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

China's economic recovery

China’s policy blitz at Lujiazui Forum – what the monetary overhaul means

US-China trade war

China touts new finance tools to fend off sanctions

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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People walk past a sign promoting the digital yuan, or e-CNY, at an expo in Beijing. Photo: Xinhua
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.

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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People’s Bank of China governor Pan Gongsheng (right) with Santiago Bausili, the president of the Central Bank of Argentina, at the PBOC-BIS Symposium in Shanghai on Wednesday. Photo: Handout
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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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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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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A tiny globe is seen atop a pile of Chinese yuan. Photo: Getty Images
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.

The logo for Fitch Ratings, one of the “big three” credit ratings agencies, in Canary Wharf, London. Photo: Shutterstock
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.

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.

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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Illustration: Brian Wang
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.

Tencent has unveiled a dual-currency bond package worth US$2.45 billion in US dollar notes and 15 billion yuan (US$2.2 billion) in offshore yuan notes. Photo: Reuters
Banking & finance

Beijing expects Hong Kong to press advantage as offshore yuan hub

Officials pledge ‘unswerving’ support for Hong Kong’s development as a financial centre while urging city to promote global yuan use.

Hong Kong economy

Opinion | Why another golden era for Hong Kong is just around the corner

The city’s biggest growth catalyst of the next decade will be to embrace its role as China’s global treasury capital.

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Banking & finance

Panda bond boom: why China is seeing a rush of global borrowers

Beijing’s looser monetary policy, a wider bond market opening and expanding yuan internationalisation are helping drive the trend, analysts say.

Yuan banknotes are seen in this illustration picture taken on April 25, 2022. Photo: Reuters
Banking & finance

Hong Kong taps group of experts to help rewrite rules for tokenised bonds

HKMA sets up the collective, spanning 21 institutions, in push to expand blockchain-based issuance beyond government pilots.

Banking & finance

China sees revival of foreign investors through IPOs, convertibles: UBS

The trend is part of a broader recovery of interest in Chinese assets from investors overseas.

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Banking & finance

Hong Kong banks tighten rules in mainland China as Beijing pores over outflows

Some banks are exercising more caution with offshore accounts for their mainland China clients amid tighter investment controls from Beijing.

At least one branch of the Bank of East Asia (BEA) in Shanghai has banned mainland Chinese customers from opening Hong Kong bank accounts. Photo: May Tse
China manufacturing

Is China’s global economic influence bigger than it looks? New study says yes

Standard metrics understate China’s physical investment gap with the US and its wider economic influence, researchers say.

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A clerk counts Chinese currency notes at a bank branch in Huaibei in central China’s Anhui province. Photo: AP
Hong Kong economy

Hong Kong considers new offshore yuan venture fund for tech, emerging industries

Initiative would build on AI and finance convergence while supporting yuan internationalisation, finance chief Paul Chan says.

Chinese offshore investment

Going global? Here’s a quick look at 4 options for China’s offshore investors

As Beijing tightens its grip on unlicensed stock platforms, mainland China’s retail players utilise these state-sanctioned options to diversify globally.

US Federal Reserve

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
China trade

China’s yuan gains ground in global trade with room to grow, Goldman Sachs says

The currency’s use in global trade has grown sharply in recent years but still falls short of China’s economic weight, the bank says.

Top officials have adopted a more proactive tone on the yuan’s global role in recent months, as the country enters its 15th five-year plan period. Photo: Shutterstock
China’s private sector

A new battlefront for KFC and its Chinese rivals: the lighter meal

Big-name fast-food chains are seeking to capitalise on a surge in demand in China for lighter meals.

Hong Kong stock market

US$32b worth of Hong Kong assets involved in transborder trade crackdown: Citic

The assets involve a crackdown on Futu, Tiger Brokers and Long Bridge for offering mainland Chinese investors access to unlicensed trading.

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