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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.
As part of its push to establish itself as a global cryptocurrency hub, Hong Kong has developed a comprehensive regulatory framework for digital assets. Photo: Jelly Tse
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

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Yuan

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

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.

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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Hong Kong economy

Should Hong Kong be using ‘war chest’ firepower for Northern Metropolis?

Rare HK$150 billion transfer from the Exchange Fund has sparked fierce debate.

Illustration: Lau Ka-kuen
Banking & finance

Open Dialogue | Gary Liu and Liu Xiaochun on the US and China’s divergent paths for stablecoins

As investors await Hong Kong’s first stablecoin licences, two experts discuss the assets’ integration with the city’s economy – and the world’s.

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Asia housing and property

The View | War-induced interest rate shocks unlikely to upset Asia’s property markets

While monetary tightening would add to affordability pressures, it would have little bearing on the forces driving up prices and rents.

US, Israel war on Iran

Iran war delivers new stress to African economies emerging from older shocks

Afreximbank is implementing measures to give financial help to African countries dependent on fuel imports, bank president says.

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In Africa, the squeeze on fertiliser imports because of the US-Israel war on Iran comes at a crucial time, at the start of the rains and the planting season. Photo: AP
Hong Kong stock market

Markets brace for rate hikes as prolonged Iran war stokes tightening fears

The European Central Bank has become more hawkish, reverting to wording that analysts say often precedes interest-rate increases.

A currency dealer walks past a screen showing South Korea’s KOSPI and the Korean won/US dollar exchange rate in a foreign exchange dealing room in Seoul on Monday. Photo: AFP
US, Israel war on Iran

Starmer calls emergency meeting on Iran war’s economic impact on UK

Stretched public finances and dependence on imported gas leave Britain exposed to the energy war in the Middle East.

Commodities

Gold slides as hawkish Fed and strong US dollar override geopolitical fears

Market watchers point to fading hopes of interest rate cuts and oil-driven inflation concerns as key drivers of the decline.

China trade

International capital flowing to China as investors seek certainty amid Iran war

Conflict in the Middle East and growing global turbulence following US-Israeli strikes against Iran has seen foreign investors look to China.

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The US-Israel war on Iran has resulted in international capital flowing to Hong Kong as China is considered a stable and certain option. Photo: SCMP
US-China relations

US-China split on digital money deepens as stablecoin debate stalls Clarity Act

Crypto push for yield clashes with banks, slowing US legislation as China advances interest-bearing e-CNY on a different path.

China’s e-CNY is a central bank digital currency that now allows interest-bearing holdings, reflecting Beijing’s state-led approach to digital money. Photo: VCG
Banking & finance

China’s central bank pledges stability in capital markets amid global sell-off

With worries over the Iran war driving down stock prices, the People’s Bank of China has named market stability as a ‘major task’ in 2026.

Banking & finance

How China opened the door to creating a direct rival to US payment systems

Beijing has removed several key restrictions on its payment system, allowing it to expand beyond yuan settlements, economist says.

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