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Yuan

Yuan
The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.
The logo of China’s Huawei Technologies Co is displayed on the middle of city road in Kuala Lumpur, Malaysia. Photo: EPA-EFE
Chinese offshore investment

How China’s global investment model is changing – and what it means for the yuan

The trade war, weak domestic demand and stronger policy support push more firms to invest overseas, with growing implications for currency.

China exports

Yuan to strengthen to 6.85 per US dollar in first quarter 2026: Morgan Stanley

Banking & finance

Chinese financial firms press on with debt issuance to fund overseas expansion

Banking & finance

US dollar, gold rise after Maduro abduction as investors seek safe havens

Yuan also remains relatively resilient as analysts predict the Chinese currency could strengthen to as high as 6.8 against the US dollar in 2026.

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Venezuelan leader Nicolas Maduro is escorted from a US federal aircraft in New York on January 3, after being captured during a US military operation. Photo: Reuters
Hong Kong economy

Opinion | How Hong Kong can complement Hainan’s free-trade port

Jointly designed customs rules could be used in pilot schemes to smooth the customs process for international business.

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Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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Mainland China

China sets yuan fixing rate at 15-month high amid offshore gains

The move follows offshore yuan briefly breaching seven-per-US-dollar mark, with analysts citing dollar weakness, seasonal factors for rally.

The People’s Bank of China set the yuan’s midpoint, or daily fixing rate, at 7.0331 to the US dollar on Monday. Photo: Getty Images
Currencies

China’s offshore yuan breaks major benchmark as appreciation momentum builds

For the first time since 2024, the currency strengthened past the threshold of seven per US dollar – and did it again the next day.

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China trade

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.

China trade

What China’s global yuan push looks like – and what could hold it back

Currency sees wider use in trade, but high domestic savings and partial capital controls still act as constraints, analysis shows.

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The yuan has seen a notable rise as a settlement currency in China’s international trade flows. Photo: Shutterstock
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
US-China decoupling

Open Questions | Yeo on how Trump wants to avoid Taiwan upending China relations

Former Singapore foreign minister George Yeo says that Donald Trump is prioritising stable relations with China, and that the US is facing decline amid a shift to a multipolar world.

Foreign exchange market

China’s currency comeback: yuan seen breaking key dollar level in 2026

Analysts bet US Federal Reserve rate cuts and thawing trade tensions will drive China’s yuan past the 7.0 psychological barrier.

China jobs

Open Questions | Economist Huang Yiping on why China’s AI push must be ‘job-oriented’

Dean of Peking University’s National School of Development says ‘balance’ needed in AI development to protect employment, ‘human well-being’.

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Illustration: Lau Ka-kuen
China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

People’s Bank of China governor Pan Gongsheng has said that monetary policy must balance internal and external pressures. Photo: Getty Images
Open Questions series

Open Questions | Huang Yiping on AI and stablecoins’ risks and rewards for China

Influential economist says growth in artificial intelligence must protect livelihoods and Chinese central bank’s cryptocurrency caution is warranted.

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Bonds

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

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Currencies

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year. Photo: Reuters
Banking & finance

Yuan’s long-term hedge costs equalise for first time since 2011

The risk reversal as the yuan has fared better than expected this year and as investors brace for a weaker dollar on Fed rate cut prospects.

Diplomacy

Opinion | As power balance tips to China, world needs a fairer financial system

China-led macro region will have to work on independence of monetary policy and partnerships in a fairer financial and trade framework.

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Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

The Japanese yen’s exchange rate briefly weakened beyond 155.3 to the US dollar on Tuesday. Photo: Reuters
Banking & finance

Yuan rapidly gaining ground as Chinese firms plot global expansion

Yuan’s use in cross-border payments rose 14 per cent year on year to 35 trillion yuan (US$4.9 trillion), according to the People’s Bank of China.

The yuan is the world’s third-largest trade finance currency after the US dollar and the euro, according to a report by the China Banking Association. Photo: Shutterstock
Banking & finance

As China’s central bank projects confidence, are rate cuts on the back burner?

The People’s Bank of China said the economy was on track to hit its annual growth target despite facing a challenging environment.

Banking & finance

HKEX invests in HKMA unit, strengthening city’s financial market infrastructure

HKEX to invest US$58.5 million in CMU OmniClear, which operates the Central Moneymarkets Unit that provides services for debt securities.

China economy

Why China’s growing global investments could spur yuan internationalisation push

As firms expand overseas, rising investment demand and appetite for yuan assets and swap agreements may prompt Beijing to take action.

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One hundred yuan bill with a flag of China. Photo: Shutterstock
Currencies

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

The IATA logo at the annual International Air Transport Association meeting in New Delhi, India, in June. Photo: Reuters
Currencies

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

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Banking & finance

Beijing backs Hong Kong as global hub with new financial measures

At the Global Financial Leaders’ Summit, Chinese officials vow to strengthen Hong Kong’s international financial centre status.

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