China Macro Economy /

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China economy
People’s Bank of China (PBOC)
China digital currency
Currency war
Yuan
Foreign exchange market
Central banks
The yuan’s share in global forex trading has been gradually climbing in recent years, according to survey results. Photo: Felix Wong
Yuan

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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Yuan

China’s offshore yuan strengthens further against US dollar as rate cuts loom

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Yuan

China’s yuan rallies with central bank backing as worries mount over US dollar

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Banking & finance

‘Summer of stablecoins’: how will China respond to US dollar’s crypto surge?

Beijing is wary of crypto but may be forced to act, as dollar-backed stablecoins risk deepening US power across global finance.

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Illustration: Eunice Tse
Illustration: Eunice Tse
Yuan

China’s big yuan devaluation sent shock waves 10 years ago – what has changed?

Lessons from the past, and an eye on the yuan’s globalisation, have helped shape a decade-long shift towards mostly market-based pricing for China’s currency.

Banking & finance

Stablecoin scams put China’s financial regulators in a high-stakes balancing act

After millions were defrauded by a stablecoin-linked investment ploy, local-level governments started sending out warnings.

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Yuan

Why the yuan can be safe-haven currency: former bank official flags ‘advantages’

Authors, including the PBOC’s former statistics head, call for ‘a new vision where multiple currencies jointly support global financial stability’.

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China’s yuan has shown resilience in the face of US tariffs. Photo: dpa
China’s yuan has shown resilience in the face of US tariffs. Photo: dpa
Banking & finance

Economist Huang Yiping floats Hong Kong as stablecoin staging ground

A digital currency pegged to the offshore yuan would be more workable in Hong Kong than mainland China, the central bank adviser says.

Banking & finance

Explainer | The world is going all in on stablecoins. Is China’s digital yuan any different?

While the two appear similar, China’s digital currency is quite different from the cryptocurrencies many economies are rushing to regulate.

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Banking & finance

Are stablecoins the future? Don’t bank on it, warns the bank for central banks

Bank for International Settlements releases ‘advance chapter’ on stablecoins ahead of its Annual Economic Report that paints a future picture of a different financial system.

The international financial organisation known as the “bank for central banks” has waded into the stablecoin debate as the buzzword gathers momentum. Image: Shutterstock
Yuan

China’s yuan set to benefit as central banks report doubts about US dollar

Survey of central banks shows concern over long-term viability of US dollar, but not enough for the yuan or other currencies to supplant it.

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Geopolitics are driving doubts about the US dollar among the world’s central banks, giving the yuan room to grow in stature. Photo: AFP
Geopolitics are driving doubts about the US dollar among the world’s central banks, giving the yuan room to grow in stature. Photo: AFP
Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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Stablecoins

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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China-Russia relations

China pushes regional finance bank as Russia pivots to Asia: analysts

Beijing’s bid to deepen Eurasian economic integration gains momentum as Western pressure forces Moscow to recalibrate, analysts say.

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Chinese President Xi Jinping and Russian President Vladimir Putin shake hands during a meeting on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Astana, Kazakhstan, July 3, 2024. Photo: AP
Yuan

China’s yuan fixing rate hits 2-month high as US dollar drops

With the US dollar sagging, China’s central bank has strengthened the midpoint rate for the country’s currency in recent days.

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China’s yuan fixing rate has been strengthened in the wake of a weakening US dollar. Photo: AFP
China’s yuan fixing rate has been strengthened in the wake of a weakening US dollar. Photo: AFP
Commodities

Crypto can’t chip away at gold’s safe-haven shield: gold researcher

Spot gold price surged to US$3,444 after Israel’s strikes on Iran.

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US-China trade war

Will US dollar doubts, risk of ‘triple whammy’ give rise to yuan’s renaissance?

In the wake of tariff turmoil and Washington’s ‘Big Beautiful Bill’, analysts are questioning safety of US assets while yuan’s resilience turns heads.

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Yuan

China’s yuan can rival US dollar as go-to currency if more accessible: economist

‘US exceptionalism is over – the beginning of the end,’ Singapore-based economist warns while weighing in on how China can internationalise its currency.

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China is looking to challenge the US dollar’s dominance in international trade, but more needs to be done to make the yuan a global currency. Photo: dpa
China is looking to challenge the US dollar’s dominance in international trade, but more needs to be done to make the yuan a global currency. Photo: dpa
US-China trade war

China avoiding ‘disruptive’ de-dollarisation despite US trade war, report says

Findings come as some analysts have raised the spectre of China selling off its US Treasury-issued assets amid worsening bilateral ties.

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Yuan

China’s offshore yuan jumps to 6-month high as tariff rollback likely: analysts

Washington’s weaponisation of tariffs casts doubt on US asset safety, and some say this makes yuan assets more attractive.

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US-China trade war

China rolls out plan to promote its own payment system as US trade war simmers

The country aims to reduce its reliance on the dollar-based global financial system as it confronts Washington’s aggressive trade policies.

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China aims to reduce its reliance on the dollar-based global financial system amid its trade war with the United States. Photo: CFOTO/Future Publishing via Getty Images
Yuan

Yuan trade settlements on rise amid ‘soaring volatility’ in US Treasury market

Washington’s policies seen opening door to greater yuan internationalisation, undermining but not removing US dollar’s dominance in global trade.

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China’s yuan accounts for 2.18 per cent of global forex reserves, compared with 57.8 per cent for the US dollar, according to the International Monetary Fund. Photo: AFP
China’s yuan accounts for 2.18 per cent of global forex reserves, compared with 57.8 per cent for the US dollar, according to the International Monetary Fund. Photo: AFP
US-China trade war

Economist says China’s overseas assets at risk as trade war hits boiling point

Yu Yongding, a former central bank adviser, says Beijing’s foreign holdings could become another battleground in the US-China trade war.

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Yuan

China opts for stability over devaluation as tariff tremors give yuan a jolt

The yuan’s midpoint rate was set to a four-month low, but did not overshoot the 7.2 benchmark, suggesting devaluation not yet on the agenda.

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China manufacturing

China’s factory activity speeds up on export boost, Caixin PMI shows

But China’s macroeconomic policies must be ‘more proactive and decisive’, with immediate implementations, to support a recovery, economist says.

A worker welds at a steel-processing factory on Saturday. China’s factory activity showed signs of speeding up in March. Photo: Xinhua
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