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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.
Illustration: Henry Wong
Banking & finance

As Beijing raises Shanghai’s offshore yuan profile, where will Hong Kong fit in?

Geopolitical tensions add fuel to long-standing debate about China’s need for multiple offshore yuan centres – a role that suits Shanghai well.

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Banking & finance

Indonesia set to issue US$1 billion in panda bonds in China

Semiconductors

China’s Big Fund becomes SMIC’s third-largest shareholder after record buyout

Hong Kong economy

Can Hong Kong keep its financial crown?

As Hong Kong marks the anniversary of its handover, the city’s status as a premier global financial hub is evolving. In this miniseries, we explore the future of Hong Kong finance, from efforts to boost market liquidity to the rising competition it faces from Shanghai in the offshore yuan market.

A foggy Hong Kong skyline seen from The Peak. Photo: Eugene Lee
Banking & finance

Can Shanghai’s offshore finance push test Hong Kong’s dominance?

Beijing is accelerating Shanghai’s offshore finance ambitions, raising questions over whether Hong Kong’s long-held edge can endure.

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Futu

China closes another offshore investing loophole as TRS faces restrictions

Brokerages told to halt expansion of offshore-linked TRS portfolios as Beijing tightens oversight of cross-border investing channels.

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Shanghai

Hong Kong readies offshore yuan initiatives after Shanghai move

Beijing is supporting the development of offshore yuan trading as part of a broader drive to boost the Chinese currency’s global role.

Hong Kong Financial Secretary Paul Chan Mo-po. Photo: SCMP
China trade

China’s central bank sets weaker yuan midpoint against US dollar for third day

The move comes after European Central Bank chief urged global leaders to discuss undervaluation of the Chinese currency.

Banking & finance

China’s trading crackdown seen boosting Hong Kong as official capital hub

Analysts at ‘Summer Davos’ gathering highlight pivot towards official cross-border connect schemes to intermediate domestic wealth ‘on China’s own terms’.

Indonesia

Indonesia hails China’s backing for panda bond amid investor concerns over rules

While Jakarta has assured Chinese investors about Indonesia’s economic outlook, analysts cite regulatory uncertainty as a key barrier.

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A container terminal at the Tanjung Priok port in Jakarta. Photo: AFP
China-EU relations

European Central Bank’s President Lagarde urges talks on yuan undervaluation

China has denied it manipulates its currency for trade advantage but its surging trade surpluses are worrying leaders of the G7 nations.

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Christine Lagarde, President of the European Central Bank (ECB). Photo: EPA
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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Hong Kong economy

Hong Kong to roll out measures boosting offshore yuan trading in July

Government wants more listed firms trading stocks in renminbi and will use city’s hub status to help mainland Chinese firms expand overseas.

Banking & finance

Editorial | Hong Kong and Shanghai extend the yuan’s international reach

As Beijing tightens compliance, the country’s finance hubs can safely and efficiently promote the trade of Chinese treasury futures.

Delegates attend the opening ceremony of the Lujiazui Forum in Shanghai on June 17. Photo: Xinhua
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.

Analysts say a pilot trading system equips China’s central bank with a new lever to influence the offshore market while raising the yuan’s international profile. Photo: Shutterstock
US-China trade war

China touts new finance tools to fend off sanctions

Anti-sanctions measures and efforts to globalise the yuan were among key topics as Chinese finance regulators and policymakers addressed the 2026 Lujiazui Forum.

Banking & finance

China accelerates digital yuan push as 26 banks join new cross-border platform

The platform will make it easier to make cross-border e-CNY payments, with banks operating in Brazil, Qatar and Thailand among others already signed up.

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Bonds

China to support trading of treasury bond futures in Hong Kong

Top financial regulator declares support for move promoting yuan internationalisation and the city’s role as a yuan hub.

Wu Qing, chairman of the China Securities Regulatory Commission, speaks at the Lujiazui Forum 2026 in Shanghai on Wednesday. Photo: Reuters
Shanghai

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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China-Latin America relations

Argentina edges back to China on currency swap despite US pressure

Buenos Aires denies negotiating renewal, but the US$19 billion swap expires August 6, and Argentine reports say talks are already advancing.

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China consumption

China credit data shows demand dip, household deleveraging amid weak investment

But while traditional industries are mired in a downturn, hi-tech firms look to expand – many through direct financing.

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People walk along a street in Shanghai on Tuesday. Households in China are showing a weak appetite for taking on debt. Photo: EPA
Japan

Opinion | Short-sellers are circling as Japan’s yen presents a tempting target

A Japan declining in competitiveness presents a tempting target, with short-sellers likely to also target economies like India and Indonesia.

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Bank of Japan governor Kazuo Ueda attends a press conference in Tokyo. The central bank kept its ultra-low interest rates unchanged on June 14, pushing the yen to a fresh 34-year low against the US dollar. Photo: AFP
Currencies

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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China's economic recovery

Citic Securities breaks ceiling with first ‘A’ class rating for China brokerage

Award of an A-minus rating seen as a milestone in China’s efforts to build globally competitive investment banks.

Hong Kong Monetary Authority (HKMA)

Hong Kong, Indonesia move towards direct transactions in yuan, rupiah

Agreement between People’s Bank of China, HKMA and Bank Indonesia aims to enhance efficiency and encourage use of the currencies.

Bundles of Indonesian rupiah are pictured at a currency exchange office in Jakarta on June 4, 2026. Photo: AFP
Hong Kong economy

Kazakhstan bank turns to Hong Kong as gateway to offshore renminbi finance

Chinese-backed Altyn Bank says Kazakh investors are turning to Hong Kong dim sum bonds to raise long-term capital for regional infrastructure.

Hong Kong is the world’s largest offshore renminbi liquidity hub. Photo: Photo: AFP
Currencies

‘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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Banking & finance

Tencent, Swire boost Hong Kong debt market with US$5.2b multi-currency deals

Investor appetite for Hong Kong debt is growing, with the offerings reinforcing the city’s role as a global bond hub.

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