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Central banks

Central banks
News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.
A woman walks past an electronic board displaying stock prices in Tokyo on Monday. Photo: AFP
Bonds

How will Japan’s rate increase affect capital flow in global financial markets?

Tokyo’s bond yields are seeing multi-decade highs as Bank of Japan boosts borrowing cost to three-decade high.

Banking & finance

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

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Banking & finance

Fed rate hike risks worsening China’s economic divide

Banking & finance

Macroscope | Who’s in control of Japanese monetary policy? Tokyo or Washington?

Bessent’s intervention could have adverse implications for Japan’s economy, the BOJ’s credibility and tech-heavy stock markets in Asia.

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The Bank of Japan building in Tokyo on June 15. Photo: Reuters
Gold in Hong Kong

Exchange Fund may buy more gold to support Hong Kong’s trading hub ambitions

A larger allocation to precious metals could improve diversification and align with the city’s gold hub strategy, says HKMA’s Eddie Yue.

The Philippines

Casino, not bakery: Philippine e-payment firms urged to improve merchant vetting

The central bank found thousands of payments of as little as 80 US cents being made to generally unremarkable merchants past midnight.

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Banking & finance

China cuts US Treasury holdings to 18-year low amid global sell-off

Persistent concerns over sustainability of Washington’s finances see overall foreign holdings shrink for second consecutive month.

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Ten-year US Treasury yields hit a 19-year high this week. Photo: dpa
Gold in Hong Kong

Gold rebounds after Fed rate rise as banks back long-term demand outlook

Investment banks say central bank purchases and demand from China and India should support bullion prices.

Hong Kong Monetary Authority (HKMA)

In wake of US rate hikes, Hong Kong dollar may come under pressure: HKMA

HSBC and other major banks keep prime rates unchanged after HKMA raises base rate by a quarter-point in lockstep with Fed.

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United States

US Fed raises interest rates for first time in 3 years, irking Trump

US president demands immediate rate cuts as Chair Kevin Warsh warns inflation remains ‘too high’.

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The Federal Reserve in Washington. The US central bank raised interest rates for the first time in three years on Wednesday. Photo: Reuters
Hong Kong stock market

Investors await ‘super-central-bank week’ as US rate increase appears done deal

Traders are bracing for central bank decisions in the US, the UK and Japan and are weighing whether a Fed rate increase marks one-off move or new cycle.

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The Federal Reserve building in Washington. Photo: TNS
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.

United States

Ahead of Fed meeting, Trump says US should have world’s lowest interest rate

Speaking in Ireland, US president insists on lower rates despite rising inflation concerns ahead of midterm polls.

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US President Donald Trump walks to the first tee at the Amgen Irish Open on Sunday. Photo: Reuters
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

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.

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Banking & finance

Can China bring in more bullion as central banks shift gold reserves from US?

Geopolitical tensions and US dollar concerns have seen Shanghai and Hong Kong step up efforts to build gold storage infrastructure.

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Gold bars. Photo: Handout
Commodities

Bullish chorus grows: Wall Street backs gold despite US job growth, hawkish Fed

Record buying spree by central banks offsets Fed tightening fears, pushing gold towards US$5,000 by year-end, investment banks forecast.

China consumption

Open Questions | Better social security is key to fixing China’s unbalanced economy: Lan Xiaohuan

The bestselling author also discusses how recent geopolitical events are shaping China and makes the case for a social safety net.

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Gold in Hong Kong

How Hong Kong can cash in as reserve managers rethink where to store gold

City in race to lure bullion custody as geopolitical risks intensify scrutiny of gold storage, Goldman Sachs report says.

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Where central banks store gold appears increasingly a growing priority for reserve managers, according to a Goldman Sachs report. Photo: Getty Images
Global monetary policy

Macroscope | Asia is not on the edge of a new 1997-style financial crisis

While risks to Asia’s financial stability exist, they have nothing to do with the policy and structural weaknesses behind the 1997 crisis.

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A South Korean dealer looks at an electronic signboard showing the benchmark Kospi index at Hana Bank in Seoul, South Korea, on September 2. Photo: EPA
Banking & finance

Chinese central bank chief’s remarks at G20

China’s central bank released a summary of governor Pan Gongsheng’s speech at a G20 meeting in North Carolina.

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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The Netherlands

Dutch shift gold from US and Canada to London, citing ‘geopolitical unrest’

DNB moves reserves to boost liquidity in crisis response as analysts warn widespread shifts could dent confidence in US.

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Gold bars are stacked in a vault at the United States Mint in West Point, New York. Photo: AP
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
Australia

Australia’s biggest property downturn since pandemic threatens economic growth

Home prices fell for a fifth month in August, threatening to erode household wealth and curb consumer spending.

Japan

US Treasury’s Bessent calls on Japan to boost yen through rate increases

A weak yen, which has pushed up import prices and broader inflation, has been blamed in part on the central bank’s slow pace of rate increases.

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