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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
The Hong Kong Monetary Authority has intervened in the foreign exchange market overnight for the 11th time since late June. Photo: Felix Wong
Hong Kong Monetary Authority (HKMA)

Hong Kong sells US dollars to fight carry trade, defend currency peg

This is the 11th time that the HKMA has intervened in the foreign exchange market since June 26.

Yuan

China’s big yuan devaluation sent shock waves 10 years ago – what has changed?

Banking & finance

Opinion | Hong Kong can lead charge for yuan alternative to US stablecoin

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Yuan

Explainer | China’s money launderers exploited a gem of a loophole - Beijing just plugged it

Financial crime watchdog targets dealers of precious metals and gems – and experts say that’s just the start as non-financial sectors come under the money microscope.

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If China’s dealers of precious metals and gems have reason to suspect that a customer intends to use such transactions to launder money, they must report it. Photo: Getty Images
Stablecoins

Crypto exchange OSL sees optimism rise as Hong Kong enters stablecoin era

The Hong Kong Monetary Authority is likely to issue the first batch of stablecoin licences early next year.

Singapore

Singapore fines 2 Chinese yuan remittance firms for sharing information

The 2 firms, located next to each other, exchanged information on the yuan for 6 years.

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Hong Kong Monetary Authority (HKMA)

Hong Kong’s war chest grows the most in 2 decades on bull market

The Exchange Fund’s first-half return grew 76.6 per cent from the HK$110.1 billion gain last year, the Hong Kong Monetary Authority said.

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A tram is seen at Johnston Road in Wan Chai. Photo: Elson Li
Banking & finance

Outside In | Why ending US dollar peg isn’t the answer Hong Kong needs

The dollar peg still does yeoman’s work for the city, while promoting the yuan in trade finance and settlement would enhance what it has built.

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Brics

Opinion | For Brics, it’s a big leap from talk shop to institution of power

The bloc stands at a crossroads: can it become a true alternative to the G7, or is it merely a fractured mirror of diverging interests?

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Hong Kong Monetary Authority (HKMA)

HKMA intervenes in the market for the fifth time in 2 weeks to defend currency peg

HKMA intervenes to drive away carry traders who have sought to take advantage of the city’s rate gap with the US dollar.

American and Hong Kong banknotes. Photo: Shutterstock Images
Yuan

Why the yuan can be safe-haven currency: former bank official flags ‘advantages’

Authors, including the PBOC’s former statistics head, call for ‘a new vision where multiple currencies jointly support global financial stability’.

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China’s yuan has shown resilience in the face of US tariffs. Photo: dpa
China digital currency

Opinion | Amid dollar disappointment, China opens new front with e-CNY push

Subtle shift under way as fintech merges with geopolitics: e-CNY is a way to evade US sanctions and dollar volatility but also carries risks.

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United States

Opinion | Decades of America’s ‘exorbitant privilege’ is ending, thanks to Trump

The US president is systematically destroying faith in the dollar in global financial markets and among governments and central banks.

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Yuan

Traders look beyond the euro for the next round of short dollar bets

Traders are betting that the yuan, the Australian dollar and the South Korean won will strengthen versus the US dollar.

A foreign exchange in Hong Kong on September 13, 2010. Photo: EPA
Banking & finance

Did Trump get his ‘Big Beautiful Bill’ at the US dollar’s expense?

Analysts say the sweeping budget act resolves the immediate debt crisis, but the resultant deficit could accelerate global de-dollarisation.

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US President Donald Trump’s sweeping budget act, soon to become law, raises worries over the country’s long-term debt burden. Photo: AFP
Banking & finance

Economist Huang Yiping floats Hong Kong as stablecoin staging ground

A digital currency pegged to the offshore yuan would be more workable in Hong Kong than mainland China, the central bank adviser says.

Cryptocurrency

Mainland Chinese digital yuan partner to develop stablecoin tech in Hong Kong

Shenzhen-listed North King says Hong Kong will be a springboard into international fintech markets, with plans for stablecoin wallets.

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Banking & finance

Explainer | The world is going all in on stablecoins. Is China’s digital yuan any different?

While the two appear similar, China’s digital currency is quite different from the cryptocurrencies many economies are rushing to regulate.

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An e-CNY mobile app icon on a smartphone. Photo: Shutterstock
Central banks

Russian central bank to increase forex sales to US$113.5 million a day

Unable to trade in dollars or euros due to Western sanctions, the central bank now relies solely on China’s yuan for interventions.

Interest rates

Hong Kong steps into the currency market to defend local dollar’s peg

The city’s de facto central bank sold US$1.2 billion worth of US dollars to buy Hong Kong dollars at HK$7.85 per dollar.

Banking & finance

Are stablecoins the future? Don’t bank on it, warns the bank for central banks

Bank for International Settlements releases ‘advance chapter’ on stablecoins ahead of its Annual Economic Report that paints a future picture of a different financial system.

The international financial organisation known as the “bank for central banks” has waded into the stablecoin debate as the buzzword gathers momentum. Image: Shutterstock
Yuan

China’s yuan set to benefit as central banks report doubts about US dollar

Survey of central banks shows concern over long-term viability of US dollar, but not enough for the yuan or other currencies to supplant it.

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Geopolitics are driving doubts about the US dollar among the world’s central banks, giving the yuan room to grow in stature. Photo: AFP
Central banks

Trade war worries push Asian central banks to curb currency intervention

India, Malaysia, Taiwan and South Korea are all easing their grip on currencies as the US dollar tumbles – to avoid a Trumpian backlash?

Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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Banking & finance

Hongkongers, mainland residents embrace Payment Connect service on first day

New service operates smoothly as thousands take advantage of link between Hong Kong’s FPS and the mainland’s IBPS.

The system connects 315 million users of payment services in Hong Kong and mainland China. Photo: Shutterstock
Singapore

In Singapore’s last bastion of cash, money changers fight the future

From sailors to tourists, hundreds flock daily to The Arcade, proving that in a city obsessed with fintech, cold hard cash still holds sway.

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A dealer displays Singapore dollar notes at a money changer in Singapore. Photo: AFP
Banking & finance

Mainland China, Hong Kong launching Payment Connect scheme to aid capital flows

‘Milestone’ programme links mainland China’s Internet Banking Payment System with Hong Kong’s Faster Payment System, simplifying cross-border payments.

Hong Kong economy

Macroscope | Demise of Hong Kong dollar peg? Still the bet you shouldn’t take

While the currency peg is not indestructible, investors should not underestimate the extent to which it is part of the city’s raison d’être.

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