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Foreign exchange market

Foreign exchange market
The global foreign exchange (forex) market has ballooned in recent decades as more and more economies liberalise their capital accounts.
Some analysts view the Australian dollar as particularly sensitive to fluctuations in Chinese economic policy. Photo: Shutterstock
Banking & finance

After US helped boost the yen, can China do the same for the Australian dollar?

Currency traders believe Beijing’s economic policies could give the Australian dollar a boost. Analysts say things are more complex in reality.

Japan

US-Japan trade thaw driven by shared yen for stronger currency

Banking & finance

China’s foreign reserves hold steady as external earnings stay in private hands

Banking & finance

Rare US-Japan intervention as yen hits 40-year low: what does it mean?

Washington steps in to save Tokyo’s weakened currency in first joint yen-buying action for almost 30 years, causing its value to surge.

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A notepad in front of US Secretary of the Treasury Scott Bessent reads “To Do Buy Japanese Yen $5-10 bil” during a cabinet meeting on Friday. Photo: Reuters
Banking & finance

China’s CIPS to become settlement norm in Mongolia within 2 years: Golomt Bank

Six months after Golomt adopted the technology, 96 per cent of yuan payments moved from Swift to China’s payment system, the bank says.

Yuan

China’s offshore yuan hits 3-year high as Beijing signals policy support

Politburo’s pledge to stabilise growth and boost capital markets helps drive rally, reinforced by days of relatively strong reference rates by the central bank.

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Yuan

China stokes panda bond boom in bid to grow tiny market

Overseas borrowers in China’s onshore yuan debt market will avoid some fees until 2028 as regulators seek to grow international use of the currency.

Photo: Shutterstock
Bonds

Shanghai Clearing House targets global growth with expanded offshore yuan push

SHCH will broaden its clearing services across offshore yuan bonds, interest rates and foreign exchange products.

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Banking & finance

Beijing scraps panda bond fees to bolster global market for yuan debt

Analysts say removing some expenses for foreign borrowers will help funnel more yuan overseas and create a large offshore liquidity pool of China’s currency.

Bonds

China vows to improve panda bond ratings to lure more foreign capital

Body overseeing interbank market, where most panda bonds are traded, sets August 1 deadline for rating agencies to comply.

Chinese regulators are looking to improve the quality of credit ratings for yuan-denominated assets known as panda bonds. Photo: CFOTO/Future Publishing via Getty Images
Banking & finance

Chinese bank touts digital currency platform’s largest transfers yet

Bank of China uses mBridge for two cross-border transfers worth more than US$1.7 billion each, as CBDC platform gathers momentum.

By late June, total cumulative transactions on mBridge passed 600 billion yuan (US$88.6 billion). Photo: Shutterstock Images
Chinese offshore investment

Beijing targets offshore tax dodging, intensifying cross-border capital scrutiny

Major financial outlets blast offshore shell structures after case involving the Hong Kong entity of a mainland social media platform.

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Banking & finance

China speeds up new overseas quotas to expand global reach of domestic investors

Move to expand QDII quotas signals a deeper opening of China’s markets and growing appetite for global assets.

Fintech

China-UAE retail QR payment link to boost the yuan’s global push

Beijing linking its retail payment networks with Dubai is another step toward yuan internationalisation and reducing US dollar reliance.

Bank of China (BOC) will act as the exclusive clearing bank for Jaywan, the UAE’s national debit card. Photo: Handout
Yuan

China eyes broader global access to yuan assets, as panda bond demand surges

Beijing plans further reforms to make it easier to issue and trade panda bonds, as it focuses on boosting the yuan’s role as a global currency.

A staff member counts stacks of yuan banknotes at a credit cooperative in east China’s Shandong province. Photo: Xinhua
Hong Kong economy

Opinion | Connect scheme for gold shines light on China’s financial liberalisation

The Connect model has evolved from isolated reforms into a blueprint for China’s financial opening up, with Hong Kong as the bridgehead.

Banking & finance

China increases holdings of US Treasuries despite diversification trend

Overall foreign holdings climb to US$9.371 trillion in May, with China’s rising to US$659.3 billion after hitting an 18-year low in April.

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Global monetary policy

Amid rising dollar risks, Plaza Accord-style unity not feasible: ex-IMF adviser

Economic historian Barry Eichengreen says if current policy paths persist, modern rifts could bring about a confidence crisis in the US currency.

China’s yuan is often cited as a possible alternative to the US dollar in global trade. Photo: Reuters
Banking & finance

How the RMB Business Facility will help consolidate Hong Kong’s financial role

Quota expanded to 500 billion yuan from Friday, with tenor increased to two to three years, up from one.

Japan

As Japanese yen sinks to a 40-year low, focus turns to the carry trade

Analysts ponder what will happen if the conditions which currently support the currency’s carry trade begin to reverse.

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South Korea

South Korean won holds steady as historic 24-hour trading begins

The round-the-clock trading is the centrepiece of South Korea’s years-long effort to improve foreign access to local markets.

South Korean Finance Minister Koo Yun-cheol (centre), poses for a group photo during the launch of a 24-hour trading system for the won and US dollar on Monday. Photo: Yonhap/EPA
Banking & finance

Hong Kong broadens yuan’s financial footprint as currency gains global appeal

Hong Kong Monetary Authority widens scope of yuan finance to solidify status as ‘offshore laboratory’ for currency amid de-dollarisiation trend.

Hong Kong is looking to boost its position as the world's leading offshore yuan hub. Photo: Felix Wong
China economy

Opinion | When and how will China ease capital controls?

While China has reasons to maintain capital controls, the recent crackdown on three Hong Kong brokerages is not meant to discourage mainland outbound investment.

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Banking & finance

Indonesia set to issue US$1 billion in panda bonds in China

The Southeast Asian country will offer the bonds in an attempt to better stabilise its national finances as the rupiah continues to fall.

Banking & finance

Can Shanghai’s offshore finance push test Hong Kong’s dominance?

Beijing is accelerating Shanghai’s offshore finance ambitions, raising questions over whether Hong Kong’s long-held edge can endure.

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Shanghai is seeking to expand its offshore finance business under a new action plan backed by Beijing. Photo: Getty Images
Yuan

China’s central bank sets weaker yuan midpoint against US dollar for third day

The move comes after European Central Bank chief urged global leaders to discuss undervaluation of the Chinese currency.

The People’s Bank of China set the yuan’s midpoint rate weaker for a third day at 6.8195 per US dollar on Wednesday. Photo: AFP
Banking & finance

China’s trading crackdown seen boosting Hong Kong as official capital hub

Analysts at ‘Summer Davos’ gathering highlight pivot towards official cross-border connect schemes to intermediate domestic wealth ‘on China’s own terms’.

Banking & finance

The panda bonds: how China uses assets to boost yuan, cement partnerships

Brazil is preparing to issue panda bonds, another indicator of the rising popularity of yuan-denominated assets amid a de-dollarisation trend.

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