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Currency war
The latest news, analysis and opinion on Currency war. In-depth analysis, industry insights and expert opinion.
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

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.

Yuan

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

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Banking & finance

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

China digital currency

Could China ‘militarise’ cryptocurrencies to beat financial sanctions?

Communist Party newspaper Study Times argues that digital assets are the new toolbox for wartime financial strategies.

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A commentary in key Communist Party publication Study Times says a shifting global geopolitical landscape and the future direction of the international financial system point to digital currencies as a “significant strategic tool for future financial defence” that cannot be overlooked. Photo: Reuters
Yuan

Chinese yuan’s forex market share grows to 8.5% as global position firms: survey

Beijing’s push to internationalise the yuan is reflected in its rising global use amid efforts to reduce reliance on the US dollar, which has shored up its forex dominance.

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China-Russia relations

China’s vision of multipolar order depends on yuan-based system: Oleg Deripaska

Russian billionaire and Putin associate says Beijing is taking a cautious tack on dedollarisation.

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Banking & finance

China’s belt and road investments plays to Hong Kong’s strengths: HSBC

City set for bigger role in green finance, offshore yuan as initiative shifts towards private sector-led projects, economist says.

New wind turbine blades sit at a factory on July 15, 2022 in Handan, in China’s northern province of Hebei. Photo: VCG via Getty Images
Yuan

China’s yuan could strengthen to 7 per US dollar as Fed sends dovish signals

The Chinese currency is already rising against the US dollar and will receive another boost if the Federal Reserve cuts interest rates.

Yuan

China’s yuan fixing rate hits 9-month high after dovish pivot by US Fed chair

Move by China’s central bank comes after Jerome Powell opened the door to an interest rate cut next month.

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
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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With US dollar-pegged stablecoins increasingly popular, analysts say in Chinese state media that the development of yuan-backed stablecoins should come sooner rather than later. Photo: Shutterstock
US-China trade war

China cuts US Treasury stockpiles to 16-year low amid Trump’s trade war

As tariffs rattled markets in April, Beijing’s US debt holdings fell to their lowest level since 2009.

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Stablecoins

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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US-China relations

US avoids currency manipulator label for China, but slams lack of transparency

The decision not to sanction China for currency manipulation comes after Trump hailed a ‘very positive’ call with President Xi Jinping.

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US Secretary of Treasury Scott Bessent looks on during a press conference in the Oval Office in May. Photo: AFP
Open Questions series

Open Dialogue | Yu Yongding and Kenneth Rogoff on yuan’s future as international currency

Two economists from China and the US debate the dollar’s diminished status and efforts to internationalise the Chinese yuan.

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Banking & finance

Explainer | What is the Genius Act, and can it really cement US dollar supremacy?

The US’ new crypto regulation bill aims to ensure the dollar remains the world’s reserve currency.

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US-China trade war

Will US dollar doubts, risk of ‘triple whammy’ give rise to yuan’s renaissance?

In the wake of tariff turmoil and Washington’s ‘Big Beautiful Bill’, analysts are questioning safety of US assets while yuan’s resilience turns heads.

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Banking & finance

Explainer | Why central banks are playing a big role in pushing up gold prices

Governments are buying up gold as they see it as a safe investment – and, in some cases, a tool for evading Western sanctions.

Gold prices have surged this year, with rising purchases by central banks playing a role in driving the rally. Photo: Shutterstock
China economy

My Take | Beijing should push for more yuan global influence as faith in US dollar falters

Amid erratic US trade policies, Asian governments are looking for alternatives for reserves, payments and settlements, giving the yuan an opening.

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Banking & finance

China equips Hong Kong with ‘toolbox’ to propel yuan amid de-dollarisation

Doubts about the dollar’s supremacy present a unique opportunity to accelerate the yuan’s internationalisation.

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Singapore

Singapore’s central bank chief sees ‘no alternative’ to US dollar assets

Even with three major credit rating agencies now downgrading the US, Singapore’s central bank boss says US dollar assets are irreplaceable.

A clerk sorts US$100 notes at a bank in Seoul, South Korea, earlier this month. Photo: Yonhap/EPA-EFE
Yuan

China’s yuan can rival US dollar as go-to currency if more accessible: economist

‘US exceptionalism is over – the beginning of the end,’ Singapore-based economist warns while weighing in on how China can internationalise its currency.

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China is looking to challenge the US dollar’s dominance in international trade, but more needs to be done to make the yuan a global currency. Photo: dpa
United States

Opinion | Either way, Trump’s push for a global monetary reset will be painful

There will be pain, either shared by all voluntarily through peaceful negotiation or imposed on all through force. Take your pick.

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Yuan

Explainer | Has Asia just taken a step away from the US dollar?

Asia’s largest economies have broken new ground by approving an emergency financing tool using the yuan and other local currencies.

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Yuan

China’s offshore yuan jumps to 6-month high as tariff rollback likely: analysts

Washington’s weaponisation of tariffs casts doubt on US asset safety, and some say this makes yuan assets more attractive.

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The offshore yuan strengthened and broke past the 7.2 level against the US dollar for the first time since November. Photo: Reuters
US-China trade war

China rolls out plan to promote its own payment system as US trade war simmers

The country aims to reduce its reliance on the dollar-based global financial system as it confronts Washington’s aggressive trade policies.

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China aims to reduce its reliance on the dollar-based global financial system amid its trade war with the United States. Photo: CFOTO/Future Publishing via Getty Images
Yuan

Yuan trade settlements on rise amid ‘soaring volatility’ in US Treasury market

Washington’s policies seen opening door to greater yuan internationalisation, undermining but not removing US dollar’s dominance in global trade.

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US-China relations

US pressures Argentina’s Milei to scrap currency swap accord with China

Trump adviser says Washington would withhold support for Buenos Aires loan request to IMF if it reinforces China’s ‘position’ in Argentina.

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