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Central banks

Central banks
News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.
last updated:
9 September, 2024
Current 500 Philippine-peso banknotes featuring the late opposition leader Benigno Aquino Jnr and his wife, former president Corazon Aquino, and the new notes featuring the Visayan spotted deer on the front. Photo: Jeoffrey Maitem
The Philippines

‘Erasing history’?: Marcos Jnr accused of political bias over new banknotes

A critic of Ferdinand Marcos Jnr accuses him of attempting to reshape the country’s history by removing the Aquinos from the 500-peso notes.

Hong Kong Monetary Authority (HKMA)

Hong Kong banks cut lending rates, but HKMA warns of volatility ahead

Banking & finance

China’s record-low government bond yields spark fresh warning from central bank

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South Korea martial law 2024

South Korea’s central bank vows to stabilise markets amid political turmoil

The Bank of Korea aims to avoid any escalation in volatility of foreign exchange markets following Yoon’s failed martial law decree.

Electronic boards showing the Korean Composite Stock Price Index (KOSPI) and the exchange rate between the US dollar and South Korean won, on Monday. Photo: Reuters
Interest rates

US Federal Reserve set to cut rates as Trump prepares for second term

Analysts expect a slower path of rate cuts next year as they have concerns about some of Trump’s key policy initiatives.

China's economic recovery

China may bank on balance-sheet expansion, not rate cuts, for growth: economist

While Beijing is unlikely to implement universal consumption subsidies, officials may try to boost spending by raising incomes, according to Nomura’s Lu Ting.

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Wealth management

Mainland Chinese investors unimpressed with Wealth Management Connect expansion

Restrictive marketing rules and stringent eligibility requirements will continue to deter wealthy Chinese from the scheme, analysts say.

An aerial photo taken on November 25, 2023 shows a night view of the Zhujiang New Town in Guangzhou, in south China’s Guangdong Province. Photo: Xinhua
China stock market

China stocks regain appeal as Xi signals major stimulus in Politburo meeting

Strong policy tone ripples through Chinese assets, with both stocks and bonds rallying while the yuan strengthens.

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China's economic recovery

‘Strong tone’ from China’s Politburo suggests more fiscal spending: analysts

After Monday’s Politburo meeting, analysts predicted China will raise fiscal spending and cut rates to keep up activity through next year.

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Banking & finance

Hong Kong banks to study heavy cheque users with eye on phase-out

Work with 10 heavy cheque-using sectors including SMEs, charities and brokers will help identify barriers to electronic payments, HKAB says.

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Arthur Yuen Kwok-hang, deputy CEO of the Hong Kong Monetary Authority (left) and Luanne Lim, chairwoman of the Hong Kong Association of Banks, speak in a media briefing on December 9, 2024 at the HKAB’s office in Gloucester Tower, Central. Photo: Enoch Yiu
Bonds

China’s 10-year bond yield slumps to record low, pressuring yuan

‘Staggering’ new low signals ‘chilling risk forecast’ amid a deflationary spiral ‘eerily reminiscent’ of Japan’s long malaise, analyst says.

The slump in bond yields complicates the central bank’s task of stabilising the yuan, which now faces more depreciation pressure. Photo: Shutterstock
Yuan

China’s yuan hits lowest level in months as Trump tariff threats roil currencies

China’s currency is losing pace against the US dollar thanks to a wave of uncertainty following Donald Trump’s re-election.

Currencies

Opinion | Trump’s fuming over unlikely ‘Brics currency’ belies risks of de-dollarisation

Trump’s threat of tariffs over a currency that will likely never exist is a reminder of how much clout the dollar has in the developing world.

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Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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The cumulative transaction value of China’s digital yuan had reached 7 trillion yuan (US$968 billion) as of the end of June. Photo: Xinhua
Blockchain

Hong Kong offers grants to boost tokenised bond issuance

The city’s de facto central bank is handing out up to HK$2.5 million in subsidies per issuance to qualified tokenised-bond issuers.

The HKMA plans to hand out subsidies to qualified companies to boost tokenised-bond issuances in the city. Photo: AFP
Banking & finance

Time right for China to cut reserve ratio to add liquidity, aid growth: analysts

Analysts say the window for the People’s Bank of China to reduce the reserve requirement ratio (RRR) is open.

China’s economic stimulus

China’s tech firms at the front of the queue for loans amid policy tilt

People’s Bank of China asks government ministries and major banks to accelerate loans to tech companies.

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China GDP

China’s GDP forecast cut as Trump trade worries take hold before new term

Though Donald Trump has not yet taken office, his expected tariff increases have led S&P Global Ratings to cut growth projections for China.

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US president-elect Donald Trump has proposed high tariffs on Chinese imports, raising global uncertainties over the trade landscape. Photo: Reuters
Yuan

Yuan to catch up to China’s position in world’s economy: ex-official

Outspoken former Chongqing mayor Huang Qifan says Hong Kong can play a key role in the internationalisation of the yuan.

Wealth management

Hong Kong’s wealth sector thrives as political uncertainty, geopolitics swirl

The Capital Investment Entrant Scheme, launched in March, has brought in more than HK$20 billion from 670 applications, Paul Chan says.

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Banking & finance

Citigroup CEO meets Chinese officials as Beijing touts financial market reforms

Fraser said the Wall Street bank will ‘further its participation in the market to help promote US-China economic ties and trade’.

Chinese Vice-Premier He Lifeng met Citigroup CEO Jane Fraser at the Great Hall of the People in Beijing on Thursday. Photo: Xinhua
Digital currencies

Shanghai court says crypto ownership legal in China amid bitcoin price surge

In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal.

Representations of bitcoin seen in this illustration picture taken in Paris on March 9. Photo: Reuters
Banking & finance

Explainer | What makes China’s ultra-long ‘special bonds’ so special?

China has only issued its ultra-long-term government bonds in special circumstances – here’s why this year qualifies.

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Hong Kong economy

Chinese Vice-Premier He Lifeng’s 3 ideas for Hong Kong – as it happened

Three-day Global Financial Leaders’ Investment Summit brings together senior Chinese officials and heads of banking giants.

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Diplomacy

Opinion | Here’s how the G20 can be more than a talk shop

While the grouping did a good job of dealing with the 2008 global financial crisis, in recent years, collective action has been sorely lacking.

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Brazil’s Economy Minister Fernando Haddad shakes hands with US Treasury Secretary Janet Yellen during the G20 economic ministers’ meeting in Rio de Janeiro, Brazil, on July 26. The G20 summit is scheduled for November 18-19. Photo: AFP
Bonds

HSBC’s 4.5 billion yuan panda bond to boost globalisation of Chinese currency

The bond, which pays an annual coupon of 2.15 per cent, also reinforces Hong Kong’s role as the world’s offshore yuan centre, bank says.

Yuan deposits in Hong Kong exceeded 1 trillion yuan for six months in a row up to September, according to HKMA. Photo: EPA-EFE
Ant Group

Ant-backed credit rating firm gets central bank approval after 3-year wait

The joint venture, 35 per cent owned by Ant Group, had a prolonged wait after previously licenced firms were approved within weeks of applying.

China’s economic stimulus

Open Questions | Economist Huang Yiping on Trump trade war 2.0 and China’s stimulus ‘U-turn’

Huang Yiping of Peking University talks the re-election of Donald Trump and why China needs its own Marshall Plan.

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