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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.
Analysts say that China’s central bank may push ahead with rate cuts this year. Photo: Getty Images
Banking & finance

What does the rate increase by the US Fed mean for the Chinese yuan?

Analysts weigh whether Beijing is set to push ahead with a rate cut to bolster China’s economy despite the US Fed raising interest rates.

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Banking & finance

Fed rate hike risks worsening China’s economic divide

Banking & finance

How will Hong Kong’s new 5-year plan court global capital?

John Lee policy address 2026

Hong Kong targets gold trading, FPS-UnionPay link to boost yuan use

‘We will consolidate and enhance Hong Kong’s status as an international financial centre,’ John Lee says.

The HKMA will promote linking the Faster Payment System with mainland China’s bank card and payment system UnionPay by the end of the year. Photo: Nora Tam
John Lee policy address 2026

14 key takeaways from John Lee’s policy address, Hong Kong’s first 5-year plan

Chief executive lays out how the five-year plan will align the city more closely with the national development blueprint.

Brics

Brics pivots to pragmatic de-dollarisation via payment links: analysts

Analysts say lack of movement towards a common currency reflects a more pragmatic approach to reducing reliance on US dollar.

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China trade

Kazakhstan to launch QR payments with China, expanding yuan’s reach in retail

Planned launch follows existing cooperation between super apps Alipay and Kaspi.kz, letting travellers use home-country app at certain merchants without exchanging cash.

A man demonstrates in April how a QR code is used to make a retail payment with the Alipay app in Indonesia. Kazakhstan now plans to launch QR-code payments with China by the end of this year. Photo: Xinhua
China’s private sector

Open Questions | Veteran investor Fang Fenglei on why China’s ‘investibility’ remains a certainty

Influential financier who helped found CICC says arguments against China investment ‘do not hold water’.

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Mainland China

Open Questions | Private equity’s Fang Fenglei on investing in China

Veteran investor considers China’s economic strengths, assets that appeal, future yuan appreciation and policymakers’ ability to solve problems.

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Banking & finance

Why Hong Kong banks see mainland Chinese investors as key to wealth growth

The city will continue to serve as a vital platform linking mainland China with international capital, Hong Kong Association of Banks says.

Mainland China’s share of local assets under management is projected to reach 68 per cent from 59 per cent within five years, according to a report released by the Hong Kong Association of Banks and Deloitte China. Photo: Jelly Tse
China economy

Opinion | Why China is steering clear of the US’ ‘exorbitant privilege’ model

Beijing is decoupling the internationalisation of the yuan as a transactional currency from the role of an unconstrained global reserve store of value.

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An employee counts 100-yuan notes at a bank in Beijing in November 2024. Photo: AFP
Banking & finance

Record China-US gap in bond yields unlikely to trigger capital flight: Marsh

Executives say dollar dominance remains intact as borrowers diversify funding and use offshore yuan bonds to help manage elevated US financing costs.

Banking & finance

Investment surge in Central Asia drives calls for Chinese yuan use

Use of the currency can cut risks and costs for infrastructure firms active in the mineral-rich region, according to speakers on an investment panel.

Banking & finance

Yuan use grows as supply chains reshape global trade, Deutsche Bank says

Europe’s first foreign RMB clearer says Chinese firms’ overseas expansion is strengthening the currency’s role in cross-border commerce.

Growing cross-border trade and more flexible supply chains are driving wider use of the yuan, even as the US dollar retains its dominant role in global payments. Photo: dpa
Banking & finance

China’s capital injection steels banks, insurers for rough road ahead

US$54 billion recapitalisation comes amid squeeze on commercial banks’ earnings and push for insurers to bolster the liquidity of Chinese stock markets.

Photo: Getty Images
Banking & finance

Chinese firms’ green-tech expansion hinges on Hong Kong: bankers

Offshore yuan liquidity makes city a ‘superconnector’, but finding projects with strong returns is now the challenge, senior bankers say.

Banking & finance

Hong Kong has yuan to spare. Can it create more global demand?

Regulators want banks to channel more offshore yuan into global markets, as the city pushes to deepen the currency’s role in international finance.

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Banking & finance

China pumps massive US$54b into insurers, banks in financial powerhouse push

The rare capital boost of such magnitude seeks to shore up insurers and banks as solvency pressures mount and regulatory demands loom.

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A general view of the Ministry of Finance in Beijing, China. Photo: Getty Images
China-Africa relations

China expands currency swap with Egypt as trade ties reach new heights

New factory and energy projects in Suez zone back gradual shift away from US dollar in bilateral investment.

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Hong Kong economy

John Lee urges banks to finance city’s tech growth, expand offshore yuan business

City leader calls for closer partnership between government and banking sector in four areas as Hong Kong seeks strategic growth.

China trade

China rejects G20 trade-imbalance claims, says no need to devalue yuan

Beijing ‘deeply regrets’ a consensus was not reached after opposing some of the language used, and China urges deficit countries to cut spending.

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Officers stand guard in front of the headquarters of the People’s Bank of China in Beijing. Photo: Reuters
Banking & finance

Analysts warn that benchmark bond yields are approaching ‘concern zone’

With US 10-year Treasury yield at a 20-month high, alarm bells expected to ring if it crosses 5 per cent tipping point.

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US Treasury Secretary Scott Bessent addresses a news conference on Tuesday after the G20 financial meetings in Asheville, North Carolina. Photo: AFP
China stock market

Why foreign inflows into China A shares could slow after record surge

Overseas capital in yuan-traded Chinese stocks faces cooling, as tech sentiment, US yields and yuan strength steer the next phase.

China’s economic stimulus

China to speed up bond issuance after national meeting on investment: analysts

The fixed-income securities are to be used to fund national infrastructure and construction ventures to boost the economy.

Foreign exchange market

PBOC cautious on yuan gains despite US dollar weakness: analysts

Compared with a more than 2 per cent decline in the US dollar index since late July, the yuan gained less than 1 per cent against the dollar.

Chinese yuan and US dollar banknotes are seen in this arranged photo taken April 9, 2025. Photo: dpa
China stock market

Diversification drive after chip sell-off gives China’s private funds a boost

Mutual funds’ net assets under management shrank by 1.4 per cent in July, while private funds grew 8.7 per cent to record high.

China’s private funds grew faster than its mutual funds last month. Photo: Getty Images
Chinese offshore investment

China targets offshore workarounds in new rules for individual investors

Newly drafted rules would expand oversight of direct offshore investments, with more reporting requirements but limited changes for market-linked schemes.

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Banking & finance

How a China gold vault network could promote the yuan’s international reach

By anchoring yuan trades to gold through Hong Kong and new global vaults, Beijing will add convertibility to its currency, report says.

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