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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.
The Chinese yuan may be used more widely in cross-border payments than conventional data suggests, analysts say. Photo: AFP
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

US, Israel war on Iran

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

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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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Workers change the price of fuel at a petrol station in Manila on March 17. Photo: AFP
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.

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.

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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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Illustration: Henry Wong
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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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.

British Prime Minister Keir Starmer. Photo: EPA
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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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.

Governor of the People’s Bank of China, Pan Gongsheng, speaks during a press conference on the sideline of the National People’s Congress in Beijing on March 6, 2026. Photo: AP
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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Hong Kong Monetary Authority (HKMA)

HKMA warns of interest rate uncertainty amid Middle East conflict

HKMA leaves city’s base rate untouched at 4 per cent, as HSBC, Standard Chartered and BOCHK keep prime lending and saving rates unchanged.

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United States

US Fed defies Trump to keep interest rates unchanged amid Iran war concerns

Spiking oil prices could fuel inflation and curb growth, even as the US president repeatedly calls for rate cuts.

Federal Reserve Chair Jerome Powell speaks during a news conference in Washington on Wednesday. Photo: AP
Stocks

South Korea and Japan bear brunt of global stock sell-offs amid oil shock

South Korea and Japan lead global market declines – with losses steeper than in Europe – as oil shock underscores their reliance on imports.

United States

Trump administration urges judge to revisit ruling blocking Powell subpoenas

A federal judge had ruled on Friday that a DOJ investigation into Powell was intended to pressure the Fed chairman to lower interest ‌rates.

United States

Judge quashes subpoenas of Fed chair, says probe was ‘politically motivated’

A ‘mountain of evidence’ suggests the subpoenas were to pressure Jerome Powell to obey Trump’s demands to cut interest rates, the judge says.

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US Federal Reserve Chair Jerome Powell speaks during a press conference in Washington in January. Photo: Reuters
Hong Kong economy

Exclusive | Hong Kong tipped to be world’s top financial hub amid global yuan expansion plan

National People’s Congress deputy Li Yinquan says Hong Kong to gain substantially from Beijing’s push to internationalise yuan’s reach.

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Lunar New Year fireworks in Hong Kong. Photo: Sam Tsang
China stock market

Trump’s Fed pick Warsh stokes uncertainty as investors weigh his policy shifts

US Treasuries have been falling recently, partially reflecting investor concerns that Warsh’s succession will slow rate reductions.

Yuan

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

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Two Sessions 2026

8 takeaways from the economic briefing at China’s ‘two sessions’

China’s top economic officials laid out their priorities for trade, technology and investment in 2026.

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China’s top economic officials answer questions at a press conference in Beijing on March 6, 2026. Photo: Xinhua
Banking & finance

How China’s sovereign debt is becoming a real alternative to US Treasuries

Beijing is now offering dollar-denominated sovereign bonds at rates matching equivalent US Treasuries – and investors are snapping them up.

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China’s sovereign debt is attracting more demand from investors as confidence wavers in the United States. Photo: AFP
Hong Kong stock market

Oil surge stokes inflation fears as Middle East flashpoint rattles markets

Rising oil prices are shaking global markets as investors rethink rate-cut bets and brace for slower growth and renewed inflation.

Yuan

As the yuan sizzles, China’s central bank deploys double-barrelled policy tweak

Regulators refine cross-border rules and cut the foreign exchange risk reserve ratio for forward forex sales to zero, aiming to provide stable offshore liquidity and help firms manage risks.

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