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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.
Many mainstream economists think the yuan faces insurmountable barriers to internationalising as a major currency because of domestic capital controls. They are not wrong, but Beijing has different goals. Photo: Shutterstock
Yuan

Editorial | Why China’s yuan is gaining appeal

More countries find yuan financing attractive. Even without full convertibility, the Chinese currency offers something invaluable.

China-Latin America relations

How a US$5 billion Chinese lifeline to Argentina shrank to almost nothing

Yuan

As China’s yuan hits multi-year highs, Beijing puts the focus on stability

Accounting and auditing

Evergrande liquidators seek US$8.4 billion from PwC units in Hong Kong lawsuit

PwC International seeks removal from case as liquidators press claims against global arm as well as the Hong Kong and mainland China units.

A general view of The High Court in Admiralty. Photo: Warton Li
Scams and swindles

Letters | Hong Kong must strengthen its banking system against scams

Readers call for stronger systemic defences as technology evolves, and no let-up in efforts to combat illegal betting ahead of the World Cup.

China economy

Resilient economy lifts Chinese banks, but property debt drags, experts say

Steady growth and stabilising China-US ties support banks, with PBOC expected to keep rates steady, according to economists.

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Hong Kong property

Mainland Chinese demand for Hong Kong homes grows on yuan gains and rising rents

Purchases climb to a two-year high in April as mainland Chinese buyers pile into new launches, drawn by rental yields and yuan’s strength.

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The value of purchases in the first four months of 2026 reached HK$61.6 billion, equal to 45 per cent of last year’s HK$137.9 billion total. Photo: Jelly Tse
SFC

Hong Kong regulator now a ‘collection agent’ for wronged investors

SFC follows international peers by pursuing compensation for victims rather than fines in some cases of securities misconduct.

US Federal Reserve

Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Miran quit his job as a Trump economic adviser to join the US Federal Reserve board, where he became known as a vocal dove.

Brics

Opinion | Brics is less a structure than a sentiment

Despite lacking geopolitical alignment, Brics captures a prevailing mood among emerging economies that won’t fade away any time soon.

Brazilian President Luiz Inacio Lula da Silva (left) and President Xi Jinping attend the 2023 Brics Summit at the Sandton Convention Centre in Johannesburg, South Africa, on August 24, 2023. Photo: AFP
China debt

China’s credit demand weak in April despite policy support, strong industry

Lending growth slows as borrowing demand from households and businesses remains weak.

An elderly man walks past a bank branch in the Central Business District in Beijing in April. Photo: EPA-EFE
Hong Kong property

Chow Tai Fook turns from tenant to owner with Hong Kong school property deal

Cheng family entities acquire DSC International School site, with the purchase a bet on demand for international schools in city: analysts.

China economy

Opinion | Why the world needs China to save more, not less

The IMF assumes China should save less. China’s saving is key to financing the developing world’s need for green infrastructure.

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China stock market

Xi-Trump meeting could lift Chinese stocks 12%: Morgan Stanley

‘Moderate’ upside is possible as investors ‘direct attention back to China somewhat’, assuming trade truce is extended, bank says.

A girl sits on The Bund Bull sculpture in Shanghai on April 9, 2025. Photo: AFP
Biomedicine: Companies

Hong Kong-listed firm uses AI to make nano-rockets to deliver life-saving drugs

METiS TechBio debuts on Hong Kong stock market as its CEO compares the drug design start-up to SpaceX for the pharmaceutical industry.

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METiS TechBio debuts on Hong Kong stock market and raises HK$2.11 billion (US$269.5 million) from the sale of 201.23 million shares at HK$10.50 each. Photo: Jelly Tse
Yuan

How Australia’s mining giants are helping China to globalise the yuan

Mining firms are increasingly using the yuan for financing and settlements, as China pushes to reduce its reliance on the US dollar.

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Hong Kong society

Editorial | Tightened rules for Hong Kong’s money lenders will protect helpers

Moves to regulate the moneylender sector must be accompanied by strengthening law enforcement and stepping up education efforts.

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United States

US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board

The decision clears the way for Warsh to take over the role of Fed chair from Jerome Powell later this week.

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Kevin Warsh testifies before a Senate Banking Committee confirmation hearing on Capitol Hill in April. Photo: Reuters
China property

Ex-adviser urges China to tackle inequality with higher taxes on ultra-rich

Raising taxes on assets, incomes of high earners will add to state revenues and incentivise protecting property rights, economist says.

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China trade

Pakistan to tap China debt market with first sale of yuan-priced ‘panda bonds’

Islamabad turns to ‘panda bonds’ to secure cheaper credit and diversify its borrowing into yuan-denominated funding, with a focus on sustainable development.

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Britain

Investors bet CK Hutchison is exiting a mature sector at right time – once again

Disposal of VodafoneThree adds to Li family’s record of cycle-savvy moves, with investors weighing where war chest will flow next.

For decades, the Li family, which controls CK Hutchison, has built a reputation for exiting businesses near the top of market cycles, according to analysts. Photo: Sam Tsang
US, Israel war on Iran

US tells banks to flag suspected Iranian money-laundering networks

Banks are asked to look out for oil labelled ‘Malaysian blend’ to disguise its Iranian origin and missing or falsified shipping documents.

Vessels anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. Photo: ISNA via AFP
China property

China’s bond market faces climbing re-defaults as property crisis drags on

Re-defaults erode credit differentiation as homebuyer confidence weakens under slow income growth and high leverage, analysts warn.

Hong Kong stock market

China’s ChiNext Index up 3.5% as global semiconductor rally broadens

Tech-heavy index breaches the 3,900-point mark amid strong signals from Beijing that it is committed to chip self-sufficiency.

Japan

Macroscope | How Japan’s new economic model could inspire others to ‘look east’

As Tokyo seeks to boost its economic security, policymakers are tapping into household wealth and assets to advance industrial ambitions.

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Japanese Prime Minister Sanae Takaichi delivers a speech at a New Year’s reception hosted by three economic organisations in Tokyo on January 6. Photo: AFP
US Federal Reserve

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Illustration: Henry Wong
Singapore

Singapore shines as a stable investment oasis in a global storm

Wealthy families are trading global uncertainty for Singapore’s regulatory rigour, driving record inflows and a revitalised stock exchange.

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US-China relations

China plan to be global arbitration hub fighting Western distrust: experts

China’s newly revised Arbitration Law marks the most significant overhaul of the country’s commercial dispute framework since 1994.

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