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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
Multilateral lender Africa Finance Corporation (AFC) has confirmed that a debut panda bond issuance is “on the table for this year”. Photo: Getty Images
China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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Banking & finance

China lets yuan rise to strongest level in years as de-dollarisation trend grows

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Cryptocurrency

Scams and outflows: why China slammed the door on real-world asset tokens

China trade

UK, China boost financial ties, deepen London’s role as offshore yuan hub

New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency.

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British Prime Minister Keir Starmer visited Yuyuan Garden in Shanghai, China, last Friday. Photo: Reuters
US-China trade war

US Treasury chief warns of China’s push for digital asset dominance

Scott Bessent tells senators the US must pass the Clarity Act to counter Hong Kong’s ‘sandbox’ and maintain global financial leadership.

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Crime in Hong Kong

Are Hong Kong foreign exchange firms secure enough?

After a shocking 51 million yen robbery last week, the South China Morning Post examines the risks in the city’s cash exchange trade.

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Yuan

Editorial | China well placed to take advantage of the shift away from the US dollar

A stable and strong yuan has international appeal, just as a reliable and strong China is being seen as the rock on which the global system should be rebuilt.

President Xi Jinping has spelled out his vision for the renminbi as a “powerful currency” with a global reserve status while being widely used in world trade, investment and foreign exchange. Photo: EPA-EFE
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

Xi Jinping says the goal of becoming an international powerhouse is a long-term one and will rest on core foundations.

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Japan

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

A lower house election victory would give flight to Prime Minister Takaichi’s fiscal expansionism – and introduce upheaval far beyond Japan.

Japan’s 10-year government bond yield, seen on a screen outside a brokerage in Tokyo on January 21, touched its highest in a century this month. Photo: Reuters
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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Illustration: Lau Ka-kuen
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.

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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.

The logo of China’s Huawei Technologies Co is displayed on the middle of city road in Kuala Lumpur, Malaysia. Photo: EPA-EFE
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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