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Currency war

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Currency war
The latest news, analysis and opinion on Currency war. In-depth analysis, industry insights and expert opinion.
Indian Foreign Minister Subrahmanyam Jaishankar has described the US dollar as a “source of international economic stability” at a meeting in London. Photo: DPA
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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China trade

Economists slam Trump’s currency claims, explain why Beijing wants yuan stable

World Economic Forum

Trump’s threats will only drive countries away from US dollar, economists warn at Davos

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Yuan

To boost yuan, China’s central bank allows firms to borrow more foreign debt

For companies that have reached the upper limit of overseas financing, a relaxation may be welcome, but the move’s effectiveness remains unclear as rate spread with US dollar widens.

China’s yuan is dropping to lows unseen in several years against the US dollar. Photo: Reuters
Yuan

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

An exchange rate of 7.6 to the US dollar by the end of 2025 could be on the cards, analysts say, as Donald Trump’s impending policies may further weaken the battered yuan.

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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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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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The Chinese yuan’s latest decline was driven by the US Fed’s fresh projection of only two quarter-point rate cuts in 2025. Photo: Reuters
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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Currencies

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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US-China relations

US financial-sanction threat should make China rethink forex holdings: economist

‘Possible future sanctions from the US’ under a new US president have set off alarms in Beijing’s policy circles.

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China’s foreign-exchange reserves totalled US$3.316 trillion as of September. Photo: Shutterstock
Yuan

Beijing urged to offer more yuan loans overseas to help dethrone US dollar

National Academy of Development and Strategy says China should be main source of liquidity for developing countries.

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Chinese yuan and US dollar banknotes. Photo: Shutterstock
China economy

Macroscope | Why China must choose stealth yuan depreciation and avoid mistakes of 2015

The yuan is under strain from internal and external pressures, making the balancing act that China’s monetary policymakers are trying to manage even trickier.

United States

Macroscope | US is stuck in a vicious cycle that could spell crises elsewhere

No state can withdraw from globalisation on its own terms, and the world cannot have one power in effect running monetary policy on behalf of everyone else.

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Yuan

Yuan pressure, forex volatility loom if Trump re-elected: analysts

China’s yuan has faced depreciation pressure in recent weeks, largely because of the strength of the US dollar, with the result of November’s presidential election adding further uncertainty.

Donald Trump speaks at Trump Tower in Manhattan. Photo: TNS
China economy

Macroscope | Is another Asian currency crisis coming? Keep an eye on China’s yuan

Concerns about an Asian currency war and what it would mean for the world economy have been underpinned by a strong US dollar. Some economies may choose to intervene in currency markets, but the big question is whether China will devalue the yuan or proceed with caution

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A pedestrian walks by the People’s Bank of China in Beijing on February 20. Amid US dollar strength, China might be tempted to devalue the yuan to improve competitiveness versus the yen and the won. Photo: AP
Banking & finance

In Asia, US dollar’s growing strength fuels concern over currency stability

Analysts say China’s central bank, with an eye on the yuan’s stability, could let it weaken gradually, but such a move ‘could backfire to some degree’.

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Japan

Opinion | Biggest risk with falling yen is not what Japan does but how China reacts

Nothing would stabilise China’s economy faster than a weaker yuan. But this risks triggering a currency war across Asia and beyond, and setting back China. Let’s hope Xi resists the urge.

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Yuan

China’s yuan replaces US dollar as ‘primary’ currency for Russia’s foreign trade

Russian central bank governor Elvira Nabiullina says the yuan’s share in Russia’s exports has increased from 0.4 to 34.5 per cent, replacing the US dollar and euro as its ‘primary’ currency for foreign economic activity.

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The yuan’s share in Russia’s exports has increased from 0.4 to 34.5 per cent over the last two years, and with imports witnessing an eightfold increase to 36.4 per cent, according to Russian central bank governor Elvira Nabiullina. Photo: Reuters
China digital currency

China’s control of daily yuan reference level at degree last seen in 2010

China is keeps the daily reference rate for its currency within a tight range, with a gauge measuring yuan volatility collapsing to levels last seen in 2010.

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Yuan

Can China’s pummelled yuan find strength with US Fed pausing interest hikes?

It has been nearly four months since the US Federal Reserve’s last interest rate hike – the 11th since early 2022 – but the impact still lingers in China’s markets, and an outflow of capital has persisted while the yuan depreciates.

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Yuan

US dollar trust not an ‘easy thing to overcome’ despite jump in de-dollarisation

International Finance Forum say a trend of using regional currencies rather than US dollar is a result of unprecedented US monetary tightening, but there still remains doubts about a credible alternative.

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The International Finance Forum attributed the trend of using regional currencies rather than US dollar to the adverse spillovers of unprecedented US monetary tightening. Photo: AFP
Yuan

Will China weaponise the yuan? Global finance body throws cold water on idea

Intentionally weakening the yuan would be a boon for cheaper Chinese exports, but on the whole, a devalued yuan could make China’s problems much worse.

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China’s yuan has depreciated considerably against the US dollar this year. Photo: Shutterstock
Yuan

As China works through yuan tool kit, weak currency hits traders, travellers

China’s yuan fell to a 16-year low against the US dollar last week, with financial regulators vowing to take action to stem one-sided speculative bets, but exporters are already under pressure to change prices.

Yuan

Explainer | How far will China go after yuan slides to 16-year low against the US dollar?

China’s yuan plunged to a 16-year low against the US dollar due to a poor business outlook and a widening yield gap, with the central bank promising to ‘actively and steadily respond’ to depreciation pressure.

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Banking & finance

Hedge funds say too risky to short US dollar on Fed hazard, China policy limp

The dollar’s recent strength has confounded bears, and some hedge funds say the rally is not over. Others see the end of US rate-hike cycle in 2024 as a chance to start buying emerging markets and China assets.

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A newly printed US dollar bill is shown at the Bureau of Engraving and Printing’s Western Currency Facility in Fort Worth, Texas in December 2022. Photo: AP
Yuan

China to cut forex deposit reserve requirement to support yuan, prop up economy

The People’s Bank of China will cut the reserve requirement ratio for foreign-exchange deposits later this month in the latest move to support the yuan exchange rate and prop up the faltering economy.

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The reserve requirement ratio for foreign-exchange deposits will be cut from 6 to 4 per cent from September 15, the People’s Bank of China said. Photo: Reuters
Yuan

US dollar ‘weaponisation’ demands Beijing rethink yuan plans, economist warns

Securing China’s overseas assets has become more difficult in a time rife with geopolitical wrangling that continues to alter the world’s currency-use landscape, outspoken Yu Yongding says.

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China economy

Macroscope | ‘Nuclear option’ of yuan devaluation could be on the cards for China

Currency devaluation is a common temptation for major trading nations such as China despite the risk of starting currency wars. A recent report argues devaluing the yuan could bring major benefits and spur China and others to experiment further.

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