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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
European Council President Antonio Costa (second left) walks with German Chancellor Friedrich Merz amid discussions on the EU budget for 2028, in Brussels, Belgium, on June 19. Photo: dpa
China-EU relations

As I see it | Europe wants a new Plaza Accord for China – seriously?

Instead of hoping for Beijing to commit economic suicide, it would be more realistic for the EU to strike a mutually acceptable trade deal.

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Banking & finance

Indonesia set to issue US$1 billion in panda bonds in China

Banking & finance

Can Shanghai’s offshore finance push test Hong Kong’s dominance?

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Yuan

Hong Kong readies offshore yuan initiatives after Shanghai move

Beijing is supporting the development of offshore yuan trading as part of a broader drive to boost the Chinese currency’s global role.

Hong Kong Financial Secretary Paul Chan Mo-po. Photo: SCMP
Yuan

China’s central bank sets weaker yuan midpoint against US dollar for third day

The move comes after European Central Bank chief urged global leaders to discuss undervaluation of the Chinese currency.

Banking & finance

China’s trading crackdown seen boosting Hong Kong as official capital hub

Analysts at ‘Summer Davos’ gathering highlight pivot towards official cross-border connect schemes to intermediate domestic wealth ‘on China’s own terms’.

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China-EU relations

European Central Bank’s President Lagarde urges talks on yuan undervaluation

China has denied it manipulates its currency for trade advantage but its surging trade surpluses are worrying leaders of the G7 nations.

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Christine Lagarde, President of the European Central Bank (ECB). Photo: EPA
Banking & finance

The panda bonds: how China uses assets to boost yuan, cement partnerships

Brazil is preparing to issue panda bonds, another indicator of the rising popularity of yuan-denominated assets amid a de-dollarisation trend.

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Banking & finance

Editorial | Hong Kong and Shanghai extend the yuan’s international reach

As Beijing tightens compliance, the country’s finance hubs can safely and efficiently promote the trade of Chinese treasury futures.

China's economic recovery

China’s policy blitz at Lujiazui Forum – what the monetary overhaul means

Regulators are leveraging currency strength to formalise outbound routes, granting fresh quotes for global assets while narrowing the interest-rate corridor.

Analysts say a pilot trading system equips China’s central bank with a new lever to influence the offshore market while raising the yuan’s international profile. Photo: Shutterstock
Yuan

China accelerates digital yuan push as 26 banks join new cross-border platform

The platform will make it easier to make cross-border e-CNY payments, with banks operating in Brazil, Qatar and Thailand among others already signed up.

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People walk past a sign promoting the digital yuan, or e-CNY, at an expo in Beijing. Photo: Xinhua
Yuan

Shanghai to lead ‘financial superpower’ push as China unveils plan to boost yuan

China’s central bank governor speaks at annual financial forum about further opening repurchase facilities and offshore trading to foreign central banks.

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China-Latin America relations

Argentina edges back to China on currency swap despite US pressure

Buenos Aires denies negotiating renewal, but the US$19 billion swap expires August 6, and Argentine reports say talks are already advancing.

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China consumption

China credit data shows demand dip, household deleveraging amid weak investment

But while traditional industries are mired in a downturn, hi-tech firms look to expand – many through direct financing.

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People walk along a street in Shanghai on Tuesday. Households in China are showing a weak appetite for taking on debt. Photo: EPA
Japan

Opinion | Short-sellers are circling as Japan’s yen presents a tempting target

A Japan declining in competitiveness presents a tempting target, with short-sellers likely to also target economies like India and Indonesia.

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Bank of Japan governor Kazuo Ueda attends a press conference in Tokyo. The central bank kept its ultra-low interest rates unchanged on June 14, pushing the yen to a fresh 34-year low against the US dollar. Photo: AFP
Yuan

Yuan poll finds 95% of overseas firms expect to sustain or boost use of currency

Increased international adoption of China’s currency highlights progress in Beijing’s strategic push amid the US dollar’s global financial dominance.

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Hong Kong Monetary Authority (HKMA)

Hong Kong, Indonesia move towards direct transactions in yuan, rupiah

Agreement between People’s Bank of China, HKMA and Bank Indonesia aims to enhance efficiency and encourage use of the currencies.

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Yuan

‘Increasingly influential’ use of China’s currency puts euro on notice

The US dollar is still dominant, but a slump in Europe may see China’s currency gain strength and reach the No 2 spot in global settlements.

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Illustration: Brian Wang
Banking & finance

Beijing expects Hong Kong to press advantage as offshore yuan hub

Officials pledge ‘unswerving’ support for Hong Kong’s development as a financial centre while urging city to promote global yuan use.

Malaysia

‘Perfect time’: weak rupiah makes Indonesia irresistible for Malaysian tourists

The weak currency makes it a bargain for Malaysians seeking cheap holidays, with destinations like Bali in demand.

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Banking & finance

China sees revival of foreign investors through IPOs, convertibles: UBS

The trend is part of a broader recovery of interest in Chinese assets from investors overseas.

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A terrace in Beijing’s central business district in China. Photo: Getty Images
Hong Kong economy

Open Questions | Hong Kong must embrace ‘bipolar’ role to thrive in its ‘Stage 3.0’: Charles Li

Veteran deal maker urges an IPO link to lure global resource giants and turn Chinese buyers into owners as city solidifies role as East-West bridge and global capital hub.

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Illustration: Victor Sanjinez
Hong Kong economy

Hong Kong considers new offshore yuan venture fund for tech, emerging industries

Initiative would build on AI and finance convergence while supporting yuan internationalisation, finance chief Paul Chan says.

China trade

China-led SCO bloc looks to fast-track plan for new bank, rival Western lenders

Member states seek more financial autonomy and localised credit by advancing an effort to fund regional growth using their national currencies, not the US dollar.

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Donald Trump

Note for Trump: US Treasury designs US$250 bill with president’s face

Scott Bessent confirms planning for currency despite a long-standing legal ban on living faces on banknotes.

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A proposed US$250 bill featuring President Donald Trump. Photo: AFP
Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
Hong Kong stock market

US$32b worth of Hong Kong assets involved in transborder trade crackdown: Citic

The assets involve a crackdown on Futu, Tiger Brokers and Long Bridge for offering mainland Chinese investors access to unlicensed trading.

Yuan

China’s yuan hits 3-year high as global banks issue bullish forecasts

Beijing has set the yuan at its strongest level against the US dollar since early 2023, with banks projecting further appreciation.

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