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Currency war

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US-China trade war
Currency war
The latest news, analysis and opinion on Currency war. In-depth analysis, industry insights and expert opinion.
US Secretary of Treasury Scott Bessent looks on during a press conference in the Oval Office in May. Photo: AFP
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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Open Questions series

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

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Banking & finance

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

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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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China’s yuan has been on a steady upward trajectory – gaining 1 per cent against the US dollar since April 2, when US President Donald Trump announced his unprecedented “Liberation Day” tariffs. Photo: dpa
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.

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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Illustration: Henry Wong
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.

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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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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A clerk sorts US banknotes at the headquarters of Hana Bank in Seoul on April 15. Photo: EPA-EFE
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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China is accelerating its efforts to expand the role of the yuan as a global currency amid an intensifying trade war with the United States. Photo: AFP
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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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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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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China’s yuan accounts for 2.18 per cent of global forex reserves, compared with 57.8 per cent for the US dollar, according to the International Monetary Fund. Photo: AFP
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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Argentina’s President Javier Milei delivers a speech during a ceremony to commemorate the 43rd anniversary of the war between Argentina and the United Kingdom over the Malvinas/Falkland Islands at the Cenotaph to the Fallen of the Malvinas War in Buenos Aires on Wednesday. Photo: AFP
US-China trade war

Explainer | What is the ‘Mar-a-Lago Accord’, and will it really crash China’s economy?

The US’ mooted idea to devalue the dollar has been compared to the Plaza Accord of the 1980s, which some believe caused Japan’s ‘lost decades’.

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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

Calling US president’s currency-depreciation allegations ‘ungrounded’, analysts say Beijing does not want to see the yuan weaken too much.

China’s central bank has repeatedly signalled its determination to stabilise the yuan. Photo: Reuters
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

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.

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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China’s yuan remains under pressure as the safe-haven US dollar strengthens amid expectations that the US Federal Reserve will slow the pace of rate cuts this year. Image: Shutterstock
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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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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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.

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