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TOPIC

Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
Hong Kong aims to become a leading global hub for trading in yuan assets. Photo: Shutterstock
Banking & finance

Hong Kong working to boost global banks’ use of yuan trading tools

The city is encouraging more foreign banks to join the Central Moneymarkets Unit, deputy financial secretary says.

Banking & finance

China’s shoring up of capital markets leaves investors nonplussed

Banking & finance

Hong Kong to push on dim sum bonds by appealing to more sovereign borrowers

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Banking & finance

PBOC plans bond liquidity backstop, pilots onshore yuan trade for foreign banks

Authorities will expand the pilot allowing securities firms to conduct foreign exchange settlement and sales to facilitate firms going global.

PBOC Governor Pan Gongsheng speaks during a press conference in Beijing, September 24, 2024. Photo: Reuters
China stock market

China’s investors flock to dividend stocks as returns double 10-year bond yields

Investors are pivoting from volatile tech trades to high-yield equities as low bond yields, uneven economic growth persist.

Energy

Opinion | Can China’s coal industry ride to the rescue of a world in oil shock?

China’s quick and efficient coal-fired power plants are a stopgap solution even as its coal chemical sector offers oil product substitutes.

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Global monetary policy

Why the IMF is worried about a global debt squeeze as bond yields climb

Higher bond yields raise debt-servicing costs and increase fiscal pressure across advanced and emerging economies, global lender says.

An attendee at the IMF-World Bank Annual Meetings in Bangkok. Photo: Reuters
HKEX

Hong Kong to expand indices, derivatives and yuan-denominated products: HKEX CEO

Bourse operator plans new yuan products and deeper mainland China market links as it seeks to boost liquidity and attract global investors.

Banking & finance

In Focus | China’s investment banks have come of age. Can they win beyond Hong Kong?

China’s securities firms are pursuing global ambitions, but winning non-Chinese clients may prove the toughest test.

Yuan

Can China use a widening US yield gap to build on the yuan’s global role?

Beijing could leverage the yuan’s low interest rate to increase the currency’s worldwide use, an expert says.

The widening US-China yield gap could strengthen yuan financing, an expert says. Photo: Reuters
European Union

Macroscope | French debt just one driver of fears over euro-zone’s future

China has exploited the EU’s ineffective integration while Japanese bond investors fear the financial consequences of reform failures.

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A protester holds a French flag behind a barricade on the Boulevard Saint-Germain during a blockade of Sciences Po university in Paris as part of nationwide student protests demanding better school conditions on October 7. The slogan on the placard reads “Generation Six-Seven re-enacts May 68”, referring to when about 10 million workers walked off the job in 1968, the largest general strike in French history. Photo: Reuters
China stock market

From stock losses to bond bets: 5 figures investors are watching in China

Fresh policy support, falling stocks and rising demand for Chinese bonds shape the week’s market narrative.

Banking & finance

Why Citi is betting on China’s 30-year bonds as US Treasury yields climb

Weak credit demand, policy support and easing supply pressures are expected to sustain demand for ultra-long Chinese debt, analysts say.

China’s economic stimulus

China moves towards stimulus as economic concerns grow

The State Council discussed measures to support the economy and stabilise the property market after growth slipped below the government’s full-year target.

Construction of the Shituo Yangtze River Bridge in Chongqing. Photo: Xinhua
Banking & finance

Macroscope | Who has the upper hand in financial markets, the US or China?

Against the rising resilience of Chinese markets, the sharp reappraisal of US debt and dollar risks makes the answer far from clear-cut.

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A cargo ship sails along the Huangpu River in Shanghai on September 23. The last time President Xi Jinping was in the US for a state visit in September 2015, China’s markets were in turmoil. This is not the case today. Photo: AFP
Banking & finance

Opinion | Bad money decisions are coming home to roost for the US and Japan

For major economies that have relied on debt to maintain living standards since 2007, high inflation might be one way out.

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Banking & finance

Hong Kong maps out gold, bond and liquidity push to deepen offshore yuan use

HKEX to launch yuan gold futures as HKMA eyes new products and platforms to expand offshore market activity.

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Banking & finance

Hong Kong regulators to unveil next steps in new offshore yuan push

HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing.

The exchanges between policymakers and regulators are expected to pave the way for additional measures aimed at strengthening Hong Kong’s role as an offshore yuan trading centre, according to analysts. Photo: Shutterstock
Japan

How will Japan’s rate increase affect capital flow in global financial markets?

Tokyo’s bond yields are seeing multi-decade highs as Bank of Japan boosts borrowing cost to three-decade high.

Gold in Hong Kong

Exchange Fund may buy more gold to support Hong Kong’s trading hub ambitions

A larger allocation to precious metals could improve diversification and align with the city’s gold hub strategy, says HKMA’s Eddie Yue.

China economy

In Focus | Is China’s new local surtax a game-changer, or a bureaucratic tweak?

Analysts say the proposed surtax – a reworking of three local revenue sources into one semi-autonomous levy – should help streamline finances.

Illustration: Lau Ka-kuen
Yuan

Open Questions | Private equity’s Fang Fenglei on investing in China

Veteran investor considers China’s economic strengths, assets that appeal, future yuan appreciation and policymakers’ ability to solve problems.

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Illustration: Brian Wang
Hong Kong stock market

Treasury yield hits 19-year high, ECB raises rates: the numbers moving markets

Hong Kong’s MPF assets reaching HK$1.67 trillion and European Central Bank increasing rates by 25 basis points are in spotlight this week.

Banking & finance

Record China-US gap in bond yields unlikely to trigger capital flight: Marsh

Executives say dollar dominance remains intact as borrowers diversify funding and use offshore yuan bonds to help manage elevated US financing costs.

Stocks

Macroscope | Why the global economy and markets continue to defy doomsayers

Despite rising energy prices and bond yields, economic growth has been resilient and equity markets have been performing strongly.

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A woman walks in front of an electronic stock board showing Japan’s Nikkei and New York Dow stock indexes at a securities firm in Tokyo on September 9. Photo: AP
Tencent

What Tencent’s Bilibili bond swap tells us about its AI playbook

The deal allows Tencent to release capital from a legacy asset to support AI projects while retaining downside protection as a debt holder.

A woman uses her phone in front of a video wall in Tencent headquarters in Shenzhen on April 17, 2026. Photo: EPA
United States

Macroscope | Trump’s Treasury threat will only accelerate the dollar’s decline

While loose talk over bond market interventions may not trigger an immediate sell-off, it will convince foreign creditors to keep trimming their Treasury exposure.

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Banking & finance

Hong Kong’s Silver Bonds draw record 480,000 bids with higher interest rate

Hong Kong is expected to raise the final issuance to the upper limit of HK$55 billion, as applications from elderly investors have surged.

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