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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.
Alipay QR code in Jakarta, Indonesia, after the launch of the China-Indonesia cross-border payment system. Photo: Xinhua
China-Asean relations

How China is quietly reshaping Southeast Asia’s payments beyond the US dollar

New initiative lets consumers use home-grown apps like Alipay for cross-border payments – supporting Beijing’s push to expand regional financial links.

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China's economic recovery

Open Questions | How China can avoid a repeat of Japan’s ‘lost decades’

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Hong Kong Monetary Authority (HKMA)

Hong Kong, mainland China officials meet to bolster cross-border connect schemes

Mainland China

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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Illustration: Lau Ka-kuen
China economy

Opinion | For the US dollar, a subtler shift than a ‘petroyuan’ order is underfoot

Talk of a dollar collapse or ‘petroyuan’ order arriving amid the Iran war misses the mark. The larger shift is subtler and no less consequential.

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China trade

‘Paradigm shift’: is China’s deal with mining giant BHP a global yuan milestone?

The agreement to partly link iron ore pricing to the yuan is a breakthrough but US dollar dominance in the trade remains entrenched for now, analysts say.

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Bonds

China opens government bond futures to select foreign investors in reform push

Qualified foreign investors can trade government bond futures, enhancing market access and boosting the yuan’s appeal amid global tensions.

China’s bond market is capitalised at more than 200 trillion yuan. Photo: Shutterstock
Stock Connect

Brazil beckoned: China now has stock and bond ‘connect’ schemes in 5 regions

Strategic financial corridors now bridge mainland bourses with global hubs, enabling more seamless investment through specialised fund vehicles and receipts.

Banking & finance

Open Questions | Euro, yuan unlikely to match US dollar, Daniel Gros says

German economist doubts EU and Chinese currencies will be widely used for international trade or that stablecoins will take off outside the ‘shadow economy’.

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China trade

Canton Fair defies global trends as overseas buyers flock to buy robots, drones

Foreign buyers queue up to test the latest technological hardware at China’s largest trade show despite softening international demand.

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The 139th edition of the China Import and Export Fair, also known as the Canton Fair, brought together 46 enterprises to showcase technological innovations and application capabilities in China’s service robot sector. Photo: Xinhua
Banking & finance

Greater China private equity set for patchy recovery, modest fundraising boost

China’s private equity market recovers selectively amid geopolitical tensions, with yuan funds leading and exits reaching record highs.

Greater China private equity deal volume and value rose for a second consecutive year in 2025. Photo: dpa
China stock market

Outlook for China stocks brightens on capital flows, rebounding home prices

Resilience shown since start of Middle East war likely to continue amid haven demand, according to fund managers and investment banks.

Global monetary policy

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.

US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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China has been patiently chipping away at the US dollar’s global dominance, and Washington may even be doing it a favour. Photo: dpa
Chinese offshore investment

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’.

A person walks past the building of China’s central bank in Beijing. Chinese regulators have raised the overseas-loan leverage ratio for foreign banks in China and their joint ventures with Chinese lenders. Photo: Getty Images
Banking & finance

Kazakh sovereign fund issues Central Asia’s first panda bond in ‘milestone’ sale

Samruk-Kazyna chairman says issuance marks ‘an important milestone in strengthening the strategic partnership between Kazakhstan and China’.

Currencies

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.

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US, Israel war on Iran

Conflict catalyst: China’s yuan settlements hit record amid Middle East tensions

Single-day transactions via China’s Cross-border Interbank Payment System surge past 1 trillion yuan as Beijing’s moves to expand the yuan-payment network show signs of paying off.

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People are seen at a booth promoting China’s Cross-Border Interbank Payment System during a financial exhibition in Beijing. Photo: Getty Images
Foreign exchange market

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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Bonds

China’s JD.com returns to dim sum bond market with 10b yuan offering

The e-commerce giant is issuing the yuan-denominated notes in two tranches of 7.5 billion yuan and 2.5 billion yuan.

Banking & finance

Open Questions | Kenneth Rogoff on why China’s yuan will be a reserve currency within 5 years

Harvard economist explains why cryptocurrencies will never take the US dollar’s place, despite their popularity in underground economies.

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Illustration: Henry Wong
US, Israel war on Iran

How the Iran war could pave the way for the rise of China’s ‘petroyuan’

Disruptions from the war could accelerate a shift in the oil trade, threatening the US dollar’s long-held dominance, analysts say.

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China launched yuan-denominated oil futures contracts in 2018, though US dollar-based contracts continue to dominate. Photo: Shutterstock
Science

China names AI tokens after the yuan. Should US worry for the dollar?

China has officially designated ciyuan as the translation for ‘token’, giving strong economic overtones to what has been a tech term.

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Banking & finance

Open Dialogue | Gary Liu and Liu Xiaochun on the US and China’s divergent paths for stablecoins

As investors await Hong Kong’s first stablecoin licences, two experts discuss the assets’ integration with the city’s economy – and the world’s.

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Foreign exchange market

Does China need world-leading forex reserves? Globalising yuan revives debate

As Chinese currency ‘becomes more adopted globally’, report says it can replace many functions of a foreign exchange stockpile.

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As Beijing seeks to promote further international use of the yuan, the composition of China’s forex reserves is coming under scrutiny. Photo: DPA
Banking & finance

China adds 12 banks to digital yuan system, expanding e-CNY’s economic presence

More than doubling the number of institutions using digital yuan in day-to-day operations, China is deepening the currency's role in its financial system.

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A security guard drinks from a bottle near an ad for e-CNY, or digital yuan, in Beijing on August 31, 2022. Photo: AP
China economy

How China plans to use new law to further its financial superpower ambitions

The draft finance law, released by the Ministry of Justice, central bank and three other regulators, will solicit feedback until April 19.

Banking & finance

How China opened the door to creating a direct rival to US payment systems

Beijing has removed several key restrictions on its payment system, allowing it to expand beyond yuan settlements, economist says.

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