https://www.scmp.com/rss/523194/feed The latest news and top stories on Society for Worldwide Interbank Financial Telecommunication (Swift). A La Hulpe Belgium based member-owned cooperative, Swift provided a secure messaging network for global financial institutions for facilitating cross-border payments, developing financial messaging standards and assigning Swift codes. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Alex Lo Alex Lo Some patriots in China fantasise a lot about the yuan displacing the greenback as the world’s dominant currency. Other anti-American critics think the US dollar will collapse any day now. I consider myself as patriotic as the next Chinese person, but I am not sure it’s even Beijing’s policy to dethrone the dollar; perhaps it’s a long-term aspiration. The dollar doomers are basically doing a Gordon Chang, of The Coming Collapse of China infamy, but in reverse. A podcast this month between... https://www.scmp.com/opinion/article/3352172/why-we-speak-english-and-use-us-dollar-now?utm_source=rss_feed https://www.scmp.com/opinion/article/3352172/why-we-speak-english-and-use-us-dollar-now?utm_source=rss_feed Fri, 01 May 2026 14:30:11 +0000 Mark Magnier Mark Magnier China has crafted markets, mechanisms and incentives as the world’s largest buyer of commodities in a bid to free itself from its dependence on the US dollar, but the biggest threat to Washington’s global dollar dominance may well be Washington itself, witnesses said in testimony on Thursday before a key advisory committee to the US Congress. Economic sanctions and access to US-led global banking systems are a powerful US tool that can be used to great effect, said experts before the US-China... https://www.scmp.com/news/us/economy-trade-business/article/3350382/why-biggest-threat-us-global-dollar-dominance-may-well-be-washington-itself?utm_source=rss_feed https://www.scmp.com/news/us/economy-trade-business/article/3350382/why-biggest-threat-us-global-dollar-dominance-may-well-be-washington-itself?utm_source=rss_feed Thu, 16 Apr 2026 23:42:50 +0000 Sylvia Ma Sylvia Ma Mainstream metrics may understate the role of China’s currency in global payments, as a growing share of transactions is now routed through Beijing’s own cross-border payment system and not fully reflected in conventional data sets, analysts say. This could help explain the gap between Beijing’s official narrative – which describes the yuan as the world’s third-largest payment currency – and readings from tracking systems such as the Society for Worldwide Interbank Financial Telecommunication... https://www.scmp.com/economy/china-economy/article/3348907/chinas-yuan-may-be-going-global-faster-western-data-suggests-analysts-say?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348907/chinas-yuan-may-be-going-global-faster-western-data-suggests-analysts-say?utm_source=rss_feed Mon, 06 Apr 2026 15:00:07 +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 Lam Ka-sing Lam Ka-sing Hong Kong could emerge as the world’s leading financial centre as the central government pushes to internationalise the yuan – a move that will advance the nation’s development under the 15th five-year plan while also driving the city’s own growth, a National People’s Congress (NPC) deputy has said. Li Yinquan said the city stood to benefit from increased capital as the yuan became more internationalised, since most global renminbi reserves and transaction volumes would naturally be held in Hong... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3346011/hong-kong-tipped-be-worlds-top-financial-centre-amid-global-yuan-expansion-plan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3346011/hong-kong-tipped-be-worlds-top-financial-centre-amid-global-yuan-expansion-plan?utm_source=rss_feed Tue, 10 Mar 2026 00:30:11 +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 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 Albert Bakhtizin Albert Bakhtizin This month, the Russian Academy of Sciences completed a study assessing the comprehensive strength of 193 countries across economic, technological, demographic, military, infrastructural and other dimensions. This annual assessment of national power is conducted using advanced methods of multivariate statistical analysis. The latest results, calculated for 2025 and 2026, show the global balance of power has finally shifted from the United States towards China. Also, several regional power cores... https://www.scmp.com/opinion/china-opinion/article/3333151/power-balance-tips-china-world-needs-fairer-financial-system?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3333151/power-balance-tips-china-world-needs-fairer-financial-system?utm_source=rss_feed Thu, 20 Nov 2025 12:30:09 +0000 Kandy Wong Kandy Wong The International Air Transport Association (IATA) will add the yuan to the settlement currencies available to airlines and aviation suppliers through the industry association’s clearing house, a move bolstering China’s efforts to promote the internationalisation of its currency. Yuan settlements will be available from next month following the completion of a trial period, the association said in a statement issued on Wednesday, with domestic carriers China Southern Airlines and Xiamen Airlines... https://www.scmp.com/economy/china-economy/article/3331728/yuan-internationalisation-efforts-uplifted-airlines-add-currency-settlement-options?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3331728/yuan-internationalisation-efforts-uplifted-airlines-add-currency-settlement-options?utm_source=rss_feed Thu, 06 Nov 2025 07:30:09 +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 Alice Li,Sylvia Ma Alice Li,Sylvia Ma China’s central bank has adopted a more proactive tone when describing its efforts to promote the global use of the yuan – a rhetorical change that could signal increased efforts to internationalise the currency amid growing concerns over the US dollar. At a recent meeting, People’s Bank of China Governor Pan Gongsheng pledged to “promote the internationalisation of the yuan”, a noticeable shift in tone from earlier statements by central bank officials, which typically referred to “prudently and... https://www.scmp.com/economy/china-economy/article/3330605/new-phrase-new-phase-chinas-central-bank-adjusts-language-yuan-internationalisation?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3330605/new-phrase-new-phase-chinas-central-bank-adjusts-language-yuan-internationalisation?utm_source=rss_feed Tue, 28 Oct 2025 08:08:42 +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 Laura Zhou Laura Zhou A yuan-based payment system would be crucial to building the multipolar world China has been calling for, according to a Russian billionaire and close associate of President Vladimir Putin. “A multipolar world will depend on how quickly China could develop a payment system, and it depends upon Chinese banks,” Oleg Deripaska, the founder of Russian aluminium giant Rusal, said in Beijing on Wednesday. “Chinese banks are too dependent upon dollar assets, and they are scared to death to take any... https://www.scmp.com/news/china/diplomacy/article/3324469/chinas-vision-new-multipolar-order-depends-yuan-based-system-oleg-deripaska-says?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3324469/chinas-vision-new-multipolar-order-depends-yuan-based-system-oleg-deripaska-says?utm_source=rss_feed Fri, 05 Sep 2025 10:00:12 +0000 Sylvia Ma Sylvia Ma China’s central bank and finance ministry have discussed creating a better mechanism for issuing sovereign debt overseas, as Beijing eyes a greater global role for the yuan amid wavering confidence in the US dollar. Beijing has been upping efforts to increase the use of its currency in international markets in recent months, as trading in US dollar assets becomes increasingly volatile amid President Donald Trump’s tariff blitz, aggressive spending plans, and attempts to interfere in the workings... https://www.scmp.com/economy/china-economy/article/3324341/china-eyes-honing-its-bond-issuance-mechanism-boost-yuans-global-role?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3324341/china-eyes-honing-its-bond-issuance-mechanism-boost-yuans-global-role?utm_source=rss_feed Thu, 04 Sep 2025 11:00:10 +0000 Xinmei Shen,Zhou Xin Xinmei Shen,Zhou Xin Cryptocurrency entrepreneur Justin Sun says he is trying to establish the Tron blockchain, which he founded and launched in 2018, as the virtual asset industry’s answer to Swift – the main messaging network used by the global banking system – on the back of a surge in stablecoin transactions around the world. “I estimate that our facilitated transactions will exceed Swift’s in the next five years,” Sun, 35, said in an interview with the South China Morning Post. He added that the transaction... https://www.scmp.com/tech/blockchain/article/3323759/justin-sun-eyes-swift-system-virtual-asset-sector-praises-hong-kong-crypto-progress?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3323759/justin-sun-eyes-swift-system-virtual-asset-sector-praises-hong-kong-crypto-progress?utm_source=rss_feed Sun, 31 Aug 2025 04:00:09 +0000 Julie Zhang Julie Zhang Ant International, Standard Chartered Bank and the Swift system said on Wednesday they were collaborating on a global cross-border remittance service that allowed direct transfers from overseas banks to users’ home wallet apps, backed by Alipay+. The programme’s live trials are limited to Standard Chartered Bank accounts and allow participants to send cash to 36 digital wallets around the world operated by Alipay+, a cross-border payment product run by Ant International. Most of its customers... https://www.scmp.com/business/banking-finance/article/3323336/ant-international-and-standard-chartered-partner-cross-border-remittance-service?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3323336/ant-international-and-standard-chartered-partner-cross-border-remittance-service?utm_source=rss_feed Wed, 27 Aug 2025 09:00:08 +0000 SCMP Editorial SCMP Editorial Barely a month after Australia’s Labor Prime Minister Anthony Albanese visited China to improve relations put on ice by his Liberal predecessor, the Bank of China announced it was leading the country’s largest syndicated, yuan-denominated loan to a foreign firm. Perth-based Fortescue is the world’s fourth-largest iron ore producer and China has long been its best customer, so the loan, worth a record 14.2 billion yuan (US$1.98 billion), makes good sense. The diplomatic thaw is bearing fruit. But... https://www.scmp.com/opinion/comment/article/3322499/record-yuan-loan-australian-miner-makes-good-sense?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3322499/record-yuan-loan-australian-miner-makes-good-sense?utm_source=rss_feed Wed, 20 Aug 2025 22:45:06 +0000