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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
Indonesia’s President Prabowo Subianto (centre) shakes hands with former leader Joko Widodo during Danantara’s launch in Jakarta on February 24. Photo: AFP
Indonesia

Can Danantara deliver? Indonesia’s sovereign fund vows to be ‘super transparent’

Investment chief Pandu Sjahrir is confident the new sovereign wealth fund can overcome market jitters and keep political meddling at bay.

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Banking & finance

Macroscope | World is ready to cut US dollar down to size – but not too quickly

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Indonesia

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

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Indonesia

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

The central bank said the slump is due to global uncertainties including Trump’s reciprocal tariffs.

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The Indonesian rupiah has slumped more than 3 per cent this year. Photo: Reuters
Indonesia

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

The Jakarta Composite Index has underperformed relative to its regional peers amid investor fears over Indonesia’s financial position.

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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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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illustration by Pearl Law
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.

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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China has indeed been strategically reducing its US Treasuries holdings. Photo: Reuters
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.

As Hong Kong courts cryptocurrency business to the city, the local currency’s peg to the US dollar could be a standout advantage where stablecoins are concerned. Photo: Shutterstock
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.

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.

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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A passer-by walks past a stock market indicator board in Tokyo, Japan, on Tuesday. Photo: EPA-EFE
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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A trader works with an assembly of US President Donald Trump paraphernalia seen in the foreground on the floor of the New York Stock Exchange on February 28. Photo: EPA-EFE
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.

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.

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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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Brazilian Foreign Minister Mauro Vieira (right) and Brazilian representative Mauricio Lyrio talk during the Brics sherpa meeting in Brasilia on Tuesday. Vieira says “Brics must advocate for an open, fair and balanced multilateral trade system”. Photo: AFP
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.

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.

Gold prices have soared amid uncertainty caused by US President Donald Trump’s trade policies. Photo: Edmond So
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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China’s app for the digital yuan is seen on a mobile phone next to 100-yuan banknotes. Photo: Reuters
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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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.

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.

The Hong Kong Monetary Authority manages the Exchange Fund, the city’s war chest to defend the currency peg. Photo: Jonathan Wong
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.

An exterior view of a Standard Chartered branch in Exchange Square in Central. Photo: Jonathan Wong
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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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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