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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.
Xu Yiding, awarded the the National Poverty Alleviation Innovation Award in 2017, is undergoing “disciplinary review and investigation”. Photo: Handout
Mainland China

Farmers’ son banker Xu Yiding under probe by China’s anti-corruption watchdog

The Agricultural Development Bank of China vice-president was once held up as a model figure for finance-driven poverty reduction.

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Hong Kong property

How Hong Kong’s headquarters economy fuels rebound in commercial property

Hong Kong property

How 2 landmark Central deals boost sentiment in Hong Kong’s office market

Chinese overseas

As China intensifies offshore tax hunt, exporters struggle with compliance

Beijing leverages big data and global info exchange to chase undeclared overseas wealth, with fiscal needs seen driving the push, forcing compliance across sectors.

The Yantai Port is seen in China’s Shandong province last month. For those in China’s cross-border trade business, a sweeping tax crackdown is beginning to be felt. Photo: Xinhua
Central banks

Macroscope | Trump-Takaichi meddling in finance spells more turbulence ahead

The two leaders’ moves into economics despite their lack of knowledge threaten to further destabilise global finance and inflate debt levels.

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China trade

UK, China boost financial ties, deepen London’s role as offshore yuan hub

New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency.

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Donald Trump

Why gold still glitters in Asia despite volatility triggering ‘panic selling’

Investors are also looking to buy more silver despite the recent rush of funds towards the US dollar, analysts say.

The outlook for gold remains strong in Asia due to its reputation as a safe haven investment. Photo: Shutterstock
US-China trade war

US Treasury chief warns of China’s push for digital asset dominance

Scott Bessent tells senators the US must pass the Clarity Act to counter Hong Kong’s ‘sandbox’ and maintain global financial leadership.

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China National Gold Group

China’s new golden rule: dig deeper mines, boost reserves and hedge global risks

China Gold Association vows tech breakthroughs in deep mining and nanogold, and a state-owned miner seeks a fourfold increase in gold output from mineral deposits.

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Hong Kong property

Expanded Hong Kong scheme allows resale homebuyers to pay sellers directly

HKMA launches a direct transfer option for second-hand property transactions, replacing the traditional escrow system managed by law firms.

The direct-transfer option reflects broader efforts to modernise payment practices in the property market, according to the HKMA. Photo: Eugene Lee
Commodities

Macroscope | Blame Trump, not Asian investors, for gold and silver volatility

The global uncertainty stemming from Trump’s behaviour is roiling precious metals markets far more than any investment from Asia.

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Molten gold made from jewelry is poured into a mold to produce a gold bar at the Austrian Gold and Silver Refinery in Vienna, Austria on February 3. Photo: AFP
Hong Kong courts

Opinion | Those betting on Hong Kong’s bright future have backed a winner

The ‘one country, two systems’ framework, enshrined in the Basic Law and staunchly supported by the central government, has allowed the city to flourish.

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IPO

‘Vibrant’ Hong Kong market seen drawing more listings from abroad

But other markets like South Korea could offer stronger near-term returns for international investors, J.P. Morgan Private Bank says.

Semiconductors

Mainland memory firms eye Hong Kong for funds to fuel ‘global ambitions’

Several suppliers aim to follow in the footsteps of Montage Technology, which is set to raise US$896 million and debuts next week.

Montage Technology expects to raise as much as US$896 million from its Hong Kong initial public offering. Photo: Handout
Fintech

HKMA launches quantum readiness and cybersecurity projects for banks in AI era

Banking regulator sets fintech road map with quantum index and measures to boost security, data quality and skills.

“Computing equals productivity, but we can’t sacrifice security while making innovations,” says Arthur Yuen of the HKMA. Photo: Eugene Lee
China’s private sector

China’s gold trading hub on edge: what is happening – and why now?

Uncertainty spreads in Shuibei as second platform falters, spooking investors.

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China GDP

China’s financial powerhouse Shanghai aims for 5% growth, ‘global influence’

Chinese megacity ranks in the world’s five most powerful metros after New York, Tokyo and Los Angeles, with a GDP of 5.67 trillion yuan.

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China economy

China’s finance sector rocked by another sudden death amid overwork fears

Shen Xianbing is the latest high-profile figure in Chinese finance to die unexpectedly, as concerns rise over stress and overwork in the industry.

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A giant screen shows the latest stock exchange and economic data in Shanghai. China’s finance sector has seen another sudden death this week, as concerns grow over stress-related health risks in the industry. Photo: EPA
Hong Kong stock market

Chinese energy drink maker Eastroc’s shares debut flat in Hong Kong

Eastroc, which raised US$1.3 billion in city’s biggest IPO so far this year, draws strong retail demand amid heightened regulatory scrutiny.

China's space programme

Opinion | As China opens up its space sector, Hong Kong should reach for the stars

With deep capital markets and globally aligned legal practices, the city can support a competitive Chinese space programme that shapes global standards.

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Climate change

Opinion | Why China and Europe should care about Central Asia’s water crisis

Central Asian rivers shape Eurasian trade flows, affect global food markets and contribute to geopolitical instability across the region.

The Dzungarian Alatau mountain range in Kazakhstan. Photo: Central Asia
China economy

China pushes to shore up government finances with tax rises on several sectors

Beijing targets tax incentives in telecoms and other industries after seeing fiscal revenue drop sharply in late 2025.

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China has raised taxes on telecoms giants including China Telecom as part of a push to shore up government finances. Photo: Shutterstock
US Federal Reserve

‘America First’ Fed? Why China economists doubt Trump’s pick can boost US dollar

Kevin Warsh unlikely to deliver long-term rebound while central bank independence still at risk, analysts say.

Investing

Chinese gold, silver investors face gut check amid volatility, fund suspensions

Some retreat to the sidelines as another fund suspends new investments and futures plunge, while others remain determined to buy the dip.

Hong Kong Monetary Authority (HKMA)

No hack behind HSBC banking outage, as HKMA rules out cyberattack

Monetary authority signals tougher scrutiny of tech risks after shutdown, as it also moves closer to issuing stablecoin licences.

The HKMA said that HSBC’s widespread system outage last week was caused by an internal computer failure rather than a cyberattack. Photo: Sun Yeung
Hong Kong

Letters | As US dollar weakens, time to rethink Hong Kong dollar peg?

Readers discuss the dollar peg amid geopolitical volatility, an AI proposal for student well-being, public reactions to bus seat belts, and the viability of the cinema industry.

The yuan is increasingly being used in global trade finance, while the US president seemingly favours a weak dollar to remedy trade imbalances. Photo: dpa
China economy

Opinion | US-China rivalry: great powers that don’t make things won’t be great for long

As globalisation falters, it is countries that focus on building productive capacity, not financial excess, that will come out on top.

Yuan

China’s yuan finds firmer footing in corporate fundraising efforts

Uses of yuan borrowing broaden to include working capital and capex, supported by Hong Kong’s liquidity boost, bankers say.

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