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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
A cargo ship sails along the Huangpu River in Shanghai on September 23. The last time President Xi Jinping was in the US for a state visit in September 2015, China’s markets were in turmoil. This is not the case today. Photo: AFP
Banking & finance

Macroscope | Who has the upper hand in financial markets, the US or China?

Against the rising resilience of Chinese markets, the sharp reappraisal of US debt and dollar risks makes the answer far from clear-cut.

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Banking & finance

Opinion | Bad money decisions are coming home to roost for the US and Japan

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Yuan

Hong Kong aims to add yuan trading counter to southbound Stock Connect by July 1

Banking & finance

Hong Kong maps out gold, bond and liquidity push to deepen offshore yuan use

HKEX to launch yuan gold futures as HKMA eyes new products and platforms to expand offshore market activity.

Participating in a panel discussion at Treasury Markets Summit 2026 are, from left, Justin Chan of HSBC, Darryl Ho of HKMA, Gregory Yu of HKEX, Patrick Wu of Credit Agricole and Annie Zhu of Bank of China (Hong Kong). Photo: Elson Li
Banking & finance

Will Hong Kong property market benefit as online financial firms get physical?

Online brokerages and digital banks are opening branches across city after a sharp drop in shop rents in prime locations.

Banking & finance

Hong Kong regulators to unveil next steps in new offshore yuan push

HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing.

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

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

Expanded investment products and stronger mainland-market links aim to deepen Hong Kong’s wealth-management edge and lure more international investors.

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.

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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The venue for the Brics summit in New Delhi. Photo: AP
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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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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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.

The widening yield spread between Chinese and American government bonds is unlikely to trigger capital flight from China. Photo: AFP
Yuan

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.

Use of the yuan in Southeast Asia and Africa proves the currency has a role where there is demand, according to speakers at a summit in Hong Kong on Thursday. Photo: Reuters
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.

United States

Macroscope | Trump’s Treasury threat will only accelerate the dollar’s decline

While loose talk over bond market interventions may not trigger an immediate sell-off, it will convince foreign creditors to keep trimming their Treasury exposure.

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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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Chinese President Xi Jinping (left) and his wife, Peng Liyuan, are received at the airport by Egyptian leader Abdel Fattah el-Sisi in Cairo on September 1. Photo: Reuters
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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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.

People walk past a foreign currency indicator board showing the rate of the US dollar against the Japanese yen in Tokyo on August 3. Photo: EPA
Banking & finance

Yuan, Hong Kong dollar bonds surge as issuers seek cheaper funding

Issuance of dim sum, panda and wonton bonds accelerates as Beijing promotes the yuan’s global use and deeper cross-border access broadens demand.

Beijing has been striving to internationalise China’s yuan in recent years. Photo: Shutterstock
Yuan

Open Questions | US economist Barry Eichengreen on how de-dollarisation could actually look

The former IMF adviser examines how de-dollarisation is gaining pace and what lies ahead for China’s yuan.

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Yuan

Opinion | Deutsche Bank’s yuan mandate boosts Chinese currency’s global reach

The clearing mandate from China elevates Frankfurt as a primary hub for offshore renminbi settlement, challenging London’s dominance.

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United States

As I see it | The US is telling its trading partners – do as I say, not as I do

While Washington says it is monitoring certain countries, including Japan, for foreign exchange interventions, it also coordinated with Tokyo to prop up the yen.

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US Treasury Secretary Scott Bessent speaks to reporters as he walks to the West Wing following an interview at the White House in Washington on August 20. Photo: EPA
Banking & finance

Japan’s yen is falling yet again. What could Washington and Tokyo do next?

Another US-Japan intervention may be needed to prop up the Japanese currency, as a US Treasury rout fuels the yen carry trade, analysts say.

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A man walks past an electronic screen displaying the current Japanese yen exchange rate on August 3, after a rare joint US-Japan intervention to prop up the currency. Photo: Reuters
Banking & finance

Use of yuan hits 6-month high in Hong Kong’s fast-payment system

Yuan-denominated payments rise 34 per cent, with Payment Connect mechanism acting as catalyst for multiplying cross-border use cases.

Banking & finance

Opinion | Chinese treasury futures launch cements Hong Kong as premier yuan hub

It marks Hong Kong’s transformation from a yuan payment channel and funding pool into a comprehensive centre for yuan assets.

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