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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.
US Treasury Secretary Scott Bessent speaks during a press conference as finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, on September 1. Photo: Reuters
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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China digital currency

Could Saudi Arabia’s mBridge exit dent China-led payments platform?

Bonds

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

Banking & finance

What does the rate increase by the US Fed mean for the Chinese yuan?

Analysts weigh whether Beijing is set to push ahead with a rate cut to bolster China’s economy despite the US Fed raising interest rates.

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Analysts say that China’s central bank may push ahead with rate cuts this year. Photo: Getty Images
Banking & finance

Fed rate hike risks worsening China’s economic divide

The first US interest rate increase in more than three years is unlikely to damp China’s surging tech exports while potentially worsening a squeeze on other manufacturers.

Banking & finance

Macroscope | Who’s in control of Japanese monetary policy? Tokyo or Washington?

Bessent’s intervention could have adverse implications for Japan’s economy, the BOJ’s credibility and tech-heavy stock markets in Asia.

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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.

Hong Kong Monetary Authority chief executive Eddie Yue Wai-man. Photo: Edmond So
The Philippines

Casino, not bakery: Philippine e-payment firms urged to improve merchant vetting

The central bank found thousands of payments of as little as 80 US cents being made to generally unremarkable merchants past midnight.

Banking & finance

China cuts US Treasury holdings to 18-year low amid global sell-off

Persistent concerns over sustainability of Washington’s finances see overall foreign holdings shrink for second consecutive month.

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Gold in Hong Kong

Gold rebounds after Fed rate rise as banks back long-term demand outlook

Investment banks say central bank purchases and demand from China and India should support bullion prices.

Gold prices have soared over the past couple of years amid rising geopolitical tensions and concerns over US debt levels. Photo: Shutterstock
Hong Kong Monetary Authority (HKMA)

In wake of US rate hikes, Hong Kong dollar may come under pressure: HKMA

HSBC and other major banks keep prime rates unchanged after HKMA raises base rate by a quarter-point in lockstep with Fed.

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The HKMA office at Two International Finance Centre in Central. Photo: Jelly Tse
United States

US Fed raises interest rates for first time in 3 years, irking Trump

US president demands immediate rate cuts as Chair Kevin Warsh warns inflation remains ‘too high’.

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Hong Kong stock market

Investors await ‘super-central-bank week’ as US rate increase appears done deal

Traders are bracing for central bank decisions in the US, the UK and Japan and are weighing whether a Fed rate increase marks one-off move or new cycle.

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Brics

Brics pivots to pragmatic de-dollarisation via payment links: analysts

Analysts say lack of movement towards a common currency reflects a more pragmatic approach to reducing reliance on US dollar.

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The venue for the Brics summit in New Delhi. Photo: AP
China trade

Kazakhstan to launch QR payments with China, expanding yuan’s reach in retail

Planned launch follows existing cooperation between super apps Alipay and Kaspi.kz, letting travellers use home-country app at certain merchants without exchanging cash.

A man demonstrates in April how a QR code is used to make a retail payment with the Alipay app in Indonesia. Kazakhstan now plans to launch QR-code payments with China by the end of this year. Photo: Xinhua
United States

Ahead of Fed meeting, Trump says US should have world’s lowest interest rate

Speaking in Ireland, US president insists on lower rates despite rising inflation concerns ahead of midterm polls.

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China economy

Opinion | Why China is steering clear of the US’ ‘exorbitant privilege’ model

Beijing is decoupling the internationalisation of the yuan as a transactional currency from the role of an unconstrained global reserve store of value.

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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.

The widening yield spread between Chinese and American government bonds is unlikely to trigger capital flight from China. Photo: AFP
Banking & finance

Yuan use grows as supply chains reshape global trade, Deutsche Bank says

Europe’s first foreign RMB clearer says Chinese firms’ overseas expansion is strengthening the currency’s role in cross-border commerce.

Banking & finance

Can China bring in more bullion as central banks shift gold reserves from US?

Geopolitical tensions and US dollar concerns have seen Shanghai and Hong Kong step up efforts to build gold storage infrastructure.

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Commodities

Bullish chorus grows: Wall Street backs gold despite US job growth, hawkish Fed

Record buying spree by central banks offsets Fed tightening fears, pushing gold towards US$5,000 by year-end, investment banks forecast.

Gold is back in favour among investors even as expectations mount for higher US interest rates, which traditionally weigh on the metal. Photo: Reuters
China consumption

Open Questions | Better social security is key to fixing China’s unbalanced economy: Lan Xiaohuan

The bestselling author also discusses how recent geopolitical events are shaping China and makes the case for a social safety net.

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Illustration: Henry Wong
Gold in Hong Kong

How Hong Kong can cash in as reserve managers rethink where to store gold

City in race to lure bullion custody as geopolitical risks intensify scrutiny of gold storage, Goldman Sachs report says.

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Global monetary policy

Macroscope | Asia is not on the edge of a new 1997-style financial crisis

While risks to Asia’s financial stability exist, they have nothing to do with the policy and structural weaknesses behind the 1997 crisis.

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Banking & finance

Chinese central bank chief’s remarks at G20

China’s central bank released a summary of governor Pan Gongsheng’s speech at a G20 meeting in North Carolina.

Photo: AP
China trade

China rejects G20 trade-imbalance claims, says no need to devalue yuan

Beijing ‘deeply regrets’ a consensus was not reached after opposing some of the language used, and China urges deficit countries to cut spending.

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Officers stand guard in front of the headquarters of the People’s Bank of China in Beijing. Photo: Reuters
The Netherlands

Dutch shift gold from US and Canada to London, citing ‘geopolitical unrest’

DNB moves reserves to boost liquidity in crisis response as analysts warn widespread shifts could dent confidence in US.

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Banking & finance

Analysts warn that benchmark bond yields are approaching ‘concern zone’

With US 10-year Treasury yield at a 20-month high, alarm bells expected to ring if it crosses 5 per cent tipping point.

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