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

China deflation

China’s central bank vows flexibility amid uneven economic picture

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.

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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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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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Illustration: Brian Wang
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.

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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Illustration: Henry Wong
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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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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Customers queue at a discount ticket shop at Akihabara Electric Town in Tokyo on March 24. The weak yen is fuelling inflation by increasing the cost of imported goods, sapping consumers’ purchasing power and making it harder to tackle Japan’s cost-of-living crisis. Photo: EPA
Yuan

Editorial | Chinese yuan slowly but surely cutting into US dollar dominance

Kazakhstan’s issuance of yuan-denominated debt shows developing nations can use ‘panda bonds’ as stepping stones into global capital markets.

Yuan

China boosts overseas-loan quotas as ‘panda bond’ issuance hits record high

Beijing’s move to lift offshore-loan quotas seen helping stabilise yuan against weaker US dollar while accommodating a surge in net financing via ‘panda bonds’.

Hong Kong society

Opinion | 4 identities Hong Kong must embrace to provide global leadership

The city can be a bedrock for world commerce, finance, governance and civilisational exchange as we enter a new phase of globalisation.

People walk through Central on August 15, 2025. Photo: Jelly Tse
Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

People walk past Chinese yuan and US dollar symbols in Hong Kong. Former PBOC governor Zhou Xiaochuan says China should seize fresh opportunities to promote the yuan as an international currency. Photo: AFP
Artificial intelligence

Opinion | How AI and geopolitical rivalry are breaking economic orthodoxy

Today’s imbalances go beyond exchange rates; they reflect concentrated technological investment in one economy and uneven risks in others.

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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

While monetary tightening would add to affordability pressures, it would have little bearing on the forces driving up prices and rents.

A real estate agent points to the view from a property in Niseko, Japan, on February 20. Photo: AFP
Banking & finance

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

With worries over the Iran war driving down stock prices, the People’s Bank of China has named market stability as a ‘major task’ in 2026.

Governor of the People’s Bank of China, Pan Gongsheng, speaks during a press conference on the sideline of the National People’s Congress in Beijing on March 6, 2026. Photo: AP
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.

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.

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