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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 man walks along rocks as oil tankers and cargo ships line up in the Strait of Hormuz, seen from Khor Fakkan in the United Arab Emirates on March 11. Photo: AP
Trade

Opinion | In age of US-China rivalry, supply chain statecraft counts

Systems that once underpinned globalisation as a process of integration are becoming repurposed as instruments of competition.

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Asia housing and property

The View | War-induced interest rate shocks unlikely to upset Asia’s property markets

Banking & finance

China’s central bank pledges stability in capital markets amid global sell-off

Hong Kong Monetary Authority (HKMA)

HKMA warns of interest rate uncertainty amid Middle East conflict

HKMA leaves city’s base rate untouched at 4 per cent, as HSBC, Standard Chartered and BOCHK keep prime lending and saving rates unchanged.

The Hong Kong Monetary Authority maintained the city’s base rate at 4 per cent on Thursday. Photo: Jonathan Wong
Banking & finance

Macroscope | How global debt is sowing the seeds of financial collapse

Markets have so far shrugged off wars and trade conflicts, but the rapid rise of already massive debt should alarm investors.

Yuan

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

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Artificial intelligence

Opinion | How the US ceded the robotics economy to China

Chinese gains in robotics show that nations wishing to compete must go beyond financial engineering to master their physical realities.

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Robots perform martial arts during China Central Television’s Spring Festival Gala 2026 on February 16. Photo: CCTV
Yuan

As the yuan sizzles, China’s central bank deploys double-barrelled policy tweak

Regulators refine cross-border rules and cut the foreign exchange risk reserve ratio for forward forex sales to zero, aiming to provide stable offshore liquidity and help firms manage risks.

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Banking & finance

Opinion | Why the Fed credibility crisis will hit emerging markets harder

As confidence in US monetary stewardship falters, inflation risks rise and capital flows become more volatile. Emerging markets with fewer policy buffers will bear the brunt.

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Japan

Macroscope | Why the IMF is right to press Japan on its fiscal risks

The fiscal and monetary policies of advanced economies have global repercussions, and Takaichi’s expansionary fiscal agenda risks market pushback.

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Japan’s Prime Minister and leader of the ruling Liberal Democratic Party Sanae Takaichi speaks during an election campaign event in Tokyo on February 7. Photo: Reuters
Banking & finance

Macroscope | US dollar weakness is no game changer for a globalised yuan

Beijing will seize on the crisis to promote the yuan, but without capital account liberalisation – essential for a truly global currency – its rise will remain limited.

An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam, in 2016. The prospect of a prolonged dollar bear market has major implications for the global economy and markets. Photo: Reuters
China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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Banking & finance

China lets yuan rise to strongest level in years as de-dollarisation trend grows

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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Japan

Macroscope | Could Japan stop being the ballast of the bond market?

A lower house election victory would give flight to Prime Minister Takaichi’s fiscal expansionism – and introduce upheaval far beyond Japan.

Japan’s 10-year government bond yield, seen on a screen outside a brokerage in Tokyo on January 21, touched its highest in a century this month. Photo: Reuters
Banking & finance

Opinion | Central banks are propelling a 21st century global gold rush

The world must choose between believing in the authority of central banks to decide the worth of fiat currencies or trusting in gold as a store of value.

A customer and an employee count Thai baht banknotes at a gold shop in Bangkok’s Chinatown, Thailand, on October 9, 2025. Photo: Reuters
China economy

Opinion | Fears of overcapacity ignore China’s full balance of payments picture

The right question to ask is whether China’s overall current account represents a destabilising imbalance that siphons growth from trading partners.

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Yuan

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

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China trade

China should leverage buying power to boost yuan’s use, former PBOC adviser says

With the yuan’s fixing at fresh 2023 highs and US dollar uncertainty rising under Trump, Beijing is urged to expand yuan-settled imports to internationalise its currency.

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A former adviser to China’s central bank said Beijing should leverage the nation’s purchasing power to boost imports settled in yuan. Photo: AFP
China economy

Opinion | China’s focus is on stability as the US rocks the global boat

While Beijing has achieved its major economic goals for 2025, this year policymakers might be forced to focus on external crises and US foreign policy.

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Yuan

China’s PBOC sets onshore yuan fixing at strongest point in nearly 16 months

Analysts note how Beijing’s policy goals, such as internationalising China’s currency and curbing overcapacity, are aligning with a firmer exchange rate.

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China trade

China pledges green-energy push with Global South, signals wider market opening

Sixth entry in Communist Party mouthpiece’s editorial series calls domestic market ‘world’s rarest resource’, vows supply-chain support to aid industrialisation.

Solar panels are seen in May at the China-Africa Green Technology Park in Mauritania. Solar panels and microgrid projects built by Chinese firms in Africa have electrified local communities, according to a People’s Daily commentary. Photo: Xinhua
China economy

Editorial | Amid rivalry with US, silver can be seen as China’s new industrial leverage

Beijing’s export controls are simply about following the logic of the market and geopolitics in the interest of the nation.

Silver bars are displayed at an office in Hong Kong, on August 20, 2020. Photo: May Tse
China inflation

China must take action to avoid Japan-style deflation spiral, scholars warn

Unless Beijing introduces more forceful policies, consumers could get locked into a mindset that is ‘nearly impossible to break’, scholars say.

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Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

Technology

Opinion | Forget the US dollar. Watch water and energy resources instead

In our increasingly hi-tech-based economy and financial systems, energy and water resources will be macroeconomically critical.

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Illustration: Craig Stephens
Japan

Will Japan’s young embrace 50-year loans amid rising housing prices?

Opting for 50-year loans lowers monthly costs, but the long-term risks are mounting.

People cross a road in Tokyo earlier this month. Fifty-year mortgages are transforming home ownership for young buyers in Japan. Photo: AFP
Japan

Bank of Japan’s historic rate increase signals new era for economy

Bank of Japan lifts rates to 0.75 per cent – a 30-year high – ending zero-interest era, paving the way for further increases amid rising inflation.

Banking & finance

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

The increase in government debt means that nations must look elsewhere for funds required to meet socioeconomic needs.

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