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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.
Illustration: Lau Ka-kuen
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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China trade

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

Open Questions series

Open Questions | Huang Yiping on AI and stablecoins’ risks and rewards for China

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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
Currencies

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.

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.

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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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Illustration: Craig Stephens
Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

Banking & finance

Yuan rapidly gaining ground as Chinese firms plot global expansion

Yuan’s use in cross-border payments rose 14 per cent year on year to 35 trillion yuan (US$4.9 trillion), according to the People’s Bank of China.

Banking & finance

As China’s central bank projects confidence, are rate cuts on the back burner?

The People’s Bank of China said the economy was on track to hit its annual growth target despite facing a challenging environment.

People walk past the People’s Bank of China headquarters in Beijing. The central bank signalled confidence in China meeting its annual growth target in its latest report. Photo: AFP
Banking & finance

HKEX invests in HKMA unit, strengthening city’s financial market infrastructure

HKEX to invest US$58.5 million in CMU OmniClear, which operates the Central Moneymarkets Unit that provides services for debt securities.

The HKEX will invest up to HK$455 million to acquire a 20 per cent stake in the HKMA’s CMU OmniClear Holdings. Photo: Karma Lo
China economy

Why China’s growing global investments could spur yuan internationalisation push

As firms expand overseas, rising investment demand and appetite for yuan assets and swap agreements may prompt Beijing to take action.

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Currencies

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

Currencies

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

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Illustration: Lau Ka-kuen
Banking & finance

Beijing backs Hong Kong as global hub with new financial measures

At the Global Financial Leaders’ Summit, Chinese officials vow to strengthen Hong Kong’s international financial centre status.

Beijing officials have vowed to enhance Hong Kong’s position as an international financial centre. Photo: Sam Tsang
US-China trade war

Chinese vice-premier vows further opening up of financial sector

More foreign investment welcome, He Lifeng tells members of National Financial Regulatory Administration’s International Advisory Council.

Banking & finance

New phrase, new phase? China adjusts language on yuan internationalisation

Beijing now states plainly that it aims to ‘promote the internationalisation of the yuan’ amid growing doubts over the US dollar.

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Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

Several bitcoins lying on a stack of silver Tether coins. Photo: Shutterstock
Banking & finance

Exclusive | Property credit quality issues manageable for Hong Kong banks: HKMA’s Eddie Yue

The banking sector next year has more opportunities than challenges, HKMA’s chief executive says.

China trade

At China’s Canton Fair, exporters sense a warming trend in yuan settlements

Chinese traders report a rising number of overseas clients opting to pay using the yuan, signalling a quiet shift away from the US dollar.

Banking & finance

New lending and repo plans accelerate the yuan’s challenge to the US dollar

Hong Kong is the largest offshore yuan market worldwide, with 76 per cent of offshore yuan payments in August conducted in the city.

Illustration by Henry Wong
People’s Bank of China (PBOC)

China’s central bank sets yuan at highest rate against US dollar in a year

PBOC sets high midpoint rate for yuan, separately reports slowdown in Chinese credit growth, as expectations rise for a US interest rate cut.

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US dollar and Chinese yuan notes. Illustration: Reuters
Hong Kong economy

Exclusive | Yuan boost eyed as Hong Kong’s mainland China spending hits HK$5 billion

Authorities are now exploring ways to increase mainland China payments in renminbi and expand its use.

Banking & finance

Editorial | Road map keeps Hong Kong growing as world’s top offshore yuan hub

The offshore yuan is drawing heightened investor interest, and broadening its usage and liquidity could tap into a massive market.

Banking & finance

Opinion | Why Asia-Pacific is rewriting terms of trade from dollar to yuan

It is both a pragmatic response to deepening regional trade integration and, more profoundly, a strategic drive for fiscal independence.

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Against a backdrop of uncertainty, we are seeing a remarkable acceleration of direct currency settlements, particularly involving the yuan, bolstering the case for the globalisation of the Chinese currency. Photo: dpa
Foreign exchange market

Chinese yuan’s forex market share grows to 8.5% as global position firms: survey

Beijing’s push to internationalise the yuan is reflected in its rising global use amid efforts to reduce reliance on the US dollar, which has shored up its forex dominance.

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The yuan’s share in global forex trading has been gradually climbing in recent years, according to survey results. Photo: Felix Wong
Banking & finance

HSBC, Standard Chartered complete first yuan repo under new scheme

Under the scheme, all overseas institutional investors in the onshore bond market can remit yuan obtained for offshore use.

Banking & finance

How Hong Kong’s role in Beijing’s economic strategy could evolve in next 5 years

From stablecoins to yuan internationalisation, analysts weigh the city’s place – and Taiwan’s – in the coming five-year plan.

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