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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
last updated:
9 September, 2024
The Hong Kong dollar has been pegged to the US dollar since 1983. Photo: Shutterstock
Banking & finance

Hong Kong’s US-dollar peg gets emphatic defence from HKMA CEO

Speculation about ending the peg reflects ‘misconceptions due to a lack of understanding’, says head of de facto central bank.

Yuan

My Take | Beijing to fiercely defend yuan exchange rate in 2025 to avoid a repeat of 2015

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Yuan

China’s central bank rhetoric on yuan stability takes aim at depreciation risks

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Banking & finance

China hits record panda bond issuance in 2024, with analysts bullish for 2025

With more yuan-denominated panda bonds issued last year than any other, analysts expect even bigger numbers in 2025.

The total issuance of China’s panda bonds in 2024 was the highest in any single year on record. Photo: Reuters
United States

Opinion | Up in the air whether US economic arrows will hit the mark

If the Trump 2.0 team is as uncoordinated as Trump 1.0, we will see arrows flying everywhere.

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Yuan

China’s battered offshore yuan hits 2-year low against US dollar

And China’s ‘moderately loose’ monetary policy could further widen interest-rate differentials, straining the yuan more, analyst predicts.

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United States

Opinion | Trump’s threats won’t hold back Brics push to de-dollarise

US dominance is pervasive but not infallible, and a divided Brics can still find common ground in the pursuit of a multipolar global order.

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Illustration: Craig Stephens
Yuan

China’s record dividend payout puts yuan under pressure as US-China tensions simmer

Interim dividends by Hong Kong-listed Chinese firms are set to reach US$12.9 billion in the first quarter, an all-time high for the period.

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United States

The View | Why world should agree to hand nominal leadership to the US

The US simply cannot afford to sustain its dominance so there’s no real danger, but pandering to Trump’s vanity could have its rewards.

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South Korea martial law 2024

Yoon’s ‘crazy’ actions rattle South Korea’s currency and economy

Experts say political polarisation and deepening post-martial law crisis could hold back investment in the country.

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Supporters of impeached South Korean President Yoon Suk-yeol stage a rally in Seoul on Saturday. Photo: AP
The Philippines

‘Erasing history’?: Marcos Jnr accused of political bias over new banknotes

A critic of Ferdinand Marcos Jnr accuses him of attempting to reshape the country’s history by removing the Aquinos from the 500-peso notes.

Current 500 Philippine-peso banknotes featuring the late opposition leader Benigno Aquino Jnr and his wife, former president Corazon Aquino, and the new notes featuring the Visayan spotted deer on the front. Photo: Jeoffrey Maitem
Yuan

US Fed’s hawkish rate-cut forecast slams China’s yuan

China’s currency, hammered since Trump’s re-election, has depreciated further against the US dollar, despite the yuan’s share among global payments rising.

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Japan

The View | Japan’s economic prospects a big theme in Asian real estate

The most popular sectors in Japan’s stock market are those benefiting from domestic demand-driven growth, such as property and retail.

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Yuan

China urged to anchor yuan to non-US dollar currencies to empower domestic tools

China Finance 40 Forum think tank suggests temporarily anchoring the yuan to a basket of currencies, particularly the euro.

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A bank employee count yuan notes next to US dollar notes. Photo: Reuters
China's economic recovery

China may bank on balance-sheet expansion, not rate cuts, for growth: economist

While Beijing is unlikely to implement universal consumption subsidies, officials may try to boost spending by raising incomes, according to Nomura’s Lu Ting.

China’s Politburo has underscored the “all-round” expansion of domestic demand as a priority for next year, calling to vigorously boost consumption. Photo: AFP
China-Africa relations

African banks set up shop in China as Beijing pushes for yuan-based trade

African banks are positioning themselves to take full economic advantage as Beijing seeks to de-dollarise its trade.

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Asean

Will Trump’s tariff threat push Southeast Asian nations away from China-led Brics?

Analysts warn nations to consider the risks of joining Brics, which could bring economic gains but may alienate the US and lead to trade barriers.

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Digital currencies

Bybit CEO says Chinese can trade crypto though VPN, but not with yuan

Bybit CEO Ben Zhou says the company plans to reapply for a Hong Kong licence next year even though regulators bar selling crypto to mainlanders.

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Bybit co-founder and CEO Ben Zhou said the cryptocurrency exchange would not cross China’s “red line” of allowing trading in yuan. Photo: Shutterstock
Bonds

China’s 10-year bond yield slumps to record low, pressuring yuan

‘Staggering’ new low signals ‘chilling risk forecast’ amid a deflationary spiral ‘eerily reminiscent’ of Japan’s long malaise, analyst says.

Yuan

China’s yuan hits lowest level in months as Trump tariff threats roil currencies

China’s currency is losing pace against the US dollar thanks to a wave of uncertainty following Donald Trump’s re-election.

Donald Trump

Opinion | Trump’s fuming over unlikely ‘Brics currency’ belies risks of de-dollarisation

Trump’s threat of tariffs over a currency that will likely never exist is a reminder of how much clout the dollar has in the developing world.

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Russia only started pushing to reduce global reliance on the US dollar after its banking system was cut off from the world’s reserve currency. Photo: AFP
Yuan

China’s plans for yuan unfazed by Trump’s pledge to protect ‘mighty US dollar’

Though Donald Trump has warned against attempts to undermine the US dollar, China is unlikely to change course on yuan internationalisation.

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China’s efforts to expand the overseas use of its currency are likely to see heightened resistance during Donald Trump’s second term as US president. Photo: Shutterstock
Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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US-China relations

Trump threatens Brics countries with huge tariff if they undercut US dollar

The group, which includes Brazil, Russia, India, China and others, discussed boosting non-dollar transactions at a recent summit.

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United States

Opinion | An America awash in global capital risks spreading financial instability

Free capital flows accelerate economic growth but can also be destabilising, spreading jitters via financial markets.

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Traders work on the floor of the New York Stock Exchange on November 7, a day after the S&P 500 and Nasdaq Composite closed at all-time highs. Photo: Getty Images via AFP
Yuan

Yuan to catch up to China’s position in world’s economy: ex-official

Outspoken former Chongqing mayor Huang Qifan says Hong Kong can play a key role in the internationalisation of the yuan.

An employee counts yuan notes at a bank in Beijing. Photo: AFP
United States

Opinion | With Trump 2.0, it will be every country for itself

Given Trump’s policy direction, the only conclusion for realists is that self-strengthening must be the main thrust in a fragmenting world order.

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Yuan

China sets yuan fix to 14-month low as Trump win piles on the pressure

Yuan’s midpoint rate falls to 14-month low as Trump’s election throws most currencies other than the US dollar into uncharted waters.

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