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Currency war
The latest news, analysis and opinion on Currency war. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
US President Donald Trump speaks to journalists in the Oval Office of the White House in Washington on Monday. Trump’s threats to punish countries that move away from the US dollar has sparked criticism. Photo: AFP
World Economic Forum

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

US president’s warnings against nations exploring alternative currencies will be counterproductive in the long run, economists argue at World Economic Forum.

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Yuan

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

Yuan

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

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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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On the last trading day in 2024, the yuan touched 7.3698 per US dollar and reached its weakest level since October 2022. Photo: AP
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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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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Russia only started pushing to reduce global reliance on the US dollar after its banking system was cut off from the world’s reserve currency. Photo: AFP
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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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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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.

Markets are taking seriously the prospect of a surprise devaluation of the yuan as China’s persistent cyclical and structural economic woes put pressure on the currency. Photo: Reuters
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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A man walks by a screen showing the yen recovering against the dollar amid signs of intervention by the Japanese authorities in Tokyo on May 2. Photo: Reuters
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.

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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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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US Federal Reserve chairman Jerome Powell said on Wednesday that the benchmark lending rate would remain unchanged at 5.25-5.50 per cent. Photo: AFP
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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A man walks past an electronic board showing share prices on the Tokyo Stock Exchange and the rate of the Japanese yen versus the US dollar, on a street in Tokyo on March 19. Photo: AFP
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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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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Jerome Powell, chairman of the US Federal Reserve, speaks on Wednesday in Washington. He announced that interest rates would be kept unchanged, at a 22-year high. Photo: Bloomberg
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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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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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.

China’s exports have already registered a year-on-year fall for a fourth consecutive month to US$284.9 billion in August, having fallen by 8.8 per cent from a year earlier. Photo: Xinhua
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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The yuan has lost 6.3 per cent against the US dollar this year. Photo: EPA-EFE
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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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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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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Outspoken economist Yu Yongding says Beijing should reassess its yuan-internationalisation goals as geopolitical strains mount. Photo: Bloomberg
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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Cars being loaded for export are seen at Yantai Port in Shandong province on July 5. China’s exports slowed at the fastest pace since the start of the Covid-19 pandemic last month, adding pressure to Chinese policymakers. Photo: Xinhua
Yuan

Will economic recovery lift China’s yuan out of jungle after Fed effect fades?

Yuan has dropped below the key level of 7 against the US dollar for the fourth time since 2019, but the spillover effects of tightening US monetary policy will weaken and offer support to the Chinese currency, the foreign exchange regulator said on Friday.

Yuan

No need to panic: investors reassured central bank has tools to support yuan

Commentary in the central bank-backed Financial News said China’s economic recovery will continue to improve and yuan-denominated assets remain attractive.

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