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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock
US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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China manufacturing

Fears over China’s trade surplus misplaced as West also driving trend: analysts

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Yuan

China’s PBOC sets onshore yuan fixing at strongest point in nearly 16 months

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Chinese offshore investment

How China’s global investment model is changing – and what it means for the yuan

The trade war, weak domestic demand and stronger policy support push more firms to invest overseas, with growing implications for currency.

The logo of China’s Huawei Technologies Co is displayed on the middle of city road in Kuala Lumpur, Malaysia. Photo: EPA-EFE
United States

US says Argentina has ‘fully repaid’ currency lifeline

Treasury Secretary Scott Bessent says the loan is paid in full, netting millions in profit for the US while stabilising Javier Milei’s government.

Banking & finance

US dollar, gold rise after Maduro abduction as investors seek safe havens

Yuan also remains relatively resilient as analysts predict the Chinese currency could strengthen to as high as 6.8 against the US dollar in 2026.

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International Monetary Fund (IMF)

Argentina targets US dollars hoarded under mattresses, eases tax evasion rules

The country wants Argentines to bank their dollars amid high inflation, with estimates of ‘mattress dollars’ totalling US$251 billion.

Photo illustration of Argentine peso notes and a US$100 bill in Buenos Aires. Photo: AFP
Japan

Japan may lose GDP race to India amid weak yen, tourism woes, China row

Japan’s economy is likely to fall behind India’s this year, which analysts say would diminish Tokyo’s global influence.

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European Union

Bulgaria becomes 21st country to adopt euro in historic milestone

The Balkan nation, which joined the EU in 2007, retires the 19th-century lev for the single currency.

Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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A booth promotes the digital yuan at an expo in Beijing. China is upgrading its digital currency as it aims to create an alternative to stablecoins and cryptocurrencies. Photo: AP
Malaysia

‘I’m lucky’: Malaysians cash in as ringgit’s surge boosts travel budgets

Travellers capitalise on the favourable exchange rate for holidays after the currency hit a five-year high against the US dollar.

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The ringgit’s surge has boosted travel plans and currency exchanges in Malaysia. Photo: Shutterstock
Iran

Iran’s president urges dialogue as currency plunge sparks protests

Anger over Iran’s worsening economic situation pushes people onto the streets in Tehran and other cities.

Yuan

China’s offshore yuan breaks major benchmark as appreciation momentum builds

For the first time since 2024, the currency strengthened past the threshold of seven per US dollar – and did it again the next day.

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Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

A customer makes a payment using China’s digital currency, or e-CNY, at a store in Beijing. Photo: Getty Images
Technology

Opinion | Forget the US dollar. Watch water and energy resources instead

In our increasingly hi-tech-based economy and financial systems, energy and water resources will be macroeconomically critical.

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Illustration: Craig Stephens
China travel

Why South Korea is becoming China’s new bargain travel hotspot amid Japan spat

A slump in the won is making South Korea increasingly affordable for mainland tourists just as China warns against travel to Japan.

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India

Rupee slump ‘a little relief’ for Indian exporters amid US trade talks

The lower rupee is helping Indian industries that have been absorbing tariff losses in the hopes of a US-India trade deal, analysts say.

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China jobs

Open Questions | Economist Huang Yiping on why China’s AI push must be ‘job-oriented’

Dean of Peking University’s National School of Development says ‘balance’ needed in AI development to protect employment, ‘human well-being’.

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Illustration: Lau Ka-kuen
Malaysia

‘Crowd is missing’: stronger ringgit keeps Singapore shoppers away from Johor

‘This is probably the worst year-end crowd we have seen since the Covid-19 pandemic,’ a business owner says.

China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

Bonds

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

A photo taken on November 10, 2025, shows a view of the Kremlin in Moscow. Photo: Xinhua
Banking & finance

Macroscope | Global stablecoin surge highlights overlooked risks in crypto finance

The politics around digital currencies have extended into the long-running battle for supremacy between the world’s major currencies.

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A pedestrian walks in front of a currency mural on a shop shutter in Hong Kong on December 2024. Photo: Antony Dickson
Yuan

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

Hong Kong Monetary Authority (HKMA)

Hong Kong pushes local currency use to shield Asia from global uncertainties

HKMA’s Eddie Yue calls for deeper regional financial integration amid tariff shocks, disrupted supply chains and market volatility.

Banking & finance

Yuan’s long-term hedge costs equalise for first time since 2011

The risk reversal as the yuan has fared better than expected this year and as investors brace for a weaker dollar on Fed rate cut prospects.

The offshore yuan has strengthened 3.4 per cent against the dollar this year. Photo: Getty Images
United States

Opinion | Trump can’t have it all: low prices, booming stocks, balanced trade

Trump wants to close the trade deficit while promising cheap goods and high asset prices. The cost? Devastating inflation or a market crash.

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US President Donald Trump signs the funding package to reopen the federal government in the Oval Office of the White House in Washington on November 12. Photo: EPA
China's economic recovery

Open Questions | ‘A mistaken view’: US economist Nicholas Lardy on the ‘peak China’ hypothesis

The veteran China watcher talks Beijing’s need for financial reform and how US-China economic convergence could still be on the horizon.

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Diplomacy

Opinion | As power balance tips to China, world needs a fairer financial system

China-led macro region will have to work on independence of monetary policy and partnerships in a fairer financial and trade framework.

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