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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
China is looking to challenge the US dollar’s dominance in international trade, but more needs to be done to make the yuan a global currency. Photo: dpa
Yuan

China’s yuan can rival US dollar as go-to currency if more accessible: economist

‘US exceptionalism is over – the beginning of the end,’ Singapore-based economist warns while weighing in on how China can internationalise its currency.

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Yuan

Offshore yuan gets a lift as market awaits outcome of US-China trade talks

Singapore

Is the Singapore dollar’s stellar run about to end?

United States

Opinion | Either way, Trump’s push for a global monetary reset will be painful

There will be pain, either shared by all voluntarily through peaceful negotiation or imposed on all through force. Take your pick.

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A clerk sorts US banknotes at the headquarters of Hana Bank in Seoul on April 15. Photo: EPA-EFE
Taiwan

Macroscope | There’s more to Taiwan’s currency shock than meets the eye

The surge in the New Taiwan dollar has exposed how trade policy, capital flows, geopolitics and sovereign risk have become closely intertwined.

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US-China trade war

China avoiding ‘disruptive’ de-dollarisation despite US trade war, report says

Findings come as some analysts have raised the spectre of China selling off its US Treasury-issued assets amid worsening bilateral ties.

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Hong Kong Monetary Authority (HKMA)

Hong Kong restrains local dollar’s rise for second time in 3 days

The city’s de facto central bank stepped in to maintain the peg to the US dollar amid strong capital inflow and rising regional currencies.

A man walks past a display showing bank notes of different currencies in Hong Kong on November 9, 2016. Photo: AFP
Yuan

China’s offshore yuan jumps to 6-month high as tariff rollback likely: analysts

Washington’s weaponisation of tariffs casts doubt on US asset safety, and some say this makes yuan assets more attractive.

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United States

Macroscope | Trump’s tariffs are waking Asia up from the dream of export-led growth

Asian economies responded to Western exhortations to pursue export-led growth. The resulting ‘economic miracle’ now looks like a mistake.

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United States

Outside In | Uncertainty unleashed by Trump 2.0 will exact a high price

Companies and countries alike are seeing hedging costs hit the roof amid a loss of trust and certainty in the US, the dollar and Treasuries.

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A trader at the New York Stock Exchange at the opening bell on April 21, as Wall Street stocks opened lower amid lingering uncertainty over US President Donald Trump’s trade policy. Photo: AFP
Japan

Japan says its US$1 trillion in US Treasuries could be leverage in trade talks

A huge US Treasury sell-off in April was reportedly one factor that led Trump to announce a 90-day pause on his ‘reciprocal’ tariff plan.

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Japan’s Finance Minister Katsunobu Kato speaks during an interview in Tokyo in April. Photo: Reuters
Hong Kong housing

US-China trade war could hurt Hong Kong housing demand: think tank

Our Hong Kong Foundation says short-to-medium-term impact of conflict on China’s currency will negatively affect mainland homebuyers in city.

US-China relations

Letters | Hopes for US-China cooperation rest on true understanding

Readers discuss the lack of understanding of Chinese aspirations in the West, how Trump’s trade war could backfire, and Hong Kong’s US dollar peg.

Mainland China

China takes steps to boost yuan with overseas gold storage facilities

China to explore the internationalisation of physical delivery for specific products traded on the Shanghai Gold Exchange.

Beijing is taking steps to develop an overseas infrastructure for a China-led gold trading system. Photo: Shutterstock
US-China trade war

China rolls out plan to promote its own payment system as US trade war simmers

The country aims to reduce its reliance on the dollar-based global financial system as it confronts Washington’s aggressive trade policies.

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China aims to reduce its reliance on the dollar-based global financial system amid its trade war with the United States. Photo: CFOTO/Future Publishing via Getty Images
Bonds

US Treasuries remain top haven asset despite tariffs, volatility, analysts say

US Treasuries’ performance fell 2.4 per cent in the week to April 11, the most for a five-day period since 2001.

United States

Trump’s Fed feud sparks market turmoil, dollar dips, gold hits record high

Gold soared as investors fled US assets amid fears of Federal Reserve interference.

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Yuan

Yuan trade settlements on rise amid ‘soaring volatility’ in US Treasury market

Washington’s policies seen opening door to greater yuan internationalisation, undermining but not removing US dollar’s dominance in global trade.

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China’s yuan accounts for 2.18 per cent of global forex reserves, compared with 57.8 per cent for the US dollar, according to the International Monetary Fund. Photo: AFP
China-Africa relations

China-Africa trade makes ‘moderate’ gains despite US tariffs, currency weakness

First quarter customs data shows Chinese exports to Africa climbed 11.3% to US$45.92 billion while imports from the continent fell 9.4%.

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US-China relations

Opinion | China has a secret weapon in US trade war – the renminbi

Taking a leaf from Russia, China should make ‘unfriendly’ countries like the US use Chinese currency for trade transactions.

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United States

Macroscope | IMF’s tariff warnings may be too little, too late

The Trump administration has brought the world to the brink of a systemic financial and economic crisis.

IMF Managing Director Kristalina Georgieva delivers a speech ahead of next week’s World Bank Group and IMF 2025 spring meetings, at the IMF headquarters in Washington on April 17. Photo: EPA-EFE
US-China relations

Opinion | China can offer Trump the trillions of investment dollars America needs

If Trump’s Maga goal is genuine, cooperation with China – and opening the doors to Chinese investment – is his only rational choice.

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US President Donald Trump in a cabinet meeting on April 10. Photo: AFP
Donald Trump

Trump’s trade war sends dollar to 6-month low, sparking investor concerns

The Bloomberg Dollar Spot Index has fallen about 6.1 per cent this year, on track for its biggest annual loss since 2017.

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Banking & finance

Battered dollar drifts lower on tariff nerves

Investor confidence in the world’s reserve currency in question following stream of tariff pronouncements from US President Donald Trump.

Hong Kong property

Hong Kong property market to feel the squeeze from Trump’s tariffs

A weaker yuan and a slowing economy could deter mainland homebuyers, but some analysts caution it is too early to draw conclusions.

Outside a real estate agency in Tai Koo, Hong Kong. Photo: Eugene Lee
Hong Kong economy

Weaker yuan boon for Hong Kong shoppers but bane of retail sector: analysts

Beijing’s stimulus roll-out may also trigger more mainland consumption at the expense of Hong Kong’s retail, dining scene.

Diners at a restaurant in COCO Park shopping centre in Shenzhen. Photo: Dickson Lee
United States

Macroscope | Trump is crashing the global system that crowned the dollar king

Tariff shock, loss of confidence in the dollar, stock market trauma and a widespread feeling of affront will only quicken de-dollarisation.

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Americas and the Caribbean

Argentina seals US$20 billion IMF deal, tears down currency controls

The IMF will first disburse US$12 billion, with another US$2 billion by June, as Argentina’s central bank set to undo fixed currency peg.

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