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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.
Illustration: Lau Ka-kuen
Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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United States

US drops criminal probe of Fed chair Powell, likely clearing way for Warsh

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Stock Connect

Brazil beckoned: China now has stock and bond ‘connect’ schemes in 5 regions

Japan

Macroscope | Why fixing Japan’s monetary policy isn’t getting any easier

The wrong kind of inflation and the effects of the war in Iran complicate the outlook for Japanese interest rates.

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Customers queue at a discount ticket shop at Akihabara Electric Town in Tokyo on March 24. The weak yen is fuelling inflation by increasing the cost of imported goods, sapping consumers’ purchasing power and making it harder to tackle Japan’s cost-of-living crisis. Photo: EPA
United States

Trump’s pick for Fed chief, calls for ‘regime change’ at US central bank

The remarks were made at a contentious confirmation hearing, which took place amid a criminal probe of current chair Jerome Powell.

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China trade

China presses IMF for quota reform, better surveillance of advanced economies

PBOC head urges IMF to ‘stand against protectionism’ amid effects from tariffs, Iran war.

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China digital currency

Hong Kong seen leading Asia in push to scale stablecoins, HSBC says

Interoperability and real-world applications seen as key hurdles as city looks to unlock tokenisation’s full potential.

As part of its push to establish itself as a global cryptocurrency hub, Hong Kong has developed a comprehensive regulatory framework for digital assets. Photo: Jelly Tse
US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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Yuan

China boosts overseas-loan quotas as ‘panda bond’ issuance hits record high

Beijing’s move to lift offshore-loan quotas seen helping stabilise yuan against weaker US dollar while accommodating a surge in net financing via ‘panda bonds’.

India

Macroscope | How the rupee’s fall shows India’s struggle to overcome vulnerabilities

While India’s economy is stronger than it was in previous sell-offs, lingering weaknesses are coming to the fore and driving new tensions.

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A man counts Indian rupee notes at a roadside currency exchange stall in the old quarters of Delhi on February 2. Photo: Reuters
Foreign exchange market

China trims US Treasury holdings as global ownership hits record

Beijing slightly pares its sovereign US debt position as private investors and certain financial hubs drive demand up.

China has been gradually diversifying its foreign exchange reserves away from holdings of sovereign American debt. Photo: dpa
China trade

Hungary’s PM-elect Magyar sends warm overture to China, vows fair play for firms

Peter Magyar pledges reforms to restore transparency and fiscal stability as Hungary shifts from Viktor Orban’s investment model.

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Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

Banking & finance

Calls grow for HKMA to go further on stablecoins after conservative first batch

Analysts and investors say the HKMA’s cautious approach prioritises risk control, but limits Hong Kong’s digital asset ambitions.

Analysts say the HKMA has prioritised risk management , even as it seeks to promote financial innovation through stablecoins. Photo: Jonathan Wong
Pakistan

UAE pulls US$3.5 billion from Pakistan after Iran war mediation

As Abu Dhabi signals its displeasure with Islamabad, analysts say other indebted partners will be watching closely.

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A shopkeeper displays Iranian flags after the US-Iran ceasefire announcement in Karachi, Pakistan, on Thursday. Photo: EPA
Banking & finance

Data errors push Xin Hua Fund into spotlight after rare central bank warning

The incident marks an unusual intervention by the People’s Bank of China, which typically leaves oversight of mutual funds to the securities regulator.

Banking & finance

As France pulls gold from the US, how can China become the next global gold hub?

Federal Reserve is no longer seen as a ‘safe’ place for nations to store gold as Trump’s unpredictability spooks the world’s central banks.

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Hong Kong economy

Letters | Hong Kong is not competing with US stablecoins or the digital renminbi

Readers discuss the city’s stablecoin ambitions, the use of e-payments, and the role eHealth could play in stroke prevention.

A visitor displays a cup of coffee purchased with China’s digital yuan, or the e-CNY, at the Digital China Summit in Fuzhou, southeast China’s Fujian Province, on April 26, 2023. Photo: Xinhua
Yuan

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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Commodities

Gold may reverse course once Iran war ends, Fed adopts policy easing

Gold has been on a wild ride this year, surging as much as 25 per cent before the war in Iran wiped out almost all the gains.

US, Israel war on Iran

Macroscope | Why dollar and gold prices are looking abnormal amid Iran war

Two apparent anomalies stand out in recent market movements – the rising dollar and falling gold prices.

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US President Donald Trump arrives to speak about the Iran war from the Cross Hall of the White House on April 1. Photo: AP
European Central Bank

Macroscope | Asian central banks largely powerless in face of Iran war energy shock

Central banks cannot pump oil into the global economy in the same way they can flood the financial system with liquidity.

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Workers change the price of fuel at a petrol station in Manila on March 17. Photo: AFP
China inflation

China has ‘room’ for imported inflation, but economic risks rising: PBOC adviser

As US-Israel war with Iran sends prices up, a monetary expert says impact on China depends on conflict’s severity, while higher energy costs are worrying.

Hong Kong economy

Should Hong Kong be using ‘war chest’ firepower for Northern Metropolis?

Rare HK$150 billion transfer from the Exchange Fund has sparked fierce debate.

Banking & finance

Open Dialogue | Gary Liu and Liu Xiaochun on the US and China’s divergent paths for stablecoins

As investors await Hong Kong’s first stablecoin licences, two experts discuss the assets’ integration with the city’s economy – and the world’s.

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Illustration: Henry Wong
Asia housing and property

The View | War-induced interest rate shocks unlikely to upset Asia’s property markets

While monetary tightening would add to affordability pressures, it would have little bearing on the forces driving up prices and rents.

A real estate agent points to the view from a property in Niseko, Japan, on February 20. Photo: AFP
US, Israel war on Iran

Iran war delivers new stress to African economies emerging from older shocks

Afreximbank is implementing measures to give financial help to African countries dependent on fuel imports, bank president says.

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Hong Kong stock market

Markets brace for rate hikes as prolonged Iran war stokes tightening fears

The European Central Bank has become more hawkish, reverting to wording that analysts say often precedes interest-rate increases.

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