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

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

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Banking & finance

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

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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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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.

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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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China has been promoting its own cross-border payment system as it seeks to hedge against potential weaponisation of the US financial system. Photo: AFP
China-Middle East relations

Will China’s yuan lift Strait of Hormuz blockade? Analysts urge caution

The world’s most vital energy artery has been largely paralysed since the launch of US-Israeli strikes on Iran last month.

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Hong Kong economy

Exclusive | Hong Kong tipped to be world’s top financial hub amid global yuan expansion plan

National People’s Congress deputy Li Yinquan says Hong Kong to gain substantially from Beijing’s push to internationalise yuan’s reach.

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Two Sessions 2026

What 2 new laws at ‘two sessions’ mean for China’s financial superpower push

Two new laws may prove wide-ranging, spanning yuan’s global status to green finance and turning ambition into codified rules, analyst says.

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Zhao Leji, chairman of the National People’s Congress Standing Committee, speaks at the Great Hall of the People in Beijing on Monday. Photo: AP
Hong Kong economy

Opinion | Why Hong Kong could be the next global hub for gold trading

If commodity pricing becomes the next frontier of US-China financial competition, Hong Kong could find itself at the heart of that evolution.

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Gold bars weighing 1,000 grams each are displayed at the Austrian Gold and Silver Refinery in Vienna on February 3. Photo: AFP
Currencies

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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Banking & finance

How China’s sovereign debt is becoming a real alternative to US Treasuries

Beijing is now offering dollar-denominated sovereign bonds at rates matching equivalent US Treasuries – and investors are snapping them up.

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Hong Kong politics

Focus on development and cherish stability, Xia Baolong urges Hong Kong

Hong Kong and Macau Affairs Office director meets local delegates ahead of annual political gatherings in capital.

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The core message of the meeting was for delegates to “unite together and work together”, an attendee said. Photo: Handout
Two Sessions 2026

How China is using its economic clout to give the US dollar a run for its money

Beijing is using economic clout to reshape its global financial influence – a strategy analysts say could play out over decades.

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Illustration: Lau Ka-kuen
Foreign exchange market

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

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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China manufacturing

A boat in every dock? Chinese billionaire unveils plan for mass yacht production

JD.com founder Richard Liu has launched a nautical brand with a massive investment in yacht production, aiming to make ownership affordable.

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Richard Liu’s brand, Sea Expandary, signed a strategic framework agreement on Tuesday with the coastal cities of Shenzhen and Zhuhai in Guangdong, China’s southern powerhouse province, for a high-end yacht industrial base with planned investment of about 5 billion yuan (US$723 million), according to social media posts by the city governments. Photo: Handout
Banking & finance

China’s yuan strengthens to near 3-year high as US dollar uncertainty grows

The offshore currency continues to appreciate, with official fixing also hitting its strongest level since May 2023.

Banking & finance

Why China’s rise as a ‘financial superpower’ could depend on Hong Kong

From the yuan’s growth as a global currency to IPO funding to tokenisation, the city is a linchpin in Beijing’s ambitions.

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Hong Kong budget 2026-27

Hong Kong budget 2026-27: should the coming blueprint boost yuan’s global push?

Experts say Hong Kong has ‘distinct advantages’ that can support the country’s financial development amid geopolitical uncertainties.

Given mainland China’s current capital controls, the internationalisation of the yuan has largely proceeded through offshore markets. 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’s crackdowns

Gold rush backlash: why China is clamping down on ‘get rich’ promises

Regulators intervene to contain fallout after volatility in global prices sparks market turmoil at home.

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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US-China trade war

‘The Trump factor’ could be luring more foreign investors to China. Here’s why

Global volatility is forcing a rethink of traditional safe havens, creating opportunities for Beijing, prominent investor says.

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US President Donald Trump in the Oval Office at the White House in Washington, on February 2, 2026. Photo: EPA-EFE
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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The yuan has steadily appreciated against the US dollar in recent months amid a growing de-dollarisation trend among global investors. Photo: AFP
China digital currency

China keen to realise ambitions for digital currency amid slow uptake

Despite record transactions last year, most users prefer alternatives – while Beijing likely to maintain gradual expansion, analysts say.

Cryptocurrency

Scams and outflows: why China slammed the door on real-world asset tokens

Beijing’s clampdown aims to help safeguard financial security and monetary sovereignty while leaving room for regulated fintech innovation in Hong Kong.

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