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Central banks

Central banks
News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.
People walk on the boardwalk in front of Singapore’s financial centre. Photo: AFP
Asean

Why Singapore, Thailand are among the world’s ‘happiest’ economies

Southeast Asian countries outdid larger economies in the 178-nation Hanke’s Annual Misery Index for 2025.

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Commodities

Gold loses its shimmer in Asia over rising oil prices, hawkish Fed stance

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Brics

Brics to push for intra-currency payments as ‘immunity’ against Western clout

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Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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The Hong Kong Monetary Authority maintained the city’s base rate at 4 per cent on Thursday. Photo: Jonathan Wong
United States

Powell says he’ll stay at Fed as governor, defying Trump

Outgoing chair triggers fresh clash with the White House by exercising his right to remain on the Fed board.

Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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United States

US drops criminal probe of Fed chair Powell, likely clearing way for Warsh

Judge James Boasberg, said prosecutors had produced ‘essentially zero evidence’ to suspect Powell of a crime.

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US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18. Photo: AFP
Stock Connect

Brazil beckoned: China now has stock and bond ‘connect’ schemes in 5 regions

Strategic financial corridors now bridge mainland bourses with global hubs, enabling more seamless investment through specialised fund vehicles and receipts.

Japan

Macroscope | Why fixing Japan’s monetary policy isn’t getting any easier

The wrong kind of inflation and the effects of the war in Iran complicate the outlook for Japanese interest rates.

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United States

Trump’s pick for Fed chief, calls for ‘regime change’ at US central bank

The remarks were made at a contentious confirmation hearing, which took place amid a criminal probe of current chair Jerome Powell.

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Kevin Warsh, US President Donald Trump’s nominee for Chair of the Federal Reserve, testifies in Washington on Tuesday. Photo: AFP
China trade

China presses IMF for quota reform, better surveillance of advanced economies

PBOC head urges IMF to ‘stand against protectionism’ amid effects from tariffs, Iran war.

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PBOC governor Pan Gongsheng appears with Kristalina Georgieva, managing director of the IMF. Photo: handout
China digital currency

Hong Kong seen leading Asia in push to scale stablecoins, HSBC says

Interoperability and real-world applications seen as key hurdles as city looks to unlock tokenisation’s full potential.

US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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Yuan

China boosts overseas-loan quotas as ‘panda bond’ issuance hits record high

Beijing’s move to lift offshore-loan quotas seen helping stabilise yuan against weaker US dollar while accommodating a surge in net financing via ‘panda bonds’.

A person walks past the building of China’s central bank in Beijing. Chinese regulators have raised the overseas-loan leverage ratio for foreign banks in China and their joint ventures with Chinese lenders. Photo: Getty Images
India

Macroscope | How the rupee’s fall shows India’s struggle to overcome vulnerabilities

While India’s economy is stronger than it was in previous sell-offs, lingering weaknesses are coming to the fore and driving new tensions.

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A man counts Indian rupee notes at a roadside currency exchange stall in the old quarters of Delhi on February 2. Photo: Reuters
Foreign exchange market

China trims US Treasury holdings as global ownership hits record

Beijing slightly pares its sovereign US debt position as private investors and certain financial hubs drive demand up.

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China trade

Hungary’s PM-elect Magyar sends warm overture to China, vows fair play for firms

Peter Magyar pledges reforms to restore transparency and fiscal stability as Hungary shifts from Viktor Orban’s investment model.

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Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

People walk past Chinese yuan and US dollar symbols in Hong Kong. Former PBOC governor Zhou Xiaochuan says China should seize fresh opportunities to promote the yuan as an international currency. Photo: AFP
Banking & finance

Calls grow for HKMA to go further on stablecoins after conservative first batch

Analysts and investors say the HKMA’s cautious approach prioritises risk control, but limits Hong Kong’s digital asset ambitions.

Pakistan

UAE pulls US$3.5 billion from Pakistan after Iran war mediation

As Abu Dhabi signals its displeasure with Islamabad, analysts say other indebted partners will be watching closely.

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Banking & finance

Data errors push Xin Hua Fund into spotlight after rare central bank warning

The incident marks an unusual intervention by the People’s Bank of China, which typically leaves oversight of mutual funds to the securities regulator.

Public criticism of a mutual fund manager by the central bank is uncommon, as oversight of the sector typically falls under the China Securities Regulatory Commission. Photo: Reuters
Banking & finance

As France pulls gold from the US, how can China become the next global gold hub?

Federal Reserve is no longer seen as a ‘safe’ place for nations to store gold as Trump’s unpredictability spooks the world’s central banks.

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Five-tael (190 grams or 6.65 ounces) gold bars are seen at a jewellery store in Hong Kong as China is urged to become a global gold hub as Trump’s instability spooks central banks worldwide. Photo: Reuters
Hong Kong economy

Letters | Hong Kong is not competing with US stablecoins or the digital renminbi

Readers discuss the city’s stablecoin ambitions, the use of e-payments, and the role eHealth could play in stroke prevention.

Yuan

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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Commodities

Gold may reverse course once Iran war ends, Fed adopts policy easing

Gold has been on a wild ride this year, surging as much as 25 per cent before the war in Iran wiped out almost all the gains.

Customers look at gold jewelry at a store in Hangzhou, Zhejiang province, China on March 23, 2026. Photo: CFOTO/Future Publishing via Getty Images
US, Israel war on Iran

Macroscope | Why dollar and gold prices are looking abnormal amid Iran war

Two apparent anomalies stand out in recent market movements – the rising dollar and falling gold prices.

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US President Donald Trump arrives to speak about the Iran war from the Cross Hall of the White House on April 1. Photo: AP
European Central Bank

Macroscope | Asian central banks largely powerless in face of Iran war energy shock

Central banks cannot pump oil into the global economy in the same way they can flood the financial system with liquidity.

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China inflation

China has ‘room’ for imported inflation, but economic risks rising: PBOC adviser

As US-Israel war with Iran sends prices up, a monetary expert says impact on China depends on conflict’s severity, while higher energy costs are worrying.

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