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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.
The US State Department said in its 2026 Fiscal Transparency Report on Tuesday that China had failed to meet its minimum transparency requirements. Photo: Reuters
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

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Banking & finance

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

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.

Goldman Sachs analysts have weighed in on the strength of China’s yuan. Photo: Shutterstock Images
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.

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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
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.

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’.

Federal Reserve Chairman Kevin Warsh testifies before the House Financial Services Committee on Tuesday. Photo: AFP
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’.

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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The world’s 10th largest economy, Brazil, is the latest country to issue panda bonds. Photo: DPA
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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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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Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
Brics

Opinion | Brics is less a structure than a sentiment

Despite lacking geopolitical alignment, Brics captures a prevailing mood among emerging economies that won’t fade away any time soon.

Brazilian President Luiz Inacio Lula da Silva (left) and President Xi Jinping attend the 2023 Brics Summit at the Sandton Convention Centre in Johannesburg, South Africa, on August 24, 2023. Photo: AFP
China trade

Pakistan to tap China debt market with first sale of yuan-priced ‘panda bonds’

Islamabad turns to ‘panda bonds’ to secure cheaper credit and diversify its borrowing into yuan-denominated funding, with a focus on sustainable development.

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Banking & finance

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Asean

Why Singapore, Thailand are among the world’s ‘happiest’ economies

Southeast Asian countries outdid larger economies in the 178-nation Hanke’s Annual Misery Index for 2025.

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People walk on the boardwalk in front of Singapore’s financial centre. Photo: AFP
Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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Japan

Macroscope | Why fixing Japan’s monetary policy isn’t getting any easier

The wrong kind of inflation and the effects of the war in Iran complicate the outlook for Japanese interest rates.

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