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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.
Legendary American investor Jim Rogers speaking at an investor event in Hong Kong on Saturday. Photo: Themis Qi.
Uzbekistan

Jim Rogers eyes up China’s yuan as he warns of a US market crash

Legendary investor lauds the yuan but says his cash holdings are still in US dollars because the Chinese currency lacks full convertibility.

Hong Kong stock market

From chasing robots to chasing profits: the numbers moving markets

Bonds

Hong Kong to list first Shanghai free-trade zone bond to defend yuan hub status

Banking & finance

Chinese central bank’s 15th five-year plan

The People’s Bank of China pledges to expand global use of the yuan to make the country a financial powerhouse in its first stand-alone five-year plan in at least a decade.

Photo: Shutterstock
Gold in Hong Kong

Why Fed moves trump geopolitical risks, China gold buying in analysts’ forecasts

Bullion forecasts have softened, LBMA’s survey shows, despite the World Gold Council reporting unprecedented demand in second quarter.

US-China trade war

US faults China over vague overseas lending, warns of emerging-market debt risks

US State Department introduces tougher disclosure requirement covering sovereign loans, liabilities and collateral.

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Banking & finance

China’s central bank eyes global yuan in first solo 5-year plan in over a decade

The strategy signals Beijing’s push to build a ‘strong central bank’ capable of driving its financial powerhouse ambitions, analyst says.

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Beijing’s push for yuan internationalisation is seen as crucial to reducing dependence on US dollar-denominated channels. Photo: Getty Images
China stock market

Gold breakout rally sends Chinese bullion stocks near record highs

Sovereign-debt risks and reserve diversification seen helping revive investor optimism in the precious-metals market.

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Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Donald Trump

Trump renews effort to fire Fed’s Lisa Cook despite Supreme Court ruling

The president is continuing his attacks on the US central bank’s independence after being dealt a significant legal setback.

US Federal Reserve Board Governor Lisa Cook takes part in a board meeting at the central bank in Washington in March. Photo: AFP
China-Latin America relations

UnionPay to link Chinese payment apps to Brazil’s Pix after US tariffs

Central banks stay silent on pilot that would let tourists scan and pay weeks after Washington taxed the system.

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Photo: NurPhoto via AFP
Gold in Hong Kong

Gold’s price potential still ‘explosive’ amid Beijing hoarding

Rising demand from central banks to drive a rebound despite temporary downside pressure from energy and interest rates, Goldman Sachs says.

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China-Latin America relations

Argentina extends US$19 billion China currency swap despite US pressure

Buenos Aires locks in the yuan line until 2031, months after the US Treasury Department offered a rival facility.

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Banking & finance

China’s foreign reserves hold steady as external earnings stay in private hands

Hong Kong absorbed nearly two-thirds of mainland China’s portfolio outflows last year and now holds about half of the total external stock, IIF says.

China’s banks, companies and investors operating outside the central bank’s reserve holdings became net creditors in their own right at the end of 2025, according to the Institution of International Finance. Photo: Shutterstock
Yuan

Fresh mBridge progress boosts cross-border digital yuan push

China’s Project mBridge, the multilateral central bank digital currency platform, is moving closer to broader commercial adoption.

Industrial Bank in the Hengqin financial district in Zhuhai, southern Guangdong province. The bank has launched mBridge payment services for cross-border transactions with Macau and Hong Kong. Photo: K.Y. Cheng
Banking & finance

Rare US-Japan intervention as yen hits 40-year low: what does it mean?

Washington steps in to save Tokyo’s weakened currency in first joint yen-buying action for almost 30 years, causing its value to surge.

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China’s Communist Party

China factories cool, CXMT surges, PLA marks anniversary

This week: China manufacturing surprisingly contracts, the Politburo dampens stimulus expectations, memory maker CXMT surges after IPO, and the US bans imports of Chinese robots. Next week: The PLA celebrates its 99th anniversary, July exports may cool, HSBC posts earnings, soccer giants play in Hong Kong, and more.

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Banking & finance

China’s CIPS to become settlement norm in Mongolia within 2 years: Golomt Bank

Six months after Golomt adopted the technology, 96 per cent of yuan payments moved from Swift to China’s payment system, the bank says.

A CIPS logo is displayed on a smartphone. Photo: CFOTO/Future Publishing via Getty Images
Yuan

China’s offshore yuan hits 3-year high as Beijing signals policy support

Politburo’s pledge to stabilise growth and boost capital markets helps drive rally, reinforced by days of relatively strong reference rates by the central bank.

China’s Communist Party

July Politburo meeting read-out

SCMP Plus annotates the read-out of the July meeting of China’s top-level Politburo, where it was agreed that the Communist Party’s fifth plenum will be held in October and which signalled stronger support for the economy.

United States

US economic growth slows in second quarter but domestic demand robust

Despite the Middle East conflict, US consumer spending has ‌remained resilient, in part thanks to bigger tax refunds this year.

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People shop for groceries at a store in Los Angeles, California in 2025. Consumer spending accounts for more than two-thirds of US economic activity. Photo: EPA
IPO

AI stock rout fells Innolight after mega Hong Kong IPO

Nvidia supplier Innolight declines on its Hong Kong trading debut as once AI-hungry investors turn increasingly nervous about sector’s huge spending plans.

The listing ceremony for Zhongji Innolight. Photo: Jonathan Wong
Gold in Hong Kong

HK’s gold imports set to rise after hitting 11-year high last month: analysts

Investor appetite, international precious metals trading hub ambitions drive growth as imports hit highest volume since late 2014.

Banking & finance

HKMA warns of interest-rate risk as traders bet on September rate rise

HSBC, Standard Chartered, Bank of China (Hong Kong) keep their prime and savings rates unchanged, mirroring HKMA’s decision to hold steady.

United States

US Fed holds interest rates steady despite Warsh’s inflation vow

The decision drew dissents from three policymakers on the 12-member panel, as Trump’s Iran war continues to push up prices.

US Federal Reserve Chairman Kevin Warsh in Washington in June. Photo: Reuters
Yuan

China stokes panda bond boom in bid to grow tiny market

Overseas borrowers in China’s onshore yuan debt market will avoid some fees until 2028 as regulators seek to grow international use of the currency.

Photo: Shutterstock
Hong Kong stock market

Hong Kong investors hunker down for Fed decision, jumbo IPO

Both a US Fed rate policy meeting and the largest initial public offering in Hong Kong in seven years will occur on Thursday.

Bonds

Shanghai Clearing House targets global growth with expanded offshore yuan push

SHCH will broaden its clearing services across offshore yuan bonds, interest rates and foreign exchange products.

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