https://www.scmp.com/rss/506019/feed China was the first major economy to begin exploring its own digital currency in 2014, though it is yet to launch the proposed digital yuan. Unlike cryptocurrencies such as bitcoin, which are not centrally controlled, China’s “sovereign” digital coin would fall under the authority of the People’s Bank of China. China maintains a blanket ban on the trading of any cryptocurrencies, as the government regards them as a source of financial risk. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Yeon Woo Lee Yeon Woo Lee Hong Kong is better placed than many of its Asian peers to turn stablecoins into commercially viable products at scale, underpinned by its early lead in tokenisation and growing experience in moving financial infrastructure on-chain, according to HSBC’s head of digital assets research. “Hong Kong already has examples of deploying the technology and can now look towards commercial applications and scaling,” said Daragh Maher, HSBC’s head of digital assets research, in an interview on the... https://www.scmp.com/tech/blockchain/article/3350498/hong-kong-seen-leading-asia-push-scale-stablecoins-hsbc-says?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3350498/hong-kong-seen-leading-asia-push-scale-stablecoins-hsbc-says?utm_source=rss_feed Sat, 18 Apr 2026 02:30:11 +0000 SCMP Editorial SCMP Editorial China is at the forefront of a global economy undergoing massive, accelerated digital transformation. Whether it’s artificial intelligence (AI) or blockchain-driven financial technology, new products, services and business models are emerging to provide new opportunities and careers while boosting productivity. This digital economy is, by its very nature, highly integrative. It makes sense for the authorities in Hong Kong and mainland China to expedite this integration to achieve sustainable... https://www.scmp.com/opinion/comment/article/3350119/digital-cooperation-vital-link-greater-bay-area-integration?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3350119/digital-cooperation-vital-link-greater-bay-area-integration?utm_source=rss_feed Wed, 15 Apr 2026 22:45:07 +0000 Enoch Yiu Enoch Yiu HSBC and a joint venture led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub. Eight months after Hong Kong’s Stablecoin Ordinance, one of the world’s first such laws, took effect, HSBC and Anchorpoint Financial, the Standard Chartered-led group, received the green light from the Hong Kong Monetary Authority (HKMA) on... https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed Fri, 10 Apr 2026 09:09:55 +0000 Letters Letters Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words As Hong Kong prepares to issue its first stablecoin licences, much of the debate frames stablecoins in Hong Kong, China’s digital renminbi and US dollar-backed tokens as rival currencies competing on the same track. That comparison, however, risks missing the point. While these... https://www.scmp.com/opinion/letters/article/3349155/hong-kong-not-competing-us-stablecoins-or-digital-renminbi?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3349155/hong-kong-not-competing-us-stablecoins-or-digital-renminbi?utm_source=rss_feed Tue, 07 Apr 2026 03:30:08 +0000 Kandy Wong Kandy Wong Professor Kenneth Rogoff of Harvard University has repeatedly warned that the US dollar is approaching a crisis of legitimacy. Having written extensively on the global recession in the late 2000s, Rogoff has turned his focus to the US currency’s increasingly unstable place at the top of the world’s financial hierarchy. A former chief economist at the International Monetary Fund and a chess grandmaster, he published Our Dollar, Your Problem in May last year. In this interview, Rogoff elaborates... https://www.scmp.com/plus/news/china/money-wealth/article/3347930/euro-chinese-yuan-end-us-dollar-dominance-top-economist-says?utm_source=rss_feed https://www.scmp.com/plus/news/china/money-wealth/article/3347930/euro-chinese-yuan-end-us-dollar-dominance-top-economist-says?utm_source=rss_feed Thu, 26 Mar 2026 02:31:08 +0000 Kandy Wong Kandy Wong Welcome to Open Dialogue, a series from the South China Morning Post where we bring together leading voices to discuss the stories and subjects occupying international headlines. In this edition, we invited a prominent industry player and economist to reflect on the role of stablecoins, cryptocurrencies pegged to fiat currencies or other assets. They discuss the differing approaches of China and the United States, as well as Hong Kong’s role in China’s strategy, as the city is expected to issue... https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?utm_source=rss_feed Tue, 24 Mar 2026 22:00:28 +0000 Xinmei Shen Xinmei Shen US crypto advocates have increasingly pointed to competition with China’s new interest-bearing e-CNY to demand legislative clarity on stablecoin yields, but China is charting a completely different course for the future of digital money, experts said. “The world’s two largest economies are not so much competing in digital assets as they are pursuing very different strategies,” said Andrew Fei, a partner at law firm King & Wood Mallesons in Hong Kong. Winston Ma, adjunct professor and executive... https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed Thu, 19 Mar 2026 17:22:14 +0000 Aileen Chuang Aileen Chuang HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter. The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted... https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed Thu, 12 Mar 2026 09:00:08 +0000 Sylvia Ma Sylvia Ma China should leverage bilateral and multilateral deals to accelerate the adoption of its cross-border payment system, a prominent political adviser has urged, as concerns deepen over the potential for intensified “financial weaponisation” in a global payment system centred around the US dollar. “Given escalating geopolitical conflicts, frequent financial sanctions and a growing trend of financial weaponisation, the risk of ‘payment chain disruptions’ caused by excessive reliance on external... https://www.scmp.com/economy/china-economy/article/3344727/whats-next-chinas-yuan-payment-system-adviser-banks-close-trade-partners?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344727/whats-next-chinas-yuan-payment-system-adviser-banks-close-trade-partners?utm_source=rss_feed Thu, 26 Feb 2026 12:00:09 +0000 Enoch Yiu Enoch Yiu When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan only started in 2009,” recalled Chan, who has worked for various Chinese banks. Beijing’s decision that year to promote its currency for wider use in trade,... https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed Tue, 24 Feb 2026 15:00:09 +0000 Aileen Chuang Aileen Chuang Deeper regulatory ties and a shared push for new growth sectors are expected to give fresh impetus to cross-border investment flows between China and the Middle East, according to industry players and a United Arab Emirates (UAE) regulator. Hong Kong would benefit from the increased China-Middle East cooperation as the city develops into “a key hub for Middle Eastern capital to deploy in Asia and an important gateway for Chinese capital to go global to the Middle East,” said Linda Cai, inbound... https://www.scmp.com/business/banking-finance/article/3344127/hong-kong-uae-solidify-financial-links-deeper-regulatory-ties-digital-assets-focus?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344127/hong-kong-uae-solidify-financial-links-deeper-regulatory-ties-digital-assets-focus?utm_source=rss_feed Sun, 22 Feb 2026 03:00:12 +0000 Ji Siqi Ji Siqi More than a month after China’s central bank upgraded the digital yuan from a cash equivalent to “digital deposit money” – allowing it to accrue interest like a bank deposit – many residents and merchants in Beijing have yet to notice a major difference. While signs accepting digital yuan – also known as e-CNY – have long been commonplace in department stores and supermarkets, multiple sales staff said the dedicated point-of-sale machines had sat idle for months, if not years. At most wet... https://www.scmp.com/economy/china-economy/article/3343032/china-takes-gradual-approach-digital-yuan-upgrade-and-expansion?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343032/china-takes-gradual-approach-digital-yuan-upgrade-and-expansion?utm_source=rss_feed Tue, 10 Feb 2026 07:29:06 +0000 Raymond Ma,Neil Denslow Raymond Ma,Neil Denslow Hong Kong and Chinese stocks had their worst week in almost three months, as risk appetite crumbles worldwide. The Hang Seng Index fell 3.3 per cent in Hong Kong and the CSI300 Index lost 1.3 per cent, as both gauges suffered their biggest weekly declines since November. Technology stocks were the biggest fallers in Hong Kong, including chipmaker SMIC, and internet companies Kuaishou, Baidu and Tencent. The sell-off was part of a global rout, with bitcoin slumping to a 15-month low, gold and... https://www.scmp.com/plus/business/markets/article/3342661/stocks-fall-xi-trump-putin-calls-japan-election?utm_source=rss_feed https://www.scmp.com/plus/business/markets/article/3342661/stocks-fall-xi-trump-putin-calls-japan-election?utm_source=rss_feed Fri, 06 Feb 2026 09:01:36 +0000 Xinmei Shen Xinmei Shen US Treasury Secretary Scott Bessent said he “would not be surprised” if China is already looking into ways to challenge the US’ pre-eminence in digital assets, given Hong Kong's efforts to develop the industry. When testifying before the Senate Banking Committee on Thursday, Bessent said that there are “lots of rumours of Chinese digital assets” possibly being backed by something other than its currency yuan, such as gold, but that the US could not confirm such claims. “We don’t know that for... https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed Thu, 05 Feb 2026 20:12:01 +0000 Matteo Giovannini Matteo Giovannini As China prepares its digital yuan for wider domestic and cross-border use, the global debate has turned again to a familiar question: is Beijing trying to challenge the US dollar’s dominance? But this misses the more consequential point. The significance of China’s digital currency push lies not in substitution, but in the transformation of the infrastructure that underpins international payments. Over the past few years, the e-CNY has evolved into one of the world’s most advanced central bank... https://www.scmp.com/opinion/china-opinion/article/3341064/talk-digital-yuan-challenging-dollar-dominance-misses-real-power-shift?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3341064/talk-digital-yuan-challenging-dollar-dominance-misses-real-power-shift?utm_source=rss_feed Sun, 25 Jan 2026 21:30:08 +0000 Kandy Wong Kandy Wong The seizure of enormous cryptocurrency caches in two high-profile criminal cases in China – a former head of the central bank’s digital currency research institute accused of corruption, and an alleged scam centre kingpin linked to about US$15 billion in bitcoin – have sparked questions in the country about the safety and future of virtual money. But analysts said the long-term trend for the assets, especially bitcoin, depended on institutional capital, interest rate expectations and the... https://www.scmp.com/economy/china-economy/article/3340176/scam-and-corruption-cases-spark-debate-china-over-cryptocurrencies-future?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3340176/scam-and-corruption-cases-spark-debate-china-over-cryptocurrencies-future?utm_source=rss_feed Sat, 17 Jan 2026 07:00:09 +0000 Aileen Chuang Aileen Chuang Digital finance has moved into the mainstream as regulated stablecoins and tokenised assets scale up, but industry experts say 2026 will be defined by success in developing interoperable, regulated, use-case-driven rails rather than more digital silos. As more than 130 jurisdictions explore central bank digital currencies (CBDCs), alongside dozens of stablecoin initiatives and a growing array of tokenisation platforms, day-to-day payments and finance are undergoing a rapid structural... https://www.scmp.com/business/cryptocurrency/article/3338656/digital-finance-2026-what-expect-pilot-schemes-move-real-world-use?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3338656/digital-finance-2026-what-expect-pilot-schemes-move-real-world-use?utm_source=rss_feed Sun, 04 Jan 2026 23:30:15 +0000 Ji Siqi,Kandy Wong Ji Siqi,Kandy Wong In an effort to offer an alternative amid the global rise of stablecoins – cryptocurrencies pegged to a reference asset, such as a fiat currency – China’s central bank is poised to upgrade its digital yuan from a cash equivalent to “digital deposit money”. The move, which will allow the digital currency to function like a deposit in a bank account, is expected to broaden global usage of the e-CNY by making it more attractive to banks and individuals, but it also reflects Beijing’s cautious... https://www.scmp.com/economy/china-economy/article/3338159/how-china-upgrading-its-digital-yuan-stablecoin-era?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3338159/how-china-upgrading-its-digital-yuan-stablecoin-era?utm_source=rss_feed Tue, 30 Dec 2025 13:00:09 +0000 Jean Tirole Jean Tirole The fascination with cryptocurrencies shows no sign of fading. With the passage of the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act in July, US lawmakers added to the sense that crypto is here to stay. But an uncomfortable issue remains unresolved: are cryptocurrencies a genuine innovation capable of serving the common good, or a speculative threat to financial and social stability? Not all cryptocurrencies are alike. Unbacked ones, such as bitcoin or Ethereum,... https://www.scmp.com/opinion/world-opinion/article/3337375/harness-crypto-ingenuity-financial-threat-must-first-be-neutralised?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3337375/harness-crypto-ingenuity-financial-threat-must-first-be-neutralised?utm_source=rss_feed Fri, 26 Dec 2025 12:30:08 +0000 Ji Siqi,Xiaofei Xu Ji Siqi,Xiaofei Xu In an effort to further promote the internationalisation of China’s currency, Beijing has pledged to expand the use of its digital yuan, including by establishing a cross-border payment pilot with Singapore. The measures, announced by the People’s Bank of China on Wednesday, are tied to a broader financial support plan for China’s New International Land-Sea Trade Corridor – a trade and logistics network, launched in 2017, that links landlocked cities in western China with hundreds of global... https://www.scmp.com/economy/global-economy/article/3337642/china-expands-digital-yuan-push-singapore-and-asean-trade-routes?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3337642/china-expands-digital-yuan-push-singapore-and-asean-trade-routes?utm_source=rss_feed Wed, 24 Dec 2025 11:30:09 +0000 Albert Bakhtizin Albert Bakhtizin As 2025 draws to a close, it marks an important milestone in the reconfiguration of the global economic system. Every century is defined not only by changes in technological leadership and shifts in global power, but also by the restructuring of the global financial system. The 20th century was the century of the US dollar, but with the arrival of the 21st century, the contours of the global macroeconomic system have begun to change. A recent International Monetary Fund study, “Playing with... https://www.scmp.com/opinion/china-opinion/article/3337132/forget-us-dollar-watch-water-and-energy-resources-instead?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3337132/forget-us-dollar-watch-water-and-energy-resources-instead?utm_source=rss_feed Tue, 23 Dec 2025 01:30:08 +0000 Aileen Chuang Aileen Chuang Ant International, HSBC and Swift have successfully tested cross-border transfers of tokenised deposits using an international financial messaging standard, in a move that could streamline global blockchain-based payments and corporate treasury management. The milestone, announced on Thursday, marked the first case leveraging the Swift network and ISO 20022 as a messaging standard in cross-border payments using tokenised deposits. The standard is a universal language for exchanging electronic... https://www.scmp.com/business/banking-finance/article/3336068/swift-pilots-blockchain-payments-ant-international-and-hsbc-cross-border-test?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336068/swift-pilots-blockchain-payments-ant-international-and-hsbc-cross-border-test?utm_source=rss_feed Thu, 11 Dec 2025 10:00:22 +0000 Xinmei Shen Xinmei Shen Beijing’s explicit denunciation of stablecoins as a financial risk has cast fresh doubt on Hong Kong’s ambitions to become a regulated hub for the asset class, according to legal experts and analysts. The People’s Bank of China (PBOC) – together with the public security ministry, the cyberspace administration, the top court and other key financial regulators – said in a statement on Saturday that stablecoins did not meet the mainland’s requirements on customer identification and... https://www.scmp.com/tech/article/3334767/beijings-crypto-warning-casts-shadow-over-hong-kongs-stablecoin-ambitions?utm_source=rss_feed https://www.scmp.com/tech/article/3334767/beijings-crypto-warning-casts-shadow-over-hong-kongs-stablecoin-ambitions?utm_source=rss_feed Mon, 01 Dec 2025 10:30:18 +0000 Aileen Chuang Aileen Chuang The rapid rise of tokenisation risks repeating China’s earlier boom-and-bust cycle in peer-to-peer lending unless clear industry standards are established to ensure discipline and innovation, according to a senior Chinese asset manager. Some multilevel marketing companies in mainland China have already started holding meetings discussing real-world asset (RWA) tokenisation projects over the past year, raising “genuine concerns” that the nascent industry might be heading towards a... https://www.scmp.com/business/china-business/article/3334658/tokenisation-trend-risks-repeat-chinas-p2p-lending-crisis-asset-manager-warns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334658/tokenisation-trend-risks-repeat-chinas-p2p-lending-crisis-asset-manager-warns?utm_source=rss_feed Sun, 30 Nov 2025 23:30:12 +0000 Anthony Rowley Anthony Rowley In May 2023, Australian economist Paul Sheard published a book, The Power of Money, explaining how governments and banks create money. Things have moved on since then in the world of cryptocurrency, and it is the little understood international politics of money that need clearing up now. Public interest continues to centre upon instruments such as bitcoin and its cryptocurrency imitators, whose huge price swings attract headlines. These are not currencies, however, but “risk assets” as Sheard... https://www.scmp.com/opinion/world-opinion/article/3334380/global-stablecoin-surge-highlights-overlooked-risks-crypto-finance?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3334380/global-stablecoin-surge-highlights-overlooked-risks-crypto-finance?utm_source=rss_feed Sat, 29 Nov 2025 08:30:08 +0000 Aileen Chuang Aileen Chuang Standard Chartered is positioning Hong Kong as the centre of its digital finance ambitions as it seeks higher returns and prepares for a blockchain-driven future, according to CEO Bill Winters. In a recent interview in Hong Kong, Winters highlighted the city’s pioneering regulatory framework, which he said fostered experimentation with blockchain technology – an innovation that could add value to the financial sector. Winters praised the Hong Kong Monetary Authority (HKMA) for its various pilot... https://www.scmp.com/business/banking-finance/article/3331949/standard-chartered-ceo-hong-kong-central-banks-digital-finance-strategy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331949/standard-chartered-ceo-hong-kong-central-banks-digital-finance-strategy?utm_source=rss_feed Mon, 10 Nov 2025 00:30:10 +0000 Xinmei Shen Xinmei Shen Hong Kong continues to ratchet up its cryptocurrency development efforts, as the city’s securities regulator fine-tunes rules to boost the liquidity of local digital-asset trading platforms. The Securities and Futures Commission (SFC) said it would allow locally licensed digital-asset exchanges to integrate their order books with those of their affiliated platforms globally. “What we noticed is that through the creation of this close-loop environment, we are creating a pocket of liquidity only... https://www.scmp.com/tech/policy/article/3331513/hong-kong-pushes-adjustments-digital-asset-rules-beijing-remains-cautious-crypto?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3331513/hong-kong-pushes-adjustments-digital-asset-rules-beijing-remains-cautious-crypto?utm_source=rss_feed Tue, 04 Nov 2025 12:00:24 +0000 Aileen Chuang,Cao Li Aileen Chuang,Cao Li Beijing will bolster Hong Kong’s position as a global financial hub by enhancing openness and cooperation in the financial and economic sectors, as geopolitical shifts and emerging technologies such as AI and blockchain reshape the global order, according to Chinese regulators and global executives. Speaking during Hong Kong’s flagship Global Financial Leaders’ Investment Summit on Tuesday, senior officials from Chinese regulatory bodies said proactive reforms were necessary because the world... https://www.scmp.com/business/banking-finance/article/3331413/beijing-backs-hong-kong-global-hub-new-financial-measures?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331413/beijing-backs-hong-kong-global-hub-new-financial-measures?utm_source=rss_feed Tue, 04 Nov 2025 03:10:07 +0000 Xinyi Wu Xinyi Wu China on Monday reaffirmed its hardline approach towards virtual currencies at home, warning of the risks of stablecoins, despite growing concerns that the United States might have consolidated its US dollar dominance through them. Instead, the world’s second largest economy vowed to broaden the use of its central bank digital currency known as e-CNY, according to Pan Gongsheng, governor of the People’s Bank of China. “[Stablecoins] are still in their early stages of development,” said Pan,... https://www.scmp.com/economy/global-economy/article/3330525/china-doubles-down-crypto-crackdown-central-bank-vows-expand-digital-yuan?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3330525/china-doubles-down-crypto-crackdown-central-bank-vows-expand-digital-yuan?utm_source=rss_feed Mon, 27 Oct 2025 15:36:10 +0000 Jane Cai Jane Cai Digital currency is emerging as a powerful, disruptive tool in global geopolitics, fundamentally reshaping the financial battlefield in times of conflict, according to a commentary in a key Communist Party publication. Nations are increasingly leveraging digital assets to bypass international sanctions, mobilise vital resources and maintain economic stability during regional conflicts, according to the author of an article published on Monday in Study Times, the official newspaper of the Central... https://www.scmp.com/news/china/diplomacy/article/3330105/could-china-militarise-cryptocurrencies-sanction-proof-its-economy?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3330105/could-china-militarise-cryptocurrencies-sanction-proof-its-economy?utm_source=rss_feed Sat, 25 Oct 2025 15:55:08 +0000 Bloomberg Bloomberg Gift cards, one of the most basic financial products in the US retail market, have become the backbone of a billion-dollar criminal economy that investigators say is moving American money into China. Homeland Security Investigations agents say Chinese organised-crime groups have built a laundering network that uses US retailers, mobile wallets and cryptocurrency to steal and export wealth. Operatives inside the US drain compromised gift cards, buy high-value goods such as iPhones and laptops,... https://www.scmp.com/news/world/united-states-canada/article/3329541/gangs-china-exploiting-us-gift-cards-move-stolen-cash-dhs-says?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3329541/gangs-china-exploiting-us-gift-cards-move-stolen-cash-dhs-says?utm_source=rss_feed Sat, 18 Oct 2025 20:46:29 +0000 Kashif Hasan Khan Kashif Hasan Khan The United States’ use of its currency as a foreign policy tool has jolted much of the Global South. Sanctions, financial restrictions and US dominance over the Swift system have shown just how much the US dollar can be used as political leverage. For many emerging economies, the US is no longer their main trade and investment partner, yet its currency still underpins their transactions. This disconnect has imbued with fresh urgency the efforts of the Brics grouping to explore alternative... https://www.scmp.com/opinion/world-opinion/article/3328191/brics-slowly-surely-chipping-away-us-dollar-dominance?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3328191/brics-slowly-surely-chipping-away-us-dollar-dominance?utm_source=rss_feed Wed, 08 Oct 2025 08:30:08 +0000 Mark Lam Pui Chung Mark Lam Pui Chung For decades, cross-border trade in the Asia-Pacific has been denominated in US dollars. Given the currency’s relative stability and accessibility, small and medium-sized businesses, merchants and manufacturers looking to expand across borders traditionally conducted international trade in the US dollar. For instance, a Shenzhen manufacturer in China paying its Indonesian supplier would convert yuan to US dollars for the payment, which when received will be converted to Indonesian rupiah, and... https://www.scmp.com/opinion/asia-opinion/article/3327285/why-asia-pacific-rewriting-terms-trade-dollar-yuan?utm_source=rss_feed https://www.scmp.com/opinion/asia-opinion/article/3327285/why-asia-pacific-rewriting-terms-trade-dollar-yuan?utm_source=rss_feed Thu, 02 Oct 2025 01:30:08 +0000 Sylvia Ma Sylvia Ma The Chinese yuan’s share in global foreign exchange (forex) trading climbed to 8.5 per cent this year while maintaining its position as the world’s fifth-most traded currency, according to survey findings by the so-called central bank for central banks. The proportion, unveiled by the Bank for International Settlements (BIS) in its 2025 Triennial Central Bank Survey – launched in April, with the findings released on Tuesday – showed an increase from 7 per cent in the 2022 survey, with the yuan’s... https://www.scmp.com/economy/global-economy/article/3327391/chinese-yuans-forex-market-share-grows-85-global-position-firms-bis-survey?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3327391/chinese-yuans-forex-market-share-grows-85-global-position-firms-bis-survey?utm_source=rss_feed Tue, 30 Sep 2025 13:00:10 +0000 Xinyi Wu Xinyi Wu China is stepping up efforts to encourage the use of its digital yuan in cross-border payments and overseas markets, offering an alternative amid an international frenzy over stablecoins, as it aims to reshape the global financial architecture now dominated by the US dollar. China’s international operations centre for the digital yuan opened in Shanghai on Thursday, with the People’s Bank of China highlighting three platforms designed to accelerate the internationalisation of the digital Chinese... https://www.scmp.com/economy/china-economy/article/3326928/will-chinas-digital-yuan-centre-be-step-forward-internationalisation?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3326928/will-chinas-digital-yuan-centre-be-step-forward-internationalisation?utm_source=rss_feed Fri, 26 Sep 2025 04:01:09 +0000 Xinmei Shen Xinmei Shen The Hong Kong Monetary Authority (HKMA) cautioned investors that no stablecoins pegged to the offshore yuan had been approved for issuance in the city, as regulators sought to temper the frenzy surrounding digital assets. In a statement published on WeChat on Wednesday, the HKMA refuted claims circulating on social media that the first offshore yuan-pegged stablecoin had been issued in Hong Kong. The authority said it had not granted any licences for stablecoin issuers and deemed any related... https://www.scmp.com/tech/blockchain/article/3326796/hong-kong-warns-against-unapproved-yuan-stablecoins-amid-crypto-frenzy?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3326796/hong-kong-warns-against-unapproved-yuan-stablecoins-amid-crypto-frenzy?utm_source=rss_feed Thu, 25 Sep 2025 07:00:10 +0000 Aileen Chuang Aileen Chuang Hong Kong-based MicroBit Capital Management took two years to launch its bitcoin and ether exchange-traded funds (ETFs), with their debuts coming amid record-high prices for cryptocurrencies and global regulators’ increasing recognition of digital assets. “Now I believe everybody considers bitcoin, or cryptocurrencies, as quite an important asset class; it’s no longer a scam,” said chief investment officer Kenny Khuong last month during MicroBit’s ETF listings on the Hong Kong stock exchange.... https://www.scmp.com/business/article/3326016/unpacking-cryptos-potential-could-take-digital-assets-mainstream-shape-future-investing?utm_source=rss_feed https://www.scmp.com/business/article/3326016/unpacking-cryptos-potential-could-take-digital-assets-mainstream-shape-future-investing?utm_source=rss_feed Sat, 20 Sep 2025 02:00:16 +0000 James David Spellman James David Spellman Google’s recently announced blockchain for financial institutions is the latest move in the battle to dominate the infrastructure for processing global transactions in bitcoin, digitised currency, stablecoins and tokenised assets. While government leaders are obsessed with semiconductors, the deeper and more critical issue could be the type of blockchain that will prevail in capital markets. The winner will shape whether financial risks shrink through efficiency and transparency or expand. With... https://www.scmp.com/opinion/world-opinion/article/3325126/whats-stake-global-markets-google-ventures-blockchain?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3325126/whats-stake-global-markets-google-ventures-blockchain?utm_source=rss_feed Tue, 16 Sep 2025 08:30:09 +0000 Kandy Wong Kandy Wong China’s largest government-backed research funder has begun accepting applications for the study of stablecoins and their cross-border monitoring systems, a move indicating Beijing’s growing interest - and wariness - towards the emerging digital asset. In a circular posted on its website last week, the National Natural Science Foundation of China – an affiliate of the Ministry of Science and Technology that manages hundreds of billions of yuan in annual funding – solicited proposals for the... https://www.scmp.com/economy/china-economy/article/3324893/china-offers-funding-stablecoin-research-global-interest-grows?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3324893/china-offers-funding-stablecoin-research-global-interest-grows?utm_source=rss_feed Tue, 09 Sep 2025 23:00:09 +0000 Xinyi Wu Xinyi Wu China is mulling the application of its digital yuan – the central bank-backed currency also known as the e-CNY – to tackle persistent payment defaults, a move that would broaden the asset’s scope beyond the set of use cases explored by Beijing since the currency’s launch in 2019. Authorities in the central province of Hunan touched upon the subject when detailing plans to expand the digital currency’s application scenarios and scale, according to a document published last month. Hunan will... https://www.scmp.com/economy/china-economy/article/3324361/chinese-province-floats-new-use-digital-yuan-paying-long-delayed-debts?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3324361/chinese-province-floats-new-use-digital-yuan-paying-long-delayed-debts?utm_source=rss_feed Fri, 05 Sep 2025 01:00:12 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma Former Chinese central bank governor Zhou Xiaochuan (周小川) voiced concerns about potential yuan-backed stablecoins, damping suggestions that policymakers are moving towards approving them. “We need to be vigilant against the risk of stablecoins being excessively used for asset speculation as misdirection could trigger fraud and instability in the financial system,” said Zhou, who headed the People’s Bank of China until 2018. CF40, a Beijing-based think tank, published a summary of Zhou’s remarks... https://www.scmp.com/plus/article/3323484/china-weighs-stablecoin-risks-against-global-yuan-dreams?utm_source=rss_feed https://www.scmp.com/plus/article/3323484/china-weighs-stablecoin-risks-against-global-yuan-dreams?utm_source=rss_feed Thu, 28 Aug 2025 09:00:20 +0000 Haining Gao Haining Gao China’s former central bank chief, Zhou Xiaochuan (周小川), warned about six potential risks from stablecoins during a discussion at an economic think tank, CF40, in July. A summary of his comments was released in Chinese on August 27. (See SCMP Plus factsheet on stablecoins.) I: Central bank Stablecoin issuers may overissue without maintaining high-quality or 100 per cent real reserves, raising the need for regulation of reserve custodians. Stablecoins can experience multiplier effects in... https://www.scmp.com/plus/article/3323444/ex-pboc-chief-zhou-highlights-stablecoin-risks?utm_source=rss_feed https://www.scmp.com/plus/article/3323444/ex-pboc-chief-zhou-highlights-stablecoin-risks?utm_source=rss_feed Thu, 28 Aug 2025 04:58:35 +0000 Aileen Chuang Aileen Chuang Hong Kong dollar stablecoins could become a key link between China’s digital yuan and top global digital assets, potentially transforming cross-border investment and accelerating yuan internationalisation, according to Morgan Stanley. Local currency-backed stablecoins could provide a pathway for mainland China’s e-CNY – the country’s only legal digital currency backed by the government – to gain a foothold globally while advancing Beijing’s drive to internationalise its currency and counter US... https://www.scmp.com/business/banking-finance/article/3322322/hong-kongs-stablecoin-law-holds-promise-e-cny-cross-border-flows-morgan-stanley?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3322322/hong-kongs-stablecoin-law-holds-promise-e-cny-cross-border-flows-morgan-stanley?utm_source=rss_feed Tue, 19 Aug 2025 23:30:07 +0000 Peggy Sito Peggy Sito Hong Kong’s Stablecoins Ordinance marks a significant milestone, as cross-border payments using the cryptocurrency can facilitate trade-finance flows between Hong Kong, mainland China and global markets such as the Middle East, according to the CEO of Zand, an AI-powered fintech and financial-services group in the United Arab Emirates (UAE). Future development under the ordinance could help Hong Kong rebuild its role in expediting trade and exports between mainland China and global markets, said... https://www.scmp.com/business/banking-finance/article/3322004/hong-kong-stablecoin-rules-upgrade-citys-trade-finance-role-uae-digital-banker?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3322004/hong-kong-stablecoin-rules-upgrade-citys-trade-finance-role-uae-digital-banker?utm_source=rss_feed Sun, 17 Aug 2025 03:00:07 +0000 Aileen Chuang Aileen Chuang Hong Kong’s new stablecoin law sets a global standard but might initially sideline innovative start-ups while encouraging big local and mainland financial firms to participate in the cryptocurrency sector’s growth, industry experts said. The city rolled out one of the most stringent stablecoin regimes globally and kick-started the application process for potential issuers on Friday, part of a broader effort to be a leading digital asset hub connected to China’s vast economy. The move aims to... https://www.scmp.com/business/cryptocurrency/article/3320751/hong-kong-stablecoin-regime-double-edged-sword-markets-growth-analysts-say?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3320751/hong-kong-stablecoin-regime-double-edged-sword-markets-growth-analysts-say?utm_source=rss_feed Tue, 05 Aug 2025 03:00:17 +0000 Jiaying Jiang Jiaying Jiang Last month, the United States passed the Genius Act, a landmark piece of legislation that finally brings stablecoin – a cryptocurrency asset pegged to the US dollar – under a federal regulatory framework. While this may seem like a domestic achievement, the global implications are far-reaching, particularly for jurisdictions in Asia, including Hong Kong and mainland China. The Genius Act is more than just cryptocurrency regulation; it represents a digital extension of US financial influence. By... https://www.scmp.com/opinion/hong-kong-opinion/article/3320502/hong-kong-can-lead-charge-yuan-alternative-us-stablecoin?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3320502/hong-kong-can-lead-charge-yuan-alternative-us-stablecoin?utm_source=rss_feed Tue, 05 Aug 2025 01:30:08 +0000 Ken Ip Ken Ip Imagine a 500lbs man. Eighty per cent body fat. His arteries are clogged, his heart is on the blink. A doctor tells him to do 100 burpees a day to save his life. It’s not bad advice – burpees are great for losing weight – but let’s be honest. The man can’t even kneel, let alone jump. The method isn’t wrong. It’s just impossible. That man is the US economy. And the debt – all US$36.65 trillion of it – is the fat. Let’s cut through the noise. Recent headlines have been about the supposed feud... https://www.scmp.com/opinion/world-opinion/article/3319137/debt-bloated-us-stablecoin-new-financial-weapon-making?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3319137/debt-bloated-us-stablecoin-new-financial-weapon-making?utm_source=rss_feed Wed, 23 Jul 2025 08:30:08 +0000 Raymond Ma,Neil Denslow Raymond Ma,Neil Denslow Shanghai took tentative steps towards creating a yuan stablecoin, and the world’s first yuan-denominated tokenised fund entered the market as technology developments support China’s push for wider international use of its currency. City leaders in Shanghai have ordered a study into the feasibility of introducing stablecoins, the Post reported this week, citing two local officials familiar with the matter who asked not to be identified. China Asset Management’s Hong Kong arm, ChinaAMC, introduced... https://www.scmp.com/plus/article/3318725/yuan-stablecoin-china-eu-summit-and-more?utm_source=rss_feed https://www.scmp.com/plus/article/3318725/yuan-stablecoin-china-eu-summit-and-more?utm_source=rss_feed Fri, 18 Jul 2025 09:00:09 +0000 Sylvia Ma Sylvia Ma The yuan has the potential to become a safe-haven currency, a former central bank official said while calling for capital-control flexibility and greater efforts to boost foreign participation. The argument – presented before the US Treasury chief rejected the possibility last week of the yuan gaining reserve-currency status – has underscored the ongoing debate over Beijing’s push to internationalise the yuan. And it comes at a time when confidence in the US dollar is being tested by mounting... https://www.scmp.com/economy/china-economy/article/3317643/why-chinas-yuan-can-be-safe-haven-currency-former-bank-official-flags-its-advantages?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3317643/why-chinas-yuan-can-be-safe-haven-currency-former-bank-official-flags-its-advantages?utm_source=rss_feed Thu, 10 Jul 2025 06:00:16 +0000 Mohammad Taha Ali Mohammad Taha Ali As China moves to accelerate global use of the digital yuan, particularly in cross-border trade along Belt and Road Initiative countries, the push is being interpreted as part of Beijing’s broader ambition to rewire the architecture of global finance. With international finance increasingly fragmented amid trade wars and sanctions, Chinese officials argue that dollar-based systems backed by the Society for Worldwide Interbank Financial Telecommunication (Swift) are vulnerable to... https://www.scmp.com/opinion/china-opinion/article/3317401/china-pushes-digital-yuan-diplomacy-amid-global-souths-dollar-dismay?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3317401/china-pushes-digital-yuan-diplomacy-amid-global-souths-dollar-dismay?utm_source=rss_feed Wed, 09 Jul 2025 08:30:07 +0000