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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.
China’s yuan has appreciated steadily against the US dollar in recent months. Photo: Getty Images
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

Scams and swindles

Letters | Hong Kong must strengthen its banking system against scams

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.

There is a high probability China will meet its annual growth target of 4.5 to 5 per cent, according to an economist. Photo: EPA
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.

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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.

Stephen Miran became one of the US Federal Reserve’s most vocal doves during his short tenure on the central bank’s board of governors. Photo: AP
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.

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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Workers head towards the connection point of the Chinese and Laotian sections of a shared power project on February 5. If China consumes more and saves less, there would likely be less global capital formation. Less infrastructure would be built abroad. Photo: Xinhua
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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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.

The Asian Migrants Coordinating Body holds a protest to call for a living wage and better working conditions for migrant domestic workers in Hong Kong, in front of the Central Government Offices, on May 1. Photo: Nora Tam
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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China property

Ex-adviser urges China to tackle inequality with higher taxes on ultra-rich

Raising taxes on assets, incomes of high earners will add to state revenues and incentivise protecting property rights, economist says.

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China trade

Pakistan to tap China debt market with first sale of yuan-priced ‘panda bonds’

Islamabad turns to ‘panda bonds’ to secure cheaper credit and diversify its borrowing into yuan-denominated funding, with a focus on sustainable development.

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Pakistan and China continue to forge stronger economic ties. Here, a family rides past a roadside display in the shape of their national flags in Lahore, Pakistan, ahead of a visit by Vice-Premier He Lifeng in 2023 to mark the 10th anniversary of a mega economic plan. Photo: AFP
Britain

Investors bet CK Hutchison is exiting a mature sector at right time – once again

Disposal of VodafoneThree adds to Li family’s record of cycle-savvy moves, with investors weighing where war chest will flow next.

US, Israel war on Iran

US tells banks to flag suspected Iranian money-laundering networks

Banks are asked to look out for oil labelled ‘Malaysian blend’ to disguise its Iranian origin and missing or falsified shipping documents.

China property

China’s bond market faces climbing re-defaults as property crisis drags on

Re-defaults erode credit differentiation as homebuyer confidence weakens under slow income growth and high leverage, analysts warn.

An abandoned Evergrande construction project is seen in Fuyang city, China’s eastern Anhui province, on April 14. Photo: AFP
Hong Kong stock market

China’s ChiNext Index up 3.5% as global semiconductor rally broadens

Tech-heavy index breaches the 3,900-point mark amid strong signals from Beijing that it is committed to chip self-sufficiency.

General view of Hong Kong Exchanges and Clearing (HKEX) in Exchange Square, Central. Photo: Jelly Tse
Japan

Macroscope | How Japan’s new economic model could inspire others to ‘look east’

As Tokyo seeks to boost its economic security, policymakers are tapping into household wealth and assets to advance industrial ambitions.

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US Federal Reserve

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Singapore

Singapore shines as a stable investment oasis in a global storm

Wealthy families are trading global uncertainty for Singapore’s regulatory rigour, driving record inflows and a revitalised stock exchange.

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Illustration: Huy Truong
US-China relations

China plan to be global arbitration hub fighting Western distrust: experts

China’s newly revised Arbitration Law marks the most significant overhaul of the country’s commercial dispute framework since 1994.

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China’s newly revised Arbitration Law took effect in March. Photo: Shutterstock
Bonds

Hong Kong secures US$3.5 billion to fund Northern Metropolis and green projects

Global investors pile into city’s latest bond sale, with orders 7.6 times oversubscribed, backing its green finance ambitions.

China's economic recovery

Wall Street giants lead China-profit surge despite market polarisation

Major investment banks expand market share in China, with Goldman reclaiming the revenue lead while Shengang keeps its asset crown.

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