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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.
Yuan notes are counted at a bank in China’s Jiangsu province. According to a Goldman Sachs analyst, “the current bond-issuance boom is a historic opportunity”. Photo: Reuters
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

China-Latin America relations

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

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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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South Korea’s central bank announced earlier this week that it would end a 13-year hiatus on gold purchases. Photo: Reuters
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.

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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.

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.

The Communist Party’s Politburo has vowed to step up macroeconomic policy support and enhance the resilience of capital markets for the rest of the year. Photo: Getty Images
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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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.

Gold bars: Photo: Shutterstock
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.

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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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Singapore

Singapore growth to hold firm but AI boom a ‘major uncertainty’: central bank

MAS chief says a lengthy boom could lead ‌to inflation, while a pullback in AI investments ‘could sharply weaken global growth’.

A woman walks past the financial business district buildings in Singapore in May. Photo: AFP
Indonesia

Indonesian central banker’s exit signals dilemma over rate policy, growth target

Concerns over the independence of central banks in Indonesia and beyond have grown after Perry Warjiyo’s resignation.

Then Indonesian central bank governor Perry Warjiyo speaks during a press conference at Bank Indonesia’s headquarters in Jakarta in January last year. Photo: Reuters
Banking & finance

Hong Kong banks just starting to prepare for quantum threats: HKMA

Banking sector scores 2.3 out of 10 on new readiness index as regulator targets full preparedness by 2030.

Singapore

Singapore tightens monetary policy for second time in 3 months

MAS moves to strengthen currency as Middle East volatility threatens to keep inflation elevated into early 2027.

Indonesia

Indonesia central bank governor Warjiyo steps down in surprise exit

Senior Deputy Governor Destry Damayanti named interim chief after Perry Warjiyo resigns for personal reasons.

Perry Warjiyo has stepped down as Bank Indonesia governor. Photo: Reuters
Bonds

China vows to improve panda bond ratings to lure more foreign capital

Body overseeing interbank market, where most panda bonds are traded, sets August 1 deadline for rating agencies to comply.

Chinese regulators are looking to improve the quality of credit ratings for yuan-denominated assets known as panda bonds. Photo: CFOTO/Future Publishing via Getty Images
Banking & finance

Chinese bank touts digital currency platform’s largest transfers yet

Bank of China uses mBridge for two cross-border transfers worth more than US$1.7 billion each, as CBDC platform gathers momentum.

Banking & finance

‘Clear signals’: Why China could expand capital outflow channels

As China’s trade surplus grows, signs point to Beijing broadening the opening-up of its capital account amid yuan internationalisation push.

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