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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.
Analysts say a pilot trading system equips China’s central bank with a new lever to influence the offshore market while raising the yuan’s international profile. Photo: Shutterstock
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

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

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Yuan

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

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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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Illustration: Brian Wang
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.

Yuan

China’s yuan hits 3-year high as global banks issue bullish forecasts

Beijing has set the yuan at its strongest level against the US dollar since early 2023, with banks projecting further appreciation.

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Yuan

China’s US Treasuries slump may not be what it seems

A reduction in China’s direct holdings of US government debt may be partly offset by the nation holding Treasuries via third parties.

Photo: AFP
Yuan

As China’s yuan hits multi-year highs, Beijing puts the focus on stability

China’s top foreign exchange regulator said in an article that authorities would seek to keep the yuan ‘basically stable’.

Yuan

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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Illustration: Lau Ka-kuen
US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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China has been patiently chipping away at the US dollar’s global dominance, and Washington may even be doing it a favour. Photo: dpa
Foreign exchange market

China trims US Treasury holdings as global ownership hits record

Beijing slightly pares its sovereign US debt position as private investors and certain financial hubs drive demand up.

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Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

Yuan

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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The Chinese yuan may be used more widely in cross-border payments than conventional data suggests, analysts say. Photo: AFP
US-China relations

Open Questions | Euro, Chinese yuan to end US dollar dominance, top economist says

Kenneth Rogoff sees yuan as a reserve currency within five years, Europe asserting financial independence and greater regulation of stablecoins.

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Illustration: Henry Wong
Yuan

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

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Banking & finance

How China’s sovereign debt is becoming a real alternative to US Treasuries

Beijing is now offering dollar-denominated sovereign bonds at rates matching equivalent US Treasuries – and investors are snapping them up.

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Yuan

As the yuan sizzles, China’s central bank deploys double-barrelled policy tweak

Regulators refine cross-border rules and cut the foreign exchange risk reserve ratio for forward forex sales to zero, aiming to provide stable offshore liquidity and help firms manage risks.

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The People’s Bank of China has rolled out a pair of measures to lower foreign exchange hedging costs and support cross-border yuan financing. Photo: Shutterstock
Banking & finance

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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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

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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The yuan has steadily appreciated against the US dollar in recent months amid a growing de-dollarisation trend among global investors. Photo: AFP
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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People walk past an e-CNY sign at the 2021 China International Fair for Trade in Services, in Beijing on September 5, 2021. Photo: Xinhua
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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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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Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

A customer makes a payment using China’s digital currency, or e-CNY, at a store in Beijing. Photo: Getty Images
Yuan

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year. Photo: Reuters
Yuan

New phrase, new phase? China adjusts language on yuan internationalisation

Beijing now states plainly that it aims to ‘promote the internationalisation of the yuan’ amid growing doubts over the US dollar.

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Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

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