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Global monetary policy

Global monetary policy
The latest news, analysis and opinion on Global monetary policy. In-depth analysis, industry insights and expert opinion.
A South Korean dealer looks at an electronic signboard showing the benchmark Kospi index at Hana Bank in Seoul, South Korea, on September 2. Photo: EPA
Interest rates

Macroscope | Asia is not on the edge of a new 1997-style financial crisis

While risks to Asia’s financial stability exist, they have nothing to do with the policy and structural weaknesses behind the 1997 crisis.

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Banking & finance

Chinese central bank chief’s remarks at G20

China trade

China rejects G20 trade-imbalance claims, says no need to devalue yuan

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Banking & finance

Yuan, Hong Kong dollar bonds surge as issuers seek cheaper funding

Issuance of dim sum, panda and wonton bonds accelerates as Beijing promotes the yuan’s global use and deeper cross-border access broadens demand.

Beijing has been striving to internationalise China’s yuan in recent years. Photo: Shutterstock
Yuan

Open Questions | US economist Barry Eichengreen on how de-dollarisation could actually look

The former IMF adviser examines how de-dollarisation is gaining pace and what lies ahead for China’s yuan.

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Japan

Macroscope | Japan isn’t the only Asian economy giving bond markets a headache

Bond markets are nervous about central banks’ ability to contain inflation as South Korea, Indonesia and the Philippines face similar pressures.

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Yuan

Open Questions | Top economist on how China should prep for dollar era’s end

Barry Eichengreen of the University of California, Berkeley, on US wobbles and how China and rest of the world can plan for a multipolar monetary system.

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Illustration: Henry Wong
Banking & finance

Chinese central bank’s 15th five-year plan

The People’s Bank of China pledges to expand global use of the yuan to make the country a financial powerhouse in its first stand-alone five-year plan in at least a decade.

US-China trade war

US faults China over vague overseas lending, warns of emerging-market debt risks

US State Department introduces tougher disclosure requirement covering sovereign loans, liabilities and collateral.

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Banking & finance

China’s central bank eyes global yuan in first solo 5-year plan in over a decade

The strategy signals Beijing’s push to build a ‘strong central bank’ capable of driving its financial powerhouse ambitions, analyst says.

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Beijing’s push for yuan internationalisation is seen as crucial to reducing dependence on US dollar-denominated channels. Photo: Getty Images
Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Yuan notes are counted at a bank in China’s Jiangsu province. According to a Goldman Sachs analyst, “the current bond-issuance boom is a historic opportunity”. Photo: Reuters
Yuan

China needs a stronger yuan, ‘fiscal boost’ to drive near-term growth: analysts

Rebalancing economy and offsetting a record trade surplus requires targeted stimulus to counter growing global trade barriers, analysts say.

China-Latin America relations

Brazil to become regular borrower in China, treasury official says

Brasilia cannot guarantee debut will happen this year, but wants it repeated to give companies a yuan benchmark to aim for.

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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.

The Communist Party’s Politburo has vowed to step up macroeconomic policy support and enhance the resilience of capital markets for the rest of the year. Photo: Getty Images
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
Indonesia

Indonesian central banker’s exit signals dilemma over rate policy, growth target

Concerns over the independence of central banks in Indonesia and beyond have grown after Perry Warjiyo’s resignation.

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.

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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
United States

US inflation cools on brief ceasefire but Fed keeps rate hike option

New Fed Chair Kevin Warsh tells lawmakers the US central bank has ‘no tolerance for persistently elevated inflation’.

Central banks

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 deflation

China’s central bank vows flexibility amid uneven economic picture

PBOC pledges ‘moderately loose’ monetary policy given a ‘more complex and volatile’ environment and domestic ‘structural divergence’.

A readout from the People’s Bank of China's monetary policy committee meeting made no explicit reference to cutting reserve requirement ratios or policy interest rates. Photo: Reuters
Banking & finance

China’s World Bank journey hits lending limit: why it is being phased out

Ministry of Finance eyes move towards knowledge sharing as wealth gains and US pressure curb lending for a nation that is now the world’s top bilateral creditor.

A woman walks by the World Bank building in Washington. The World Bank will reportedly cap sovereign lending to China at US$2 billion for the 2026-2031 period before ending it altogether. Photo: AP
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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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

China’s central bank governor speaks at annual financial forum about further opening repurchase facilities and offshore trading to foreign central banks.

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HAIAN, CHINA - MARCH 20, 2024 - A staff member counts Chinese yuan at a bank in Haian, East China’s Jiangsu province, March 20, 2024. (Photo credit should read CFOTO/Future Publishing via Getty Images)
Yuan

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

Increased international adoption of China’s currency highlights progress in Beijing’s strategic push amid the US dollar’s global financial dominance.

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A tiny globe is seen atop a pile of Chinese yuan. Photo: Getty Images
United States

Macroscope | Investors expecting a US interest rate rise could be in for a surprise

Rising bond yields are doing some of the Fed’s work, as are investor fears over the US central bank’s independence under Kevin Warsh.

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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