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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
The yuan is increasingly being used in global trade finance, while the US president seemingly favours a weak dollar to remedy trade imbalances. Photo: dpa
Banking & finance

Letters | As US dollar weakens, time to rethink Hong Kong dollar peg?

Readers discuss the dollar peg amid geopolitical volatility, an AI proposal for student well-being, public reactions to bus seat belts, and the viability of the cinema industry.

Yuan

China is on a ‘strong currency’ mission to make the yuan a global reserve: Xi

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Japan

Macroscope | Could Japan stop being the ballast of the bond market?

Hong Kong economy

Editorial | Hong Kong cannot take its Exchange Fund’s stellar year for granted

The fund posted a record gain last year, boosting the Hong Kong government’s fiscal health, but global headwinds must be heeded.

Purple tabebuia in full bloom at Tamar Park in Admiralty with International Financial Centre, which houses the Hong Kong Monetary Authority, in the background, on December 29, 2025. Photo: Eugene Lee
Hong Kong economy

Editorial | No better time for Hong Kong to strike its golden deal with Shanghai

Hong Kong’s ambitions to be a global hub for the trading and storage of the safe-haven asset get a lift from the spectacular gold rally.

Commodities

Runaway gold: why even Wall Street can’t keep up with the metal’s record ascent

Some Chinese funds halt subscriptions as uncertainty fuels volatility in the metals market, while Hong Kong’s first gold exchange-traded fund surges on its debut.

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Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund reports record earnings in 2025

The Exchange Fund’s full-year earnings jumped 51 per cent to HK$331 billion (US$42 billion), from HK$218.8 billion in 2024.

The Exchange Fund, Hong Kong’s war chest to defend the local currency, posted stellar returns last year. Photo: Antony Dickson
Banking & finance

Trump says the US dollar can move like a yo-yo. Will Treasuries be left hanging?

With the US president levelling threats at enemies, allies and his own central bank, alternatives like gold and Chinese assets are gaining appeal.

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Malaysia

As Malaysian ringgit strengthens, Singapore shoppers in Johor reap less savings

The ringgit’s appreciation is also bad news for Malaysian export-oriented sectors, such as gloves and electronics, analysts say.

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Interest rates

Spiking yen fuels risk-averse mood as investors take defensive stance

Yen hits two-month high amid fears US and Japan will intervene to prop up the currency ahead of Japan’s election next month.

Media reports on Friday said that the New York Federal Reserve had checked dollar-yen rates with dealers, widely seen as a precursor to intervention. Photo: Reuters
Hong Kong Monetary Authority (HKMA)

China’s central bank to support doubling of yuan liquidity for Hong Kong lenders

PBOC to increase yuan facility to US$28.68 billion and issue more sovereign yuan bonds to enhance city’s role as yuan hub, official says.

Zou Lan, deputy governor of the People’s Bank of China, speaks during the 19th Asian Financial Forum at Hong Kong Convention and Exhibition Centre in Wan Chai on January 26, 2026. Photo: Eugene Lee
China economy

Opinion | Talk of digital yuan challenging dollar dominance misses real power shift

China is merely building parallel capabilities. Whether the systems remain complementary or become competitive depends on how others respond.

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Malaysia

Gloves are off as Malaysia’s strong ringgit bites into producers’ profits

The ringgit climbed more than 10 per cent against the dollar last year, squeezing the bottom line of the export-reliant market.

Yuan

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

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China’s yuan has broken through the psychologically important level of 7 per US dollar for the first time in years, as confidence in US dollar assets weakens. Photo: AFP
China trade

China should leverage buying power to boost yuan’s use, former PBOC adviser says

With the yuan’s fixing at fresh 2023 highs and US dollar uncertainty rising under Trump, Beijing is urged to expand yuan-settled imports to internationalise its currency.

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A former adviser to China’s central bank said Beijing should leverage the nation’s purchasing power to boost imports settled in yuan. Photo: AFP
US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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China manufacturing

Fears over China’s trade surplus misplaced as West also driving trend: analysts

China’s global manufacturing dominance is a tale of two halves; reliant on home-grown industrial growth and Western consumption, experts say.

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Yuan

China’s PBOC sets onshore yuan fixing at strongest point in nearly 16 months

Analysts note how Beijing’s policy goals, such as internationalising China’s currency and curbing overcapacity, are aligning with a firmer exchange rate.

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The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0103 to the US dollar on Tuesday. Photo: dpa
Chinese offshore investment

How China’s global investment model is changing – and what it means for the yuan

The trade war, weak domestic demand and stronger policy support push more firms to invest overseas, with growing implications for currency.

United States

US says Argentina has ‘fully repaid’ currency lifeline

Treasury Secretary Scott Bessent says the loan is paid in full, netting millions in profit for the US while stabilising Javier Milei’s government.

Banking & finance

US dollar, gold rise after Maduro abduction as investors seek safe havens

Yuan also remains relatively resilient as analysts predict the Chinese currency could strengthen to as high as 6.8 against the US dollar in 2026.

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Venezuelan leader Nicolas Maduro is escorted from a US federal aircraft in New York on January 3, after being captured during a US military operation. Photo: Reuters
International Monetary Fund (IMF)

Argentina targets US dollars hoarded under mattresses, eases tax evasion rules

The country wants Argentines to bank their dollars amid high inflation, with estimates of ‘mattress dollars’ totalling US$251 billion.

Photo illustration of Argentine peso notes and a US$100 bill in Buenos Aires. Photo: AFP
Japan

Japan may lose GDP race to India amid weak yen, tourism woes, China row

Japan’s economy is likely to fall behind India’s this year, which analysts say would diminish Tokyo’s global influence.

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European Union

Bulgaria becomes 21st country to adopt euro in historic milestone

The Balkan nation, which joined the EU in 2007, retires the 19th-century lev for the single currency.

Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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A booth promotes the digital yuan at an expo in Beijing. China is upgrading its digital currency as it aims to create an alternative to stablecoins and cryptocurrencies. Photo: AP
Malaysia

‘I’m lucky’: Malaysians cash in as ringgit’s surge boosts travel budgets

Travellers capitalise on the favourable exchange rate for holidays after the currency hit a five-year high against the US dollar.

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The ringgit’s surge has boosted travel plans and currency exchanges in Malaysia. Photo: Shutterstock
Iran

Iran’s president urges dialogue as currency plunge sparks protests

Anger over Iran’s worsening economic situation pushes people onto the streets in Tehran and other cities.

Yuan

China’s offshore yuan breaks major benchmark as appreciation momentum builds

For the first time since 2024, the currency strengthened past the threshold of seven per US dollar – and did it again the next day.

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