to more than US$55 billion by November 2025.

HSBC

HSBC cuts 10% of US debt team as restructuring gathers pace

At least six New York staff laid off as the bank presses ahead with a global overhaul aimed at saving US$1.5 billion a year.

HSBC says it aims to cut US$1.5 billion in annual costs. Photo: Sun Yeung
IPO

Editorial | Hong Kong regulators are right to scrutinise IPO applications

To protect the city’s long-term financial health, investment banks must ensure that only quality applicants become publicly listed.

People walk past Exchange Square, which houses the Hong Kong Exchanges and Clearing, in Central on April 3, 2025. Photo: Nathan Tsui
HSBC

HK$10,000 bonus, extra day off: Hong Kong banks reward staff returning to work

Bank of China (Hong Kong) is giving away hampers, ZA Bank is paying a HK$10,000 bonus, while HSBC and Hang Seng are offering HK$500.

Global monetary policy

Macroscope | US dollar weakness is no game changer for a globalised yuan

Beijing will seize on the crisis to promote the yuan, but without capital account liberalisation – essential for a truly global currency – its rise will remain limited.

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Fintech

Can Hong Kong lead a digital gold trading revolution with blockchain innovation?

Beyond banks, asset managers, fintechs and crypto firms are racing to launch innovative tokenised gold products for investors.

Tokenised gold is giving investors a new way to hold the metal, easing pain points around access, custody, transfer and trading. Photo: Shutterstock
China jobs

Year-end bonuses shrink in China amid slowing growth, report finds

As China heads into the Year of the Horse, its firms’ bonuses have slowed to a trot, with many employees missing out completely.

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Thailand

Thailand’s economy rebounds despite tourism decline, pandemic

Lagging regional peers since the pandemic, the Thai economy has faced multiple headwinds, including US tariffs, high household debt and a strengthening baht.

HSBC

Hong Kong banks lure wealthy clients with gold, mahjong sets, fireworks

HSBC, Hang Seng Bank, Standard Chartered, Citibank and DBS offer the metal to select clients while it hovers near a record high.

A limited-edition mahjong set is among the incentives HSBC is offering. Photo: Handout
Mandatory Provident Fund (MPF)

Can Hong Kong’s MPF members repeat record gains in Year of the Horse?

Volatility looms in the Year of the Horse, analysts forecast, after the Year of the Snake delivered estimated earnings of US$32 billion.

People walk during lunch hour in Central, Hong Kong. In the previous Year of the Horse in 2014, MPF members earned 2.2 per cent, while in 2002 they lost 0.4 per cent. Photo: Karma Lo
Financial regulation

China puts another big bank under stricter watch – why now?

Beijing continues to impose stricter regulatory standards on major lenders, shielding the financial system from mounting strains.

US Treasury

Opinion | Why Asia’s sovereign wealth funds are rethinking US Treasuries

Asian funds are no longer treating US Treasuries as the default destination for their surplus capital, but as one option among many.

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China consumption

China’s gold rush: why families are doubling down on precious metals

Gold is becoming more popular in China ahead of the Lunar New Year, with households viewing the asset as a safety net amid an uncertain economy.

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Decorative items made of gold are displayed at a jewellery store in Beijing on January 28. Photo: EPA-EFE
Japan

Macroscope | How robust domestic financial markets could ease era of AI uncertainty

Attempts to develop financial centres must go beyond luring global capital and talent.

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A man walks past ATM booths for Japan’s mega banks, Sumitomo Mitsui Banking Corporation, left, and Bank of Tokyo-Mitsubishi UFJ, in Tokyo, on February 6. Photo: Reuters
China's economic recovery

As Chinese provinces slash revenue outlook, analysts warn of debt control

Local governments seen curbing infrastructure spending as Beijing’s fiscal discipline pushes regions to prioritise social services and tech over large projects.

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Bitcoin

Crypto rout set to deepen as Standard Chartered warns of further downside risks

Bank expects a ‘price capitulation in the next few months’ before recovering for the rest of the year.

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