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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
A teller counts rupiah banknotes at a money changer in Jakarta, Indonesia. Photo: Reuters
Indonesia

Indonesian rupiah’s low spotlights Prabowo policy concerns, global uncertainty

The decline in the currency led the central bank to intervene, stabilising the rupiah and restoring confidence.

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Indonesia

Indonesia’s currency takes a severe beating as US tariff deadline nears

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Indonesia

Indonesia’s stock market turmoil fuels fears over Prabowo’s economic agenda

Banking & finance

Opinion | Like yuan internationalisation, US re-industrialisation is a fairy tale

As long as China keeps its capital account closed and the US keeps its own open, neither will be able to achieve its aim.

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The forces preventing yuan internationalisation parallel those hindering America’s re-industrialisation. Photo: Shutterstock
Banking & finance

In SAFE hands: China’s secret plan for US$1 trillion reserves fund in Hong Kong

Cheng Hao, the man involved in the rescue of China’s 2015 market crash, runs what is the world’s third largest wealth fund in Hong Kong.

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China-India relations

Brics nations divide on US dollar replacement with India declaring ‘no interest’

Bloc ‘has not formed a unified position’ on proposals to end reliance on the currency.

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US-China relations

My Take | China’s likely reaction to the ‘Mar-a-Lago Accord’ idea

Some elements of the concept to address ‘overvaluation’ of the US dollar echo Beijing’s strategic pursuits.

A photo taken in Fuyang, China, on September 5, 2024, shows US and Chinese banknotes. Photo: Getty Images
US-China relations

Opinion | Trump a bigger threat to US dollar than China, ex-senior economics officials say

White House brings ‘budgetary chaos with extraordinary speed’, potentially triggering a fiscal crisis and run on US Treasuries market.

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Digital currencies

Hong Kong’s dollar peg seen as advantage amid stablecoin growth

Stablecoin transactions are now a fifth of all cryptocurrency transactions, and they make it easier to transact in US dollar-backed assets.

Yuan

Editorial | Keep riding wave of yuan internationalism

The new 100 billion yuan trade financing facility will help to reinforce Hong Kong’s position as the world’s leading offshore yuan hub.

The yuan is now the third most-used currency in global trade and finance with a 6 per cent total share. Photo: Shutterstock
China trade

Economists slam Trump’s currency claims, explain why Beijing wants yuan stable

Calling US president’s currency-depreciation allegations ‘ungrounded’, analysts say Beijing does not want to see the yuan weaken too much.

China’s central bank has repeatedly signalled its determination to stabilise the yuan. Photo: Reuters
Japan

Japan rejects Trump’s accusation of devaluing yen amid tariff threat

Tokyo unlikely to retaliate despite deep unease about impact of potential US tariffs on Japanese firms, as it still needs US security umbrella, analysts say.

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United States

Opinion | In ‘fixing’ a trumped-up crisis, Trump may end up creating one

Trump’s inflationary policies risk sending both the stock market and dollar crashing, creating the very crisis he falsely claims to be confronting.

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China economy

Letters | Trump’s digital dollar ban leaves the field open for China

Readers discuss the potential of China’s central bank digital currency, and whether Hong Kong should impose carbon taxes.

A woman displays a cup of coffee purchased with China’s digital yuan at the Digital China Summit in Fuzhou in southeast China’s Fujian province on April 26, 2023. Photo: Xinhua
Yuan

Panda-bond market size tops Japan’s samurai bonds as China conditions improve

Panda bonds help foreign firms in China raise capital by targeting domestic investors, and issuance is on the rise.

China’s growing panda-bond market helps foreign firms raise capital by targeting domestic investors. Image: Shutterstock
US-China relations

Brics more relevant than ever, summit host Brazil says amid Trump tariff threats

The best response for ‘the crisis of multilateralism is more multilateralism’, according to Brazilian Foreign Minister Mauro Vieira.

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US-China trade war

Opinion | How China’s trade war playbook could avoid Japan’s mistakes

Unlike Japan, China has become more central to supply chains by providing components and it’s surprising markets with the likes of DeepSeek.

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Bonds

China central bank issues US$8.2 billion in bills in Hong Kong to stabilise yuan

Move is the latest in a series by China’s central bank that support Hong Kong’s status as a global hub for offshore yuan business.

Guards stand in front of the headquarters of the People’s Bank of China in Beijing on September 30, 2022. Photo: Reuters
Banking & finance

Trump tariffs push gold prices to record high as investors seek safe haven

Investor concerns about a potential global trade war have caused gold prices to soar to unprecedented levels.

Yuan

Opinion | Trump’s digital dollar ban opens the door for China’s yuan

The US president’s decision to halt CBDC development may inadvertently hasten the de-dollarisation trend, smoothing path for yuan internationalisation.

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Brics

Opinion | Trump’s America will be forced to grapple with a rising Brics

Brics has become an alternative power base outside the reach of the US and its allies, and a rising counterweight to US influence globally.

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Russian President Vladimir Putin (right) welcomes President Xi Jinping at the Brics Summit in Kazan, Russia, on October 23, 2024. Photo: dpa
Electric & new energy vehicles

BYD resorts to forex trading strategy to counter yuan’s volatility

The world’s largest EV maker is aiming to protect its growing global operations from yuan volatility amid rising trade tensions.

BYD delivered 4.27 million pure electric and plug-in hybrid vehicles in 2024, an increase of 41.3 per cent from a year earlier. Photo: Handout
Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund reports fifth-best return despite fourth-quarter loss

The fund’s return fell 3 per cent in 2024 to HK$219 billion (US$28 billion) due mainly to a loss of HK$20.1 billion in the fourth quarter.

Banking & finance

Standard Chartered banks on yuan assets amid US-China tensions

The lender has already seen higher demand for foreign-exchange management and hedging, and the need will only grow, an executive says.

Hong Kong economy

Hong Kong’s Paul Chan defends city’s currency peg to US dollar in Davos

Finance chief says important to offer stability for the business environment, as volatility expected in capital markets during Trump presidency.

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Hong Kong’s finance chief Paul Chan speaks at a panel discussion at the World Economic Forum in Davos. Photo: World Economic Forum
US-China relations

Trump’s America first trade policy: US-China 2020 deal is again under scrutiny

Nomura analysts say Trump’s ‘rather hawkish’ memo on China raises concerns that Beijing will be forced to comply with original trade terms that it failed to meet.

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US President Donald Trump and former Chinese vice-premier Liu He shake hands after signing the phase-one trade deal at the White House in 2020. A review of the deal during Trump’s second term may put pressure on China to fulfil its missed requirements. Photo: Reuters
Yuan

Chinese yuan surges after Trump goes easy on China in inaugural address

The Chinese currency jumped against the US dollar as trade war worries receded, but some fear the gains may be ‘short-lived’.

Hong Kong economy

Opinion | Hong Kong’s dollar peg is an important bulwark against volatility

Scrapping it would shake confidence, jeopardise reliability and introduce currency volatility, one of the most significant risks in investment.

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