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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 has ambitions to internationalise its yuan currency and become a global financial powerhouse. Photo: Shutterstock
Agricultural Bank of China

7 of world’s 10 biggest banks are now Chinese as Beijing’s financial aims grow

China’s Big Four banks took the top spots in The Banker’s latest global ranking, with JPMorgan Chase following in fifth place.

Gold in Hong Kong

Editorial | Gold, bond push boosts Hong Kong’s role in nation’s financial future

International Monetary Fund (IMF)

IMF sees world economy growing just 3% this year amid Iran war

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China's economic recovery

What was China’s FDI last year? US$174 billion keeps it the world’s No 3 source

As China redraws global investment map, mainland firms use leading roles to secure critical supply chains with overseas plans.

People are seen on the terrace of a shopping mall overlooking the central business district in Beijing. China was the world’s third-largest source of foreign direct investment in 2025. Photo: Reuters
China economy

Opinion | A healthy economy isn’t built on asset bubbles and debt pyramids

A financial system designed to increase market valuations rather than improve people’s quality of life is prone to crisis.

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HKEX

Hong Kong IPO debut delayed in rare move over missing regulatory data: sources

DKE, a maker of e-paper display modules, says more time needed to finalise its exchange announcement and obtain clearances from regulators.

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China property

Chinese city ‘sold’ same plot of land 18 times to inflate fiscal revenue

Central Commission for Discipline Inspection says Nanning used tactic to mask budget strains.

Asset id: 2672530491 An aerial shot of the Asean Business District in Nanning, Guangxi. Photo: Shutterstock Images
People’s Bank of China (PBOC)

China further boosts Hong Kong’s role as offshore yuan hub

Central bank chief Pan Gongsheng unveiled new steps to grow the yuan market in Hong Kong, underscoring the city’s role in boosting global use of China’s currency.

Robotics

Mainland Chinese tech firms get more than just capital from Hong Kong

Recently listed start-ups in robotics and AI explain what the city gives them besides funding for development and expansion.

Stocks

Hong Kong stocks rise as rallies from Alibaba, SMIC, others lift market sentiment

The Hang Seng Index closed high on Wednesday as investors stood firm and held onto newly unlocked shares following post-IPO lock up expiries.

The Hong Kong Exchanges and Clearing in Exchange Square on June 11. Photo: Jelly Tse
Hong Kong stock market

Mainland court claims jurisdiction over Hong Kong-listed firm in lawsuit

Beijing Financial Court applied extraterritorial provisions of mainland China’s Securities Law, Financial News reports.

For the first time, the Beijing Financial Court claimed jurisdiction over an investor lawsuit against a Hong Kong-listed firm. Photo: Shutterstock
Hong Kong economy

Editorial | In the age of AI, Hong Kong’s strategy as a ‘superconnector’ is progressing

At SCMP’s China Conference, Chief Executive John Lee and panellists made clear the city’s potential as an innovation centre, building on its traditional strengths.

Hong Kong

Beyond a bridge: Hong Kong digs in to shore up fragile ‘moat’, anchor growth

Officials deploy multipronged strategy – from tax incentives to new gold clearing system – to recalibrate city’s global standing amid shifting capital flows, regulatory changes.

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Gold in Hong Kong

China extends gold-buying binge to 20th month in Beijing’s de-dollarisation push

PBOC’s bullion holdings keep rising as forex reserves dip in June to US$3.42 trillion and the central bank seeks security from sanctions and US market volatility.

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The People’s Bank of China said gold holdings rose to 75.44 million troy ounces (2,346 tonnes) at the end of June. Photo: dpa
Hong Kong Monetary Authority (HKMA)

Hong Kong yuan facility to expand 150% to US$73.6b to meet international demand

The city will also vet a license application for a new electronic fixed income and currency trading system.

HKMA chief executive Eddie Yue and SFC CEO Julia Leung at a media briefing at the Hong Kong FIC & Bond Connect Summit in Admiralty on Tuesday. Photo: Sun Yeung
Hong Kong stock market

Zhipu AI, MiniMax shares to test Hong Kong market as lock-ups end

Shares worth US$11.5 billion to hit market as record wave of lock-up expirations starts and some firms eye share placements.

Hong Kong

Hong Kong’s IPO surge

Hong Kong’s initial public offerings jumped 73 per cent in the first half of 2026, driven by listings from Chinese technology companies. Still, even with a robust pipeline, the city is unlikely to hold onto its IPO crown this year.

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People’s Bank of China (PBOC)

Beijing unveils policy enhancements to give ‘vitality’ to Hong Kong markets

The governor of China’s central bank says Beijing is set to increase capital allocation to the city to 800 billion yuan under the Bond Connect scheme.

Pan Gongsheng, governor of the People’s Bank of China gives a keynote speech at Hong Kong FIC & Bond Connect Summit in Admiralty. Photo: Sun Yueng
Gold in Hong Kong

Hong Kong inaugurates trial operation of gold clearing and settlement system

Chief Executive John Lee announces ‘milestone’ for city’s gold trading ecosystem at Hong Kong FIC & Bond Connect Summit.

Mandatory Provident Fund (MPF)

Hong Kong’s pension fund suffers a loss in June but reports first-half gains

On average, each MPF member saw a pension savings loss of HK$5,087 in June, but gained HK$18,500 in the first six months, according to MPF Ratings.

Financial regulation

‘Might not be the last’: the red flags behind China’s latest bank rescue

Regulators intervened over concerns of aggressive expansion and credit risks, underscoring vulnerabilities in some smaller regional lenders.

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Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank, in Beijing on September 30. Photo: Reuters
Gold in Hong Kong

Why Hong Kong’s US dollar gold futures trade just hit a record high

The surge comes as the city pushes to become a global bullion trading and storage hub.

Gold bars photographed at The Chinese Gold & Silver Exchange Society’s Chinese New Year opening ceremony in Sheung Wan, Hong Kong, in February 2019. Photo: SCMP/Dickson Lee
Yuan

Global investors load up on yuan for portfolio diversification: HSBC survey

Three quarters of respondents expect to increase yuan allocations over the next one to two years.

IPO

Putting on the Reits: Hong Kong aims to amend its securities law

Government says it seeks to upgrade its listing regime later this year, boosting the city’s financial hub status and market transparency.

Mandatory Provident Fund (MPF)

Exclusive | All that glitters: Hong Kong pension fund to offer more gold ETFs

MPFA to relax gold ETF investment approval rules as part of Hong Kong government’s push to turn the city into a regional gold trading hub.

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Gold bricks displayed at Hong Kong Gold Exchange's Chinese New Year ceremony in Sheung Wan on February 3, 2025. Photo: Edmond So
Hong Kong economy

Opinion | A Trump visit to Hong Kong would be a strategic masterstroke

The city should seize the opportunity offered by warming US-China ties and the coming Apec summit to burnish its global prominence.

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Illustration: Craig Stephens
China stock market

China’s divergent stock market displays a microcosm of the nation’s economy

The stock market catalogues China’s uneven growth, as manufacturing expands and consumption falls.

Artificial intelligence

AI races are shaping the future of banking, Citi CEO says

Jane Fraser says first race is to use technology to drive revenue growth; second one is to make sure the financial ecosystem is secure.

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