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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
A limited-edition mahjong set is among the incentives HSBC if offering. Photo: Handout
HSBC

Hong Kong banks lure wealthy clients with gold, mahjong sets, fireworks

HSBC, Hang Seng Bank, Standard Chartered, Citibank and DBS offer the metal to select clients while it hovers near a record high.

Mandatory Provident Fund (MPF)

Can Hong Kong’s MPF members repeat record gains in Year of the Horse?

Financial regulation

China puts another big bank under stricter watch – why now?

US Treasury

Opinion | Why Asia’s sovereign wealth funds are rethinking US Treasuries

Asian funds are no longer treating US Treasuries as the default destination for their surplus capital, but as one option among many.

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The Department of the Treasury building in Washington, DC, on August 20, 2022. Photo: AFP
China consumption

China’s gold rush: why families are doubling down on precious metals

Gold is becoming more popular in China ahead of the Lunar New Year, with households viewing the asset as a safety net amid an uncertain economy.

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Japan

Macroscope | How robust domestic financial markets could ease era of AI uncertainty

Attempts to develop financial centres must go beyond luring global capital and talent.

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China's economic recovery

As Chinese provinces slash revenue outlook, analysts warn of debt control

Local governments seen curbing infrastructure spending as Beijing’s fiscal discipline pushes regions to prioritise social services and tech over large projects.

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An unfinished construction project is seen in China’s Anhui province. A number of local-level governments that lent to certain real estate and infrastructure projects have had trouble getting paid back amid a property slowdown. Photo: Getty Images
Bitcoin

Crypto rout set to deepen as Standard Chartered warns of further downside risks

Bank expects a ‘price capitulation in the next few months’ before recovering for the rest of the year.

China’s crackdowns

Gold rush backlash: why China is clamping down on ‘get rich’ promises

Regulators intervene to contain fallout after volatility in global prices sparks market turmoil at home.

China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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Multilateral lender Africa Finance Corporation (AFC) has confirmed that a debut panda bond issuance is “on the table for this year”. Photo: Getty Images
Millionaires and billionaires

Li Ka-shing tops Hong Kong’s billionaire list with US$45.1 billion: Forbes

The collective net worth of tycoons on Hong Kong’s 50 Richest list rose 22 per cent to US$366 billion.

Li Ka-shing, dubbed “Superman” for his deal-making prowess, is Hong Kong’s richest individual. Photo: The Li Ka Shing Foundation
Hong Kong Monetary Authority (HKMA)

Hong Kong banks’ profit growth slows amid rising bad debt, slim margins

Profit growth slows to 7.3 per cent from 8.4 per cent a year earlier as bad loans exceed two-decade average, HKMA says.

Cryptocurrency

Hong Kong bridges traditional, digital finance with new virtual asset initiatives

The first initiative will allow licensed virtual asset brokers to offer margin financing to clients with strong credit profiles.

Yuan

China lets yuan rise to strongest level in years as de-dollarisation trend grows

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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The yuan has steadily appreciated against the US dollar in recent months amid a growing de-dollarisation trend among global investors. Photo: AFP
Hong Kong stock market

WuXi Biologics earnings jump as ‘follow and win the molecule’ strategy pays off

Chinese contract drug maker forecasts 46.3 per cent profit rise and signals continued growth despite US political scrutiny.

WuXi Biologics credits the performance to its “follow and win the molecule” strategy, which aims to secure work across the full lifecycle of client drugs. Photo: Shutterstock
Fintech

Indonesia turns to digital finance to reach unbanked population

With millions still lacking access to banking services, Indonesia is drawing on regional lessons and forging international partnerships.

Mainland China

China’s property woes likely to hurt some Hong Kong banks’ 2025 earnings: Citi

Bank of China (Hong Kong) and Bank of East Asia could be affected the most as they have the highest exposure to China’s property sector.

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Family offices

Hong Kong adds 681 family offices as wealthy shift focus from US: Deloitte

The auditing firm’s survey shows a 25 per cent increase in the city’s single-family offices over two years, with the affluent wary of US volatility.

There were an estimated 3,384 single-family offices in Hong Kong by the end of last year. Photo: Sam Tsang
Biomedicine: Industry Trends

Mainland China’s investors pour into Hong Kong-listed drug stocks

An index tracking Stock Connect buying of 40 mainland drug firms gains 9 per cent in a week as China’s industry heft grows.

Shanghai

China slashes wait times for loss-making tech firms seeking refinancing, fundraising

Three of China’s stock exchanges have relaxed fundraising time thresholds on listed tech companies as Beijing pushes for self-reliance.

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Cryptocurrency

Scams and outflows: why China slammed the door on real-world asset tokens

Beijing’s clampdown aims to help safeguard financial security and monetary sovereignty while leaving room for regulated fintech innovation in Hong Kong.

Stablecoins represent the most widely adopted use case for real-world assets on blockchains. Photo: Shutterstock
Mergers & Acquisitions

M&A market ‘firing on all cylinders’, headed for record year: Citigroup

Confident companies and investors, solid economic growth, low inflation and ample capital drive outlook, bank’s global M&A co-head says.

Guillermo Baygual, Citigroup’s global co-head of mergers and acquisitions, pictured in Hong Kong on February 6, 2026. Photo: Jonathan Wong
Bonds

Hong Kong firms rush to issue convertibles – and trend could continue: bankers

Issuers raised US$7.4 billion in convertibles in early 2026, nearly half of last year’s total, as they rushed to lock in high share prices.

Hong Kong stock market

Hong Kong urged to widen Stock Connect and woo global firms to boost listings

City should pitch Southeast Asia, Middle East to draw global listings and issue long-term bonds to attract patient capital, think tank says.

China-Singapore relations

Will Hong Kong, Singapore capture Asia’s capital inflows? DBS CEO weighs in

The two financial hubs are best choices for global investors seeking to diversify their portfolios amid geopolitical risks, Tan Su Shan says.

Interest rate cuts and geopolitical tensions are spurring international investors to eye faster-growing Asian markets, particularly Hong Kong and Singapore, according to DBS. Photo: Jonathan Wong
Mainland China

Farmers’ son banker Xu Yiding under probe by China’s anti-corruption watchdog

The Agricultural Development Bank of China vice-president was once held up as a model figure for finance-driven poverty reduction.

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Xu Yiding, awarded the the National Poverty Alleviation Innovation Award in 2017, is undergoing “disciplinary review and investigation”. Photo: Handout
Hong Kong property

How Hong Kong’s headquarters economy fuels rebound in commercial property

The headquarters economy is powering office and retail recovery, with rising demand, stabilising rents and renewed investor confidence.

Hong Kong property

How 2 landmark Central deals boost sentiment in Hong Kong’s office market

JLL’s Alex Barnes and his team closed decade-high single-tenant leases – deals that took on wider significance as rental declines slowed.

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