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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.
China’s domestically developed Cross-border Interbank Payment System offers clearing and settlement services for cross-border yuan transactions. Illustration: Shutterstock
Banking & finance

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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China manufacturing

A boat in every dock? Chinese billionaire unveils plan for mass yacht production

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Banking & finance

China’s yuan strengthens to near 3-year high as US dollar uncertainty grows

Banking & finance

Why China’s rise as a ‘financial superpower’ could depend on Hong Kong

From the yuan’s growth as a global currency to IPO funding to tokenisation, the city is a linchpin in Beijing’s ambitions.

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Illustration: Lau Ka-kuen
Hong Kong budget 2026-27

Hong Kong budget 2026-27: should the coming blueprint boost yuan’s global push?

Experts say Hong Kong has ‘distinct advantages’ that can support the country’s financial development amid geopolitical uncertainties.

Banking & finance

Macroscope | US dollar weakness is no game changer for a globalised yuan

Beijing will seize on the crisis to promote the yuan, but without capital account liberalisation – essential for a truly global currency – its rise will remain limited.

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China’s crackdowns

Gold rush backlash: why China is clamping down on ‘get rich’ promises

Regulators intervene to contain fallout after volatility in global prices sparks market turmoil at home.

Decorative items made of gold are displayed at a jewellery store in Beijing on January 28. Photo: EPA-EFE
China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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US-China trade war

‘The Trump factor’ could be luring more foreign investors to China. Here’s why

Global volatility is forcing a rethink of traditional safe havens, creating opportunities for Beijing, prominent investor says.

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Banking & finance

China lets yuan rise to strongest level in years as de-dollarisation trend grows

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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The yuan has steadily appreciated against the US dollar in recent months amid a growing de-dollarisation trend among global investors. Photo: AFP
China digital currency

China keen to realise ambitions for digital currency amid slow uptake

Despite record transactions last year, most users prefer alternatives – while Beijing likely to maintain gradual expansion, analysts say.

A booth promoting the digital yuan in Beijing on September 2, 2022. Photo: AP
Cryptocurrency

Scams and outflows: why China slammed the door on real-world asset tokens

Beijing’s clampdown aims to help safeguard financial security and monetary sovereignty while leaving room for regulated fintech innovation in Hong Kong.

China trade

UK, China boost financial ties, deepen London’s role as offshore yuan hub

New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency.

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US-China trade war

US Treasury chief warns of China’s push for digital asset dominance

Scott Bessent tells senators the US must pass the Clarity Act to counter Hong Kong’s ‘sandbox’ and maintain global financial leadership.

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US Treasury Secretary Scott Bessent during a Senate Banking Committee hearing on Thursday. Photo: Reuters
Currencies

Editorial | China well placed to take advantage of the shift away from the US dollar

A stable and strong yuan has international appeal, just as a reliable and strong China is being seen as the rock on which the global system should be rebuilt.

President Xi Jinping has spelled out his vision for the renminbi as a “powerful currency” with a global reserve status while being widely used in world trade, investment and foreign exchange. Photo: EPA-EFE
United States

Xi wants yuan’s global punch to match Chinese economic might

Xi Jinping’s wish to turn the yuan into a global reserve currency, and thereby boost China’s economic influence, conflicts with the nation’s capital controls.

US-China trade war

Why China’s academics turned to de-dollarisation amid trade war, global shocks

Global instability has also pushed a once-niche academic debate into Chinese policy circles.

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Banking & finance

China’s yuan finds firmer footing in corporate fundraising efforts

Uses of yuan borrowing broaden to include working capital and capex, supported by Hong Kong’s liquidity boost, bankers say.

Foreign-exchange trends, interest-rate shifts and supply-chain reshaping are all driving greater offshore yuan use, UOB banker says. Photo: Shutterstock
Xi Jinping

China is on a ‘strong currency’ mission to make the yuan a global reserve: Xi

Xi Jinping says the goal of becoming an international powerhouse is a long-term one and will rest on core foundations.

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US-China trade war

US presses China to let yuan strengthen – but avoids controversial label

Washington says it could still designate Beijing in future if evidence found that it limits currency’s strength.

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Hong Kong economy

Editorial | No better time for Hong Kong to strike its golden deal with Shanghai

Hong Kong’s ambitions to be a global hub for the trading and storage of the safe-haven asset get a lift from the spectacular gold rally.

People queue outside a gold dealer in Hong Kong on January 28. The price of the precious metal surpassed US$5,500, hitting a record amid the global uncertainty and turmoil set off by US President Donald Trump’s policies. Photo: AFP
China GDP

Tale of 2 megacities: how did Beijing, Shanghai GDPs surpass 5 trillion yuan?

China’s two largest cities are outpacing national growth rates, each generating gross domestic products equal to a small European country.

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People hang out at The Bund as the financial district of Pudong is seen in the background in Shanghai, China. The GDPs of Beijing and Shanghai have now exceeded 5 trillion yuan and both cities are comparable to European countries Sweden and Belgium. Photo: Reuters
Banking & finance

Trump says the US dollar can move like a yo-yo. Will Treasuries be left hanging?

With the US president levelling threats at enemies, allies and his own central bank, alternatives like gold and Chinese assets are gaining appeal.

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Hong Kong Monetary Authority (HKMA)

China’s central bank to support doubling of yuan liquidity for Hong Kong lenders

PBOC to increase yuan facility to US$28.68 billion and issue more sovereign yuan bonds to enhance city’s role as yuan hub, official says.

China economy

Opinion | Talk of digital yuan challenging dollar dominance misses real power shift

China is merely building parallel capabilities. Whether the systems remain complementary or become competitive depends on how others respond.

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People walk past an e-CNY sign at the 2021 China International Fair for Trade in Services, in Beijing on September 5, 2021. Photo: Xinhua
Central banks

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

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China’s yuan has broken through the psychologically important level of 7 per US dollar for the first time in years, as confidence in US dollar assets weakens. Photo: AFP
China trade

China should leverage buying power to boost yuan’s use, former PBOC adviser says

With the yuan’s fixing at fresh 2023 highs and US dollar uncertainty rising under Trump, Beijing is urged to expand yuan-settled imports to internationalise its currency.

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China's economic recovery

Shanghai unveils road map to rival world cities in finance, tech and innovation

Economic powerhouse has sights set on AI, advanced manufacturing and global financial services, reflecting a national 5-year plan’s first explicit financial-centre directive.

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