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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
Hong Kong is looking to boost its position as the world's leading offshore yuan hub. Photo: Felix Wong
Banking & finance

Hong Kong broadens yuan’s financial footprint as currency gains global appeal

Hong Kong Monetary Authority widens scope of yuan finance to solidify status as ‘offshore laboratory’ for currency amid de-dollarisiation trend.

China economy

Opinion | When and how will China ease capital controls?

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China-EU relations

As I see it | Europe wants a new Plaza Accord for China – seriously?

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Banking & finance

Indonesia set to issue US$1 billion in panda bonds in China

The Southeast Asian country will offer the bonds in an attempt to better stabilise its national finances as the rupiah continues to fall.

Indonesia and China flags. Photo: Shutterstock
Banking & finance

Can Shanghai’s offshore finance push test Hong Kong’s dominance?

Beijing is accelerating Shanghai’s offshore finance ambitions, raising questions over whether Hong Kong’s long-held edge can endure.

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Yuan

Hong Kong readies offshore yuan initiatives after Shanghai move

Beijing is supporting the development of offshore yuan trading as part of a broader drive to boost the Chinese currency’s global role.

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Yuan

China’s central bank sets weaker yuan midpoint against US dollar for third day

The move comes after European Central Bank chief urged global leaders to discuss undervaluation of the Chinese currency.

The People’s Bank of China set the yuan’s midpoint rate weaker for a third day at 6.8195 per US dollar on Wednesday. Photo: AFP
Banking & finance

China’s trading crackdown seen boosting Hong Kong as official capital hub

Analysts at ‘Summer Davos’ gathering highlight pivot towards official cross-border connect schemes to intermediate domestic wealth ‘on China’s own terms’.

China-EU relations

European Central Bank’s President Lagarde urges talks on yuan undervaluation

China has denied it manipulates its currency for trade advantage but its surging trade surpluses are worrying leaders of the G7 nations.

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Banking & finance

The panda bonds: how China uses assets to boost yuan, cement partnerships

Brazil is preparing to issue panda bonds, another indicator of the rising popularity of yuan-denominated assets amid a de-dollarisation trend.

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The world’s 10th largest economy, Brazil, is the latest country to issue panda bonds. Photo: DPA
Banking & finance

Editorial | Hong Kong and Shanghai extend the yuan’s international reach

As Beijing tightens compliance, the country’s finance hubs can safely and efficiently promote the trade of Chinese treasury futures.

Delegates attend the opening ceremony of the Lujiazui Forum in Shanghai on June 17. Photo: Xinhua
China's economic recovery

China’s policy blitz at Lujiazui Forum – what the monetary overhaul means

Regulators are leveraging currency strength to formalise outbound routes, granting fresh quotes for global assets while narrowing the interest-rate corridor.

Yuan

China accelerates digital yuan push as 26 banks join new cross-border platform

The platform will make it easier to make cross-border e-CNY payments, with banks operating in Brazil, Qatar and Thailand among others already signed up.

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Yuan

Shanghai to lead ‘financial superpower’ push as China unveils plan to boost yuan

China’s central bank governor speaks at annual financial forum about further opening repurchase facilities and offshore trading to foreign central banks.

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HAIAN, CHINA - MARCH 20, 2024 - A staff member counts Chinese yuan at a bank in Haian, East China’s Jiangsu province, March 20, 2024. (Photo credit should read CFOTO/Future Publishing via Getty Images)
China-Latin America relations

Argentina edges back to China on currency swap despite US pressure

Buenos Aires denies negotiating renewal, but the US$19 billion swap expires August 6, and Argentine reports say talks are already advancing.

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People’s Bank of China governor Pan Gongsheng (right) with Santiago Bausili, the president of the Central Bank of Argentina, at the PBOC-BIS Symposium in Shanghai on Wednesday. Photo: Handout
China consumption

China credit data shows demand dip, household deleveraging amid weak investment

But while traditional industries are mired in a downturn, hi-tech firms look to expand – many through direct financing.

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Japan

Opinion | Short-sellers are circling as Japan’s yen presents a tempting target

A Japan declining in competitiveness presents a tempting target, with short-sellers likely to also target economies like India and Indonesia.

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Yuan

Yuan poll finds 95% of overseas firms expect to sustain or boost use of currency

Increased international adoption of China’s currency highlights progress in Beijing’s strategic push amid the US dollar’s global financial dominance.

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A tiny globe is seen atop a pile of Chinese yuan. Photo: Getty Images
Hong Kong Monetary Authority (HKMA)

Hong Kong, Indonesia move towards direct transactions in yuan, rupiah

Agreement between People’s Bank of China, HKMA and Bank Indonesia aims to enhance efficiency and encourage use of the currencies.

Yuan

‘Increasingly influential’ use of China’s currency puts euro on notice

The US dollar is still dominant, but a slump in Europe may see China’s currency gain strength and reach the No 2 spot in global settlements.

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Banking & finance

Beijing expects Hong Kong to press advantage as offshore yuan hub

Officials pledge ‘unswerving’ support for Hong Kong’s development as a financial centre while urging city to promote global yuan use.

Hong Kong was the largest offshore yuan market as of December, with 74.6 per cent of payments. Photo: DPA
Malaysia

‘Perfect time’: weak rupiah makes Indonesia irresistible for Malaysian tourists

The weak currency makes it a bargain for Malaysians seeking cheap holidays, with destinations like Bali in demand.

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Tourists visit a shop in Ubud, Indonesia’s Bali, on Tuesday. Photo: EPA
Banking & finance

China sees revival of foreign investors through IPOs, convertibles: UBS

The trend is part of a broader recovery of interest in Chinese assets from investors overseas.

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Hong Kong economy

Open Questions | Hong Kong must embrace ‘bipolar’ role to thrive in its ‘Stage 3.0’: Charles Li

Veteran deal maker urges an IPO link to lure global resource giants and turn Chinese buyers into owners as city solidifies role as East-West bridge and global capital hub.

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Hong Kong economy

Hong Kong considers new offshore yuan venture fund for tech, emerging industries

Initiative would build on AI and finance convergence while supporting yuan internationalisation, finance chief Paul Chan says.

A man walks past a money exchange shop in Central, Hong Kong. The nation’s latest five-year plan calls on Hong Kong to enhance its role as an international financial hub and expand its offshore renminbi business.Photo: Felix Wong
China trade

China-led SCO bloc looks to fast-track plan for new bank, rival Western lenders

Member states seek more financial autonomy and localised credit by advancing an effort to fund regional growth using their national currencies, not the US dollar.

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Flags wave outside the Tianjin Meijiang Convention and Exhibition Centre during the Shanghai Cooperation Organisation (SCO) Summit in Tianjin on September 1. Photo: AFP
Donald Trump

Note for Trump: US Treasury designs US$250 bill with president’s face

Scott Bessent confirms planning for currency despite a long-standing legal ban on living faces on banknotes.

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Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

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