https://www.scmp.com/rss/522032/feed Jerome Powell: Known for his leadership as the current Chairman of the US Federal Reserve, a role he has held since 2018. He oversees monetary policy, aiming for maximum employment and price stability, and guided the Fed’s extensive intervention during the COVID-19 pandemic. His background includes significant experience in investment banking, notably as a partner at The Carlyle Group, and public service as an Under Secretary at the US Treasury. He previously served on the Federal Reserve Board... en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Sylvia Ma Sylvia Ma Stephen Miran’s departure from the US Federal Reserve Board of Governors will smooth the leadership transition to incoming chair Kevin Warsh, but his exit is unlikely to alter the central bank’s policy trajectory, analysts said. The move is also sparking speculation about what comes next for Miran – a former top economic adviser to US President Donald Trump – with market watchers debating whether he will return to the White House or re-enter the private sector. Miran submitted his resignation as... https://www.scmp.com/economy/global-economy/article/3353705/stephen-miran-trumps-economic-guru-leaving-fed-what-happens-now?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3353705/stephen-miran-trumps-economic-guru-leaving-fed-what-happens-now?utm_source=rss_feed Fri, 15 May 2026 12:00:05 +0000 Sylvia Ma Sylvia Ma Kevin Warsh’s confirmation as the next chair of the United States Federal Reserve has fuelled debate over whether potential policy compromises with the administration of US President Donald Trump could undermine American financial credibility and inadvertently strengthen Chinese assets. The Senate confirmed Warsh as the 17th chair of the Fed on Wednesday in a 54-45 vote, mostly along bipartisan lines. He succeeds Jerome Powell, whose term expires on Friday, following a sustained pressure... https://www.scmp.com/economy/global-economy/article/3353558/china-set-benefit-new-us-fed-chair-kevin-warshs-policy-vision?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3353558/china-set-benefit-new-us-fed-chair-kevin-warshs-policy-vision?utm_source=rss_feed Thu, 14 May 2026 15:00:05 +0000 Agence France-Presse Agence France-Presse The US Senate on Wednesday confirmed Kevin Warsh as the new Federal Reserve chairman to lead a central bank whose independence is under attack and with inflation at a three-year high. The Senate voted 54 to 45 to in favour of Warsh, with Republicans holding a slim majority and ensuring US President Donald Trump’s nominee to replace Jerome Powell was confirmed. Once known as a monetary “hawk” against inflation, Warsh has shifted in line with Trump’s push for lower interest rates that has posed an... https://www.scmp.com/news/world/united-states-canada/article/3353480/warsh-confirmed-federal-reserve-chair-us-central-bank-faces-trump-assault?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3353480/warsh-confirmed-federal-reserve-chair-us-central-bank-faces-trump-assault?utm_source=rss_feed Wed, 13 May 2026 19:42:18 +0000 Agence France-Presse Agence France-Presse The US Senate on Tuesday confirmed Kevin Warsh as a governor on the board of the Federal Reserve, clearing the way for him to take the reins of the central bank later this week as the world’s largest economy faces inflation at a three-year-high. The Senate voted 51-45 to confirm Warsh’s appointment to the board for a 14-year term, with the results largely along party lines. The Senate will hold a separate vote to confirm Warsh as the central bank’s chair, taking over from incumbent Jerome... https://www.scmp.com/news/world/united-states-canada/article/3353326/us-senate-confirms-trump-pick-kevin-warsh-federal-reserve-board?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3353326/us-senate-confirms-trump-pick-kevin-warsh-federal-reserve-board?utm_source=rss_feed Tue, 12 May 2026 16:59:57 +0000 Associated Press Associated Press US consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher. The Labor Department’s consumer price index rose 3.8 per cent from April 2025, according to data released on Tuesday. On a month-to-month basis, April prices rose 0.6 per cent from March as petrol prices rose 5.4 per cent during the month; the month-over-month gain was down from 0.9 per cent increase from February to March. Labor Department figures showed that petrol prices are up more... https://www.scmp.com/news/world/united-states-canada/article/3353316/us-consumer-inflation-jumps-iran-war-sends-energy-prices-higher?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3353316/us-consumer-inflation-jumps-iran-war-sends-energy-prices-higher?utm_source=rss_feed Tue, 12 May 2026 13:44:44 +0000 Sylvia Ma Sylvia Ma In an extraordinary break from the diplomatic restraint typical of central banks, a dozen leaders of the world’s foremost monetary institutions issued a joint statement in January declaring their “full solidarity” with the US Federal Reserve and its embattled chair, Jerome Powell. “The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve,” they wrote. The move was intended to shore up the separation of monetary... https://www.scmp.com/business/banking-finance/article/3352914/investors-have-worries-about-trumps-pick-fed-chair-should-they?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3352914/investors-have-worries-about-trumps-pick-fed-chair-should-they?utm_source=rss_feed Sat, 09 May 2026 01:00:10 +0000 Enoch Yiu Enoch Yiu Hong Kong’s monetary authority warned of interest-rate uncertainty amid ongoing tensions in the Middle East, after leaving its base rate unchanged on Thursday in tandem with the US Federal Reserve. The Hong Kong Monetary Authority (HKMA) said US interest-rate movements were affected by the Middle East tensions, which had led to higher oil prices and affected US inflation. Analysts said the inflationary impact of the US-Israel war with Iran had reduced the chances of a rate cut this year. “The... https://www.scmp.com/business/banking-finance/article/3351921/hkma-holds-base-interest-rate-4-following-fed-war-inflation-worries-persist?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3351921/hkma-holds-base-interest-rate-4-following-fed-war-inflation-worries-persist?utm_source=rss_feed Wed, 29 Apr 2026 23:27:32 +0000 Agence France-Presse Agence France-Presse The extraordinary clash at the Federal Reserve between Jerome Powell and Donald Trump entered new territory on Wednesday when the outgoing US central bank chairman said he would remain on as a governor – and the president lashed him with another insult. Powell said that while his term at the head of the Fed was ending May 15, he would exercise his right to remain on the board “for a period of time to be determined”. Powell appeared concerned about the Fed maintaining its independence in the face... https://www.scmp.com/news/world/united-states-canada/article/3351915/powell-says-hell-stay-fed-after-chair-term-ends-citing-attacks-trump-team?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3351915/powell-says-hell-stay-fed-after-chair-term-ends-citing-attacks-trump-team?utm_source=rss_feed Wed, 29 Apr 2026 19:33:58 +0000 Associated Press Associated Press The US Justice Department has ended its probe into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his successor, Kevin Warsh. US Attorney for the District of Columbia Jeannine Pirro said on X on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinise them instead. The decision ends an investigation, one of several undertaken by the Justice Department into President... https://www.scmp.com/news/world/united-states-canada/article/3351378/us-drops-criminal-probe-fed-chair-powell-likely-clearing-way-nominee-warsh?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3351378/us-drops-criminal-probe-fed-chair-powell-likely-clearing-way-nominee-warsh?utm_source=rss_feed Fri, 24 Apr 2026 14:54:25 +0000 Sylvia Ma Sylvia Ma US Federal Reserve chair nominee Kevin Warsh’s policy vision – outlined during his Senate confirmation hearing – signals an extension of “America First” into monetary policy, Chinese analysts said. “Warsh’s policy proposals … mark a shift from acting as a ‘global central bank’ supplying unlimited liquidity worldwide to a new approach focused on tightly controlling the overall monetary spigot, prioritising domestic productivity and emphasising monetary sovereignty,” analysts at China... https://www.scmp.com/economy/global-economy/article/3350993/america-first-fed-trump-nominee-kevin-warsh-signals-monetary-sovereignty-push-analysts?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3350993/america-first-fed-trump-nominee-kevin-warsh-signals-monetary-sovereignty-push-analysts?utm_source=rss_feed Wed, 22 Apr 2026 08:30:14 +0000 Reuters Reuters Federal Reserve chief nominee Kevin Warsh ⁠called for “regime change” at the US central bank, including a new approach for controlling inflation and a communications ⁠overhaul that may discourage his colleagues from saying too much about the direction of monetary policy. Warsh’s comments during his confirmation hearing before the Senate Banking Committee left key questions about his nomination unresolved. Republican Senator Thom Tillis used his full time to explain why he would not vote for the... https://www.scmp.com/news/world/united-states-canada/article/3350927/kevin-warsh-trumps-pick-fed-chief-calls-regime-change-us-central-bank?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3350927/kevin-warsh-trumps-pick-fed-chief-calls-regime-change-us-central-bank?utm_source=rss_feed Tue, 21 Apr 2026 17:46:27 +0000 Bloomberg Bloomberg US President Donald Trump has said he will fire Jerome Powell if the Federal Reserve chair does not step down “in time”, adding that he will not drop the Justice Department investigation into the central bank leader. “I’ll have to fire him, OK, if he’s not leaving on time. I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial,” Trump said in an interview with Fox Business. “I want to be uncontroversial. But he will be fired,” he said in the interview taped on... https://www.scmp.com/news/world/united-states-canada/article/3350211/trump-threatens-fire-fed-chair-powell-if-he-doesnt-step-down-time?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3350211/trump-threatens-fire-fed-chair-powell-if-he-doesnt-step-down-time?utm_source=rss_feed Wed, 15 Apr 2026 13:45:08 +0000 Vincent Chow Vincent Chow Governments, industry and the public are in “common ignorance” about the present and future of artificial intelligence, making both international collaboration and coordination between industry and policymakers necessary, experts have said. In a panel discussion at the inaugural Hong Kong Global AI Governance Conference at the University of Hong Kong (HKU) on Saturday, Alibaba Group Holding policy lead Fu Hongyu said that China was now at the front lines of global efforts to introduce guardrails... https://www.scmp.com/tech/big-tech/article/3349871/common-ignorance-how-china-took-lead-global-efforts-govern-ais-future?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3349871/common-ignorance-how-china-took-lead-global-efforts-govern-ais-future?utm_source=rss_feed Mon, 13 Apr 2026 11:00:12 +0000 Sylvia Ma,Vincent Chow Sylvia Ma,Vincent Chow With US Treasury Secretary Scott Bessent and Federal Reserve chair Jerome Powell reported to have held urgent talks over Anthropic’s latest artificial intelligence model, experts are warning that immediate cybersecurity assessments are needed to avert potential economic damage running into the hundreds of billions of US dollars. Across the Pacific, however, analysts said China’s banks were taking a more cautious approach, as Beijing prioritises financial stability and intensifies monitoring of... https://www.scmp.com/economy/global-economy/article/3349685/china-banks-buffer-against-ai-contagions-us-sweats-over-anthropics-mythos?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3349685/china-banks-buffer-against-ai-contagions-us-sweats-over-anthropics-mythos?utm_source=rss_feed Fri, 10 Apr 2026 15:00:08 +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/economy/china-economy/article/3348156/why-kenneth-rogoff-thinks-chinas-yuan-will-be-reserve-currency-next-5-years?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348156/why-kenneth-rogoff-thinks-chinas-yuan-will-be-reserve-currency-next-5-years?utm_source=rss_feed Sun, 29 Mar 2026 22:00:18 +0000 Zhang Shidong Zhang Shidong A recession mindset took hold among global investors after strikes on energy infrastructure in the Middle East heightened fears that disruption to production and distribution would keep oil prices elevated for longer, darkening the global economic outlook. Crude prices staged a comeback on Thursday after Iran attacked a liquefied petroleum gas site in Qatar in retaliation for Israel’s strikes on its South Pars gas field. Brent futures surged 5.5 per cent to US$113.53 a barrel in London, and... https://www.scmp.com/business/china-business/article/3347170/recession-fears-grip-markets-energy-facilities-come-under-fire-middle-east?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347170/recession-fears-grip-markets-energy-facilities-come-under-fire-middle-east?utm_source=rss_feed Thu, 19 Mar 2026 11:30:08 +0000 Zhang Shidong Zhang Shidong Stocks in Hong Kong and mainland China slumped on Thursday, with a key gauge of yuan-denominated stocks briefly breaching the 4,000-point mark for the first time in two months, as a resurgence in oil prices fuelled concerns about a global recession following the attacks on energy facilities in Gulf nations. The Hang Seng Index tumbled 2 per cent to 25,500.58 at the close. The Hang Seng Tech Index dropped 2.2 per cent. On the mainland, the Shanghai Composite Index retreated 1.4 per cent,... https://www.scmp.com/business/china-business/article/3347091/hong-kong-stocks-retreat-fed-warns-iran-conflict-clouds-inflation-outlook?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347091/hong-kong-stocks-retreat-fed-warns-iran-conflict-clouds-inflation-outlook?utm_source=rss_feed Thu, 19 Mar 2026 02:04:52 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) has warned the public to beware of interest rate risks after it kept its base rate unchanged, following a similar move by the US Federal Reserve, as the city’s de facto central bank said the Middle East conflict has added to the uncertainty over the pace of rate cuts this year. HKMA maintained the city’s base rate at 4 per cent on Thursday. Hours earlier, the Fed kept its target rate in the range of 3.5 per cent to 3.75 per cent, after the second meeting... https://www.scmp.com/business/banking-finance/article/3347088/hong-kong-follows-federal-reserve-keep-base-rate-unchanged-amid-middle-east-war?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347088/hong-kong-follows-federal-reserve-keep-base-rate-unchanged-amid-middle-east-war?utm_source=rss_feed Wed, 18 Mar 2026 23:16:04 +0000 Reuters Reuters US President Donald Trump’s administration ⁠has asked a judge to reconsider his ruling that has effectively blocked a criminal investigation into US Federal Reserve Chairman Jerome Powell, according to court documents made public on Monday. Washington-based US District Judge James ‌Boasberg in a ruling unsealed on Friday blocked subpoenas issued by federal prosecutors in January seeking information about cost overruns in renovations at the Fed’s headquarters and Powell’s testimony to Congress... https://www.scmp.com/news/world/united-states-canada/article/3346803/trump-administration-urges-judge-revisit-ruling-blocking-subpoenas-jerome-powell?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3346803/trump-administration-urges-judge-revisit-ruling-blocking-subpoenas-jerome-powell?utm_source=rss_feed Mon, 16 Mar 2026 19:13:22 +0000 Associated Press Associated Press A federal judge on Friday quashed US Justice Department subpoenas issued to the Federal Reserve in January, a severe blow to an investigation that has already attracted strong criticism on Capitol Hill. Judge James Boasberg said that a “mountain of evidence suggests” that the purpose of the subpoenas was simply to pressure the Fed to cut its key interest rate, as US President Donald Trump has repeatedly demanded. Fed Chair Jerome Powell revealed the investigation on January 11, prompting Senator... https://www.scmp.com/news/world/united-states-canada/article/3346568/judge-quashes-subpoenas-fed-chair-says-investigation-was-politically-motivated?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3346568/judge-quashes-subpoenas-fed-chair-says-investigation-was-politically-motivated?utm_source=rss_feed Fri, 13 Mar 2026 20:17:52 +0000 Zhang Shidong Zhang Shidong US President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve is likely to add more volatility to global financial markets, as his historical stance against financial easing could complicate the Fed’s decision-making in terms of monetary easing, according to analysts. The White House nomination came a month after Trump said the former Fed governor, who opposed rate cuts during the 2008 global financial crisis, would be his choice to succeed Jerome Powell, whose chair term... https://www.scmp.com/business/china-business/article/3345721/trumps-fed-pick-stokes-uncertainty-investors-weigh-hawkish-past-pro-growth-pivot?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345721/trumps-fed-pick-stokes-uncertainty-investors-weigh-hawkish-past-pro-growth-pivot?utm_source=rss_feed Sun, 08 Mar 2026 01:30:11 +0000 Igor Patrick Igor Patrick The United States is seeking a fair and enduring competition with China, along with strengthening its economic and political relationships with Latin America, US Treasury Secretary Scott Bessent said on Tuesday. He termed this the strategy of reducing vulnerabilities without cutting ties with Beijing. Speaking at an investor conference in Sao Paulo, hosted by the Brazilian bank BTG Pactual, Bessent said that Washington did not want to sever economic ties with China. Still, it was trying to... https://www.scmp.com/news/us/economy-trade-business/article/3343118/treasury-chief-says-us-seeks-fair-china-competition-eyes-latin-america-realignment?utm_source=rss_feed https://www.scmp.com/news/us/economy-trade-business/article/3343118/treasury-chief-says-us-seeks-fair-china-competition-eyes-latin-america-realignment?utm_source=rss_feed Tue, 10 Feb 2026 22:05:24 +0000 Anthony Rowley Anthony Rowley When the world’s leading central banks rode to the rescue during the global financial crisis in 2008, they were hailed as knights in shining armour intent upon slaying the twin dragons of economic recession and deflation. Now it seems the knights are no more, to quote an old English hymn, and yet the dragons are not dead. US President Donald Trump’s nominee to head the Federal Reserve, Kevin Warsh, has expressed doubts over whether the Fed acted wisely when it became the biggest buyer of US... https://www.scmp.com/opinion/world-opinion/article/3342516/trump-takaichi-meddling-finance-spells-more-turbulence-ahead?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3342516/trump-takaichi-meddling-finance-spells-more-turbulence-ahead?utm_source=rss_feed Sat, 07 Feb 2026 08:30:09 +0000 Biman Mukherji Biman Mukherji Asian investors should brace for more volatility in the gold and silver markets in the near term following a plunge in prices of the two metals after a record-breaking surge, with demand expected to rise again ahead of the Lunar New Year holiday. The outlook for gold remains strong over the long term, even as investors turned their focus to the US dollar in recent trading sessions, according to analysts. Gold typically has an inverse correlation with the US dollar. Investors have shifted funds... https://www.scmp.com/week-asia/economics/article/3342649/gold-still-shines-asia-thanks-pent-demand-amid-volatility?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3342649/gold-still-shines-asia-thanks-pent-demand-amid-volatility?utm_source=rss_feed Fri, 06 Feb 2026 08:21:56 +0000 Sylvia Ma Sylvia Ma US President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve is unlikely to support a sustained rebound in the US dollar despite the possibility of short-term relief, Chinese economists said. Persistent doubts about the Fed’s autonomy during Trump’s second term could cap any durable recovery, as policy appeared increasingly geared towards domestic goals at the expense of the US dollar’s role as a global public good, they added. Concerns over the central bank’s independence... https://www.scmp.com/economy/global-economy/article/3342106/america-first-fed-chinese-economists-doubt-trumps-chair-nominee-can-shore-us-dollar?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3342106/america-first-fed-chinese-economists-doubt-trumps-chair-nominee-can-shore-us-dollar?utm_source=rss_feed Mon, 02 Feb 2026 11:00:15 +0000 Mark Magnier,Frank Tang Mark Magnier,Frank Tang US President Donald Trump on Friday named former Federal Reserve official Kevin Warsh to be the next head of the US central bank, after teasing his choice for weeks, with Jerome Powell due to step down from the top job in May. The 55-year-old Warsh, who served as a governor of the Federal Reserve Board from 2006 to 2011, appeared to align with Trump’s bid to control the monetary policymaking institution as economic issues – from tariffs to affordability – dominate the policy agenda ahead of the... https://www.scmp.com/news/us/politics/article/3341870/trump-picks-former-federal-reserve-official-kevin-warsh-chair-us-central-bank?utm_source=rss_feed https://www.scmp.com/news/us/politics/article/3341870/trump-picks-former-federal-reserve-official-kevin-warsh-chair-us-central-bank?utm_source=rss_feed Fri, 30 Jan 2026 12:22:59 +0000 Mia Nurmamat Mia Nurmamat Since returning to the White House a year ago, US President Donald Trump has stepped up pressure on the Federal Reserve. With the term of the current Federal Reserve chair, Jerome Powell, set to end in May, Trump said he would announce his pick to replace Powell on Friday. Speculation has intensified on prediction markets. On Polymarket and Kalshi, betting volumes on the question “Who will Trump nominate as Fed chair?” had respectively reached about US$294.24 million and US$81.61 million by... https://www.scmp.com/economy/global-economy/article/3341813/trumps-fed-pick-new-clear-favourite-emerges-chair-race-succeed-powell?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3341813/trumps-fed-pick-new-clear-favourite-emerges-chair-race-succeed-powell?utm_source=rss_feed Fri, 30 Jan 2026 08:30:19 +0000 Enoch Yiu Enoch Yiu Hong Kong’s de facto central bank has warned the public to beware of interest rate uncertainties this year after leaving its base rate unchanged, following a similar move overnight by the US Federal Reserve, leaving borrowers in the city with a longer wait for funding costs to fall. The Hong Kong Monetary Authority (HKMA) announced its decision to keep the city’s base rate at 4 per cent on Thursday morning. Hours earlier, the Fed also kept its target rate in the range of 3.5 per cent to 3.75 per... https://www.scmp.com/business/banking-finance/article/3341602/hkma-follows-federal-reserve-keep-interest-rate-unchanged?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341602/hkma-follows-federal-reserve-keep-interest-rate-unchanged?utm_source=rss_feed Wed, 28 Jan 2026 23:07:07 +0000 Agence France-Presse Agence France-Presse The US Federal Reserve held interest rates steady on Wednesday at its first policy gathering this year, citing robust economic growth, as the central bank resists President US Donald Trump’s mounting pressure for cuts. The Fed’s 10-2 vote maintains rates at a range between 3.50 per cent and 3.75 per cent, an outcome that was widely expected as officials await more data on the world’s biggest economy. In a statement on its decision, policymakers flagged that economic activity has been “expanding... https://www.scmp.com/news/world/united-states-canada/article/3341596/us-federal-reserve-holds-interest-rates-steady-defying-trump-pressure?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3341596/us-federal-reserve-holds-interest-rates-steady-defying-trump-pressure?utm_source=rss_feed Wed, 28 Jan 2026 19:23:17 +0000 Sylvia Ma Sylvia Ma For decades, the US dollar has served as the currency of global reserve, the de facto anchor for the vast majority of international exchanges. Consequently, United States government debt – most commonly in the form of Treasury assets such as bonds, notes and bills – has long been regarded as a safe haven by investors, prized for its unmatched liquidity and deep market penetration. That faith has remained strong in the past, even amid global financial crises. But the events of recent weeks... https://www.scmp.com/economy/global-economy/article/3341391/age-trump-are-safe-haven-us-assets-not-so-safe-any-more?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3341391/age-trump-are-safe-haven-us-assets-not-so-safe-any-more?utm_source=rss_feed Tue, 27 Jan 2026 22:00:13 +0000 Mia Nurmamat Mia Nurmamat An adviser to China’s central bank has publicly questioned the stability of the United States’ debt – highlighting growing concerns over Washington’s fiscal trajectory and the risk of a global spillover. “I’ve heard so many people telling me that [debt] as a share of GDP [gross domestic product] has been rising and probably will continue to rise. That’s probably not sustainable,” said Huang Yiping, an adviser to the People’s Bank of China, on Wednesday. The current institutional setting in the... https://www.scmp.com/economy/global-economy/article/3340716/china-central-bank-adviser-flags-us-debt-probably-not-sustainable?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3340716/china-central-bank-adviser-flags-us-debt-probably-not-sustainable?utm_source=rss_feed Thu, 22 Jan 2026 04:00:13 +0000 Julian Ryall Julian Ryall Ahead of US President Donald Trump’s second term, conservative groups in Japan – from right-leaning media outlets to politicians – celebrated his return to the White House as a golden opportunity for Tokyo to deepen trade with the world’s largest economy and cement its role as Washington’s key security partner in Asia. Just over a year later, that optimism has faded. The same commentators who once predicted that Japan and the US would prosper together under Trump’s leadership, marching in... https://www.scmp.com/week-asia/politics/article/3340755/japans-conservatives-turn-sour-trump-fears-abandonment-deepen?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3340755/japans-conservatives-turn-sour-trump-fears-abandonment-deepen?utm_source=rss_feed Thu, 22 Jan 2026 03:00:09 +0000 Anthony Rowley Anthony Rowley Amid the rising chorus of criticism of US President Donald Trump and his administration’s egregious policy actions, the voices of multilateral institutions have been sadly muted. These internationally owned and supposedly independent bodies appear to be running scared of losing their access to US funding, but the greater risk for them is a loss of credibility if they continue with this cautious approach. By contrast, the heads of a dozen or so central banks have summoned sufficient courage to... https://www.scmp.com/opinion/world-opinion/article/3340012/key-voices-missing-chorus-criticism-trumps-destructive-actions?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3340012/key-voices-missing-chorus-criticism-trumps-destructive-actions?utm_source=rss_feed Sat, 17 Jan 2026 08:30:08 +0000 Xinyi Wu Xinyi Wu China trimmed its holdings of US Treasuries in November to the lowest level since 2008, diverging from a global trend that saw total foreign ownership of the debt instruments hit a record high. Analysts say the prospect of a politicised Federal Reserve chairmanship under Donald Trump’s presidency has deepened Beijing’s concerns over its exposure to American debt, with more cuts expected. Beijing’s stockpile fell to US$682.6 billion in November, down from US$688.7 billion in October, according to... https://www.scmp.com/economy/global-economy/article/3340164/china-dumps-more-us-debt-buys-other-assets-trump-targets-powell?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3340164/china-dumps-more-us-debt-buys-other-assets-trump-targets-powell?utm_source=rss_feed Fri, 16 Jan 2026 13:00:09 +0000 Nicholas Spiro Nicholas Spiro One acronym has epitomised investors’ perception of US President Donald Trump’s resolve in following through on his threats to impose sky-high tariffs on America’s trading partners. On May 2 last year, Financial Times commentator Robert Armstrong came up with “Taco”, which stands for “Trump always chickens out”. This was meant to describe the sharp rally in stock markets following Trump’s decision in April to suspend his “reciprocal” tariffs. Further climbdowns, albeit partial ones, convinced... https://www.scmp.com/opinion/world-opinion/article/3339950/taco-trump-its-traders-who-are-chickening-out-now?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3339950/taco-trump-its-traders-who-are-chickening-out-now?utm_source=rss_feed Thu, 15 Jan 2026 08:30:09 +0000 Bloomberg Bloomberg New Zealand Foreign Affairs Minister Winston Peters rebuked the country’s new Reserve Bank governor, Anna Breman, for wading into US domestic politics after she signed a statement with other global central bankers backing Federal Reserve Chair Jerome Powell. “The RBNZ has no role, nor should it involve itself, in US domestic politics. We remind the governor to stay in her New Zealand lane and stick to domestic monetary policy,” Peters said on social media. He added that the Ministry of Foreign... https://www.scmp.com/news/asia/australasia/article/3339810/new-zealand-central-bank-chief-told-stay-her-lane-after-backing-us-feds-powell?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3339810/new-zealand-central-bank-chief-told-stay-her-lane-after-backing-us-feds-powell?utm_source=rss_feed Wed, 14 Jan 2026 03:37:08 +0000 Zhang Shidong,Daniel Ren Zhang Shidong,Daniel Ren UBS Group conveyed a sanguine outlook on Chinese stocks in 2026, as the world’s second-largest economy proved to be an important alternative for global investors seeking to diversify away from US equities, which face headwinds from stretched valuations to jitters about the independence of the Federal Reserve. Chinese stocks are expected to be energised by the nation’s growing innovation capability, greater adoption of artificial intelligence across traditional industries and potential inflows... https://www.scmp.com/business/china-business/article/3339725/ubs-conveys-upbeat-note-chinese-stocks-2026-global-investors-seek-diversification?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3339725/ubs-conveys-upbeat-note-chinese-stocks-2026-global-investors-seek-diversification?utm_source=rss_feed Tue, 13 Jan 2026 07:56:50 +0000 Reuters Reuters The Trump administration has threatened to indict Federal Reserve Chair Jerome Powell over Congressional testimony he gave last summer about a Fed building project, ‌an action Powell called a “pretext” to gain more influence over the central bank and monetary policy. The development in the long-simmering effort by President Donald Trump for greater control over the Fed had immediate fallout, ‍with Republican Senator Thom Tillis, a member of the Senate Banking Committee that vets Presidential... https://www.scmp.com/news/world/united-states-canada/article/3339525/trump-powell-conflict-escalates-threat-criminal-indictment?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3339525/trump-powell-conflict-escalates-threat-criminal-indictment?utm_source=rss_feed Mon, 12 Jan 2026 01:50:21 +0000 Enoch Yiu Enoch Yiu The US Federal Reserve under a new chairman in 2026 is expected to press ahead with interest rate cuts of up to 75 basis points, a move that would lower Hong Kong’s interbank-linked loan costs but leave prime lending rates stuck at their historical low, according to analysts. The Fed and the Hong Kong Monetary Authority (HKMA) both reduced their key policy rates by a total of 75 basis points in 2025, following a full percentage-point rate cut in 2024. Hong Kong’s base rate now stands at 4 per... https://www.scmp.com/business/banking-finance/article/3337042/hong-kong-interbank-rates-forecast-drop-expected-us-monetary-easing-2026?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3337042/hong-kong-interbank-rates-forecast-drop-expected-us-monetary-easing-2026?utm_source=rss_feed Thu, 01 Jan 2026 23:00:09 +0000 Bloomberg Bloomberg US President Donald Trump teased that he has a preferred candidate to be the next head of the Federal Reserve but is in no hurry to make an announcement while also musing that he might fire the central bank’s current leader, Jerome Powell. “I do, still do – hasn’t changed,” Trump said at a press conference on Monday, when asked if he has a favourite candidate. “I'll announce him at the right time. There’s plenty of time.” Trump added that Powell “should resign” and that he would “love to fire... https://www.scmp.com/news/world/united-states-canada/article/3338083/trump-says-he-still-might-fire-powell-federal-reserve-chief-teasing-preferred-pick?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3338083/trump-says-he-still-might-fire-powell-federal-reserve-chief-teasing-preferred-pick?utm_source=rss_feed Mon, 29 Dec 2025 23:38:50 +0000 Sylvia Ma Sylvia Ma China’s central bank has set the yuan’s daily reference rate at its strongest level in 15 months, as the currency strengthened in offshore trading and briefly broke through the closely watched seven-per-US-dollar threshold. The People’s Bank of China set the yuan’s midpoint, or daily fixing rate, at 7.0331 to the US dollar on Monday – its strongest showing since early October 2024. The move followed a recent rally in the Chinese currency, with the offshore yuan briefly breaching the benchmark... https://www.scmp.com/economy/economic-indicators/article/3337988/china-sets-yuan-fixing-rate-15-month-high-amid-offshore-gains?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3337988/china-sets-yuan-fixing-rate-15-month-high-amid-offshore-gains?utm_source=rss_feed Mon, 29 Dec 2025 05:00:07 +0000 SCMP Editorial SCMP Editorial The US Federal Reserve has delivered its last rate cut of the year, a decision that was widely expected by market insiders but which nonetheless deeply divided the voting central banking members. The reduction of the benchmark interest rate by 0.25 percentage points to between 3.5 per cent and 3.75 per cent brings the federal funds rate to its lowest level in more than three years. Thanks to the US-Hong Kong dollar peg, the Hong Kong Monetary Authority (HKMA) accordingly cut its base interest... https://www.scmp.com/opinion/comment/article/3336180/hong-kong-must-find-new-growth-areas-amid-uncertain-us-monetary-policy?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3336180/hong-kong-must-find-new-growth-areas-amid-uncertain-us-monetary-policy?utm_source=rss_feed Fri, 12 Dec 2025 22:45:08 +0000 Yulu Ao Yulu Ao Hong Kong stocks closed flat on Thursday as the US Federal Reserve’s rate cut briefly lifted sentiment, while investors still awaited policy signals ahead of China’s central economic work conference. The Hang Seng Index edged down less than 0.1 per cent to 25,530.51 as of the close of trading, after rising as much as 1 per cent earlier. The Hang Seng Tech Index fell 0.8 per cent. On the mainland, the CSI 300 Index dropped 0.9 per cent and the Shanghai Composite Index lost 0.7 per cent. Chinese... https://www.scmp.com/business/china-business/article/3335980/hong-kong-stocks-advance-china-stimulus-bets-and-fed-interest-rate-cut?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3335980/hong-kong-stocks-advance-china-stimulus-bets-and-fed-interest-rate-cut?utm_source=rss_feed Thu, 11 Dec 2025 02:25:03 +0000 Enoch Yiu Enoch Yiu Six major lenders in Hong Kong, including three note-issuing banks – HSBC, Standard Chartered and Bank of China (Hong Kong) – have kept their prime lending and savings rates unchanged, even though the Hong Kong Monetary Authority (HKMA) lowered the base rate on Thursday. Analysts said commercial banks found it difficult to reduce lending rates further because savings rates were already close to zero, meaning any cut in prime lending rates alone would erode profitability. Hong Kong banks set... https://www.scmp.com/business/banking-finance/article/3335973/hong-kong-pares-base-rate-salve-borrowers-split-fed-signals-fewer-cuts-ahead?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3335973/hong-kong-pares-base-rate-salve-borrowers-split-fed-signals-fewer-cuts-ahead?utm_source=rss_feed Wed, 10 Dec 2025 23:30:27 +0000 Frank Tang Frank Tang The US central bank announced on Wednesday it would slash the benchmark interest rate by a quarter of a percentage point, though this year’s third cut has long been criticised by President Donald Trump as too late and too little. The cut decision made by the Federal Open Market Committee (FOMC), the monetary-policy organ affiliated to the Federal Reserve, was broadly in line with market expectations, but fell short of Trump’s demand of a larger cut. The benchmark interest rate after the... https://www.scmp.com/news/us/economy-trade-business/article/3335968/us-fed-delivers-quarter-point-rate-cut-trump-renews-pressure-central-bank?utm_source=rss_feed https://www.scmp.com/news/us/economy-trade-business/article/3335968/us-fed-delivers-quarter-point-rate-cut-trump-renews-pressure-central-bank?utm_source=rss_feed Wed, 10 Dec 2025 19:09:51 +0000 Yulu Ao Yulu Ao Hong Kong stocks closed higher on Wednesday as investors bet on Beijing’s stimulus measures to shore up the property market and broader economy while waiting for clues on the US Federal Reserve’s policy path next year. The Hang Seng Index rose 0.3 per cent to 25,540.78 at the close of trading after falling as much as 0.7 per cent earlier in the session. The Hang Seng Tech Index rose 0.5 per cent. On the mainland, the CSI 300 Index fell 0.1 per cent and the Shanghai Composite Index slipped 0.2... https://www.scmp.com/business/china-business/article/3335827/hong-kong-stocks-extend-losses-wall-street-caution-weighs-sentiment?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3335827/hong-kong-stocks-extend-losses-wall-street-caution-weighs-sentiment?utm_source=rss_feed Wed, 10 Dec 2025 02:25:58 +0000 Sylvia Ma Sylvia Ma China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year, with analysts expecting room for appreciation should a December rate cut by the US Federal Reserve weaken the dollar. The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0796 to the US dollar on Wednesday – the strongest showing since October 2024. The decision followed a 0.34 per cent rally in the offshore yuan on Tuesday,... https://www.scmp.com/economy/china-economy/article/3334178/china-sets-strongest-yuan-fix-over-year-fed-cut-bets-rise?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3334178/china-sets-strongest-yuan-fix-over-year-fed-cut-bets-rise?utm_source=rss_feed Wed, 26 Nov 2025 05:10:10 +0000 Bloomberg Bloomberg US Treasury Secretary Scott Bessent said that a key theme of his interviews for the next chair of the Federal Reserve has been simplifying the US central bank, which he indicated has become too complex in how it manages money markets. “One of the things in terms of the criteria that I’ve been looking for” has been the interplay of the Fed’s various instruments, Bessent said on CNBC Tuesday. “I realise the Fed has become this very complicated operation.” Bessent said his final second-round... https://www.scmp.com/news/world/united-states-canada/article/3334145/trump-eyes-christmas-deadline-name-new-fed-chair-bessent-says?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3334145/trump-eyes-christmas-deadline-name-new-fed-chair-bessent-says?utm_source=rss_feed Tue, 25 Nov 2025 16:12:29 +0000 Reuters Reuters The economic impact of the US government shutdown is far worse than expected, but the US economy is likely to rebound quickly once it ends, White House economic adviser Kevin Hassett said on Friday. Construction projects are starting to slow down and travel is suffering, Hassett said in an interview with Fox Business Network. “Travel and leisure is a place that’s really being heavily hit right now, and if it continues to get hit, if the air travel thing goes south for another week or two, then... https://www.scmp.com/news/world/united-states-canada/article/3332000/us-government-shutdown-far-worse-expected-white-house-adviser-says?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3332000/us-government-shutdown-far-worse-expected-white-house-adviser-says?utm_source=rss_feed Fri, 07 Nov 2025 14:27:28 +0000 Kandy Wong,Sylvia Ma Kandy Wong,Sylvia Ma When US President Donald Trump fired the opening salvoes of his country’s trade war with China in his first term, Beijing’s currency was on the front lines. By 2019, the yuan had tumbled past the benchmark value of seven per US dollar for the first time in over a decade, rattling investors and fuelling speculation that Beijing was allowing depreciation to mitigate the effects of tariffs. As Washington and Beijing began to lock horns once again, with Trump’s second White House foray bringing with... https://www.scmp.com/economy/global-economy/article/3331309/china-holds-line-trade-war-20-its-yuan-follows-suit?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3331309/china-holds-line-trade-war-20-its-yuan-follows-suit?utm_source=rss_feed Tue, 04 Nov 2025 22:00:09 +0000