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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
Illustration: Craig Stephens
Technology

Opinion | Forget the US dollar. Watch water and energy resources instead

In our increasingly hi-tech-based economy and financial systems, energy and water resources will be macroeconomically critical.

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China travel

Why South Korea is becoming China’s new bargain travel hotspot amid Japan spat

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India

Rupee slump ‘a little relief’ for Indian exporters amid US trade talks

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China jobs

Open Questions | Economist Huang Yiping on why China’s AI push must be ‘job-oriented’

Dean of Peking University’s National School of Development says ‘balance’ needed in AI development to protect employment, ‘human well-being’.

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Illustration: Lau Ka-kuen
Malaysia

‘Crowd is missing’: stronger ringgit keeps Singapore shoppers away from Johor

‘This is probably the worst year-end crowd we have seen since the Covid-19 pandemic,’ a business owner says.

China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

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Bonds

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

A photo taken on November 10, 2025, shows a view of the Kremlin in Moscow. Photo: Xinhua
Banking & finance

Macroscope | Global stablecoin surge highlights overlooked risks in crypto finance

The politics around digital currencies have extended into the long-running battle for supremacy between the world’s major currencies.

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Yuan

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

Hong Kong Monetary Authority (HKMA)

Hong Kong pushes local currency use to shield Asia from global uncertainties

HKMA’s Eddie Yue calls for deeper regional financial integration amid tariff shocks, disrupted supply chains and market volatility.

Eddie Yue stresses the need to strengthen regional financial ties at the Asean+3 Economic Cooperation and Financial Stability Forum in Hong Kong on Tuesday. Photo: Handout
Banking & finance

Yuan’s long-term hedge costs equalise for first time since 2011

The risk reversal as the yuan has fared better than expected this year and as investors brace for a weaker dollar on Fed rate cut prospects.

The offshore yuan has strengthened 3.4 per cent against the dollar this year. Photo: Getty Images
United States

Opinion | Trump can’t have it all: low prices, booming stocks, balanced trade

Trump wants to close the trade deficit while promising cheap goods and high asset prices. The cost? Devastating inflation or a market crash.

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China's economic recovery

Open Questions | ‘A mistaken view’: US economist Nicholas Lardy on the ‘peak China’ hypothesis

The veteran China watcher talks Beijing’s need for financial reform and how US-China economic convergence could still be on the horizon.

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Diplomacy

Opinion | As power balance tips to China, world needs a fairer financial system

China-led macro region will have to work on independence of monetary policy and partnerships in a fairer financial and trade framework.

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Illustration: Craig Stephens
South Korea

Macroscope | South Korea’s challenges a taste of what’s to come for global economy

While South Korea has been a big beneficiary of the AI boom, the surge is also highlighting its domestic and geopolitical vulnerabilities.

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A cyclist rides past residential buildings in Seoul on November 11. Flat prices in the capital increased at the sharpest pace since 2018 last month while rents rose at the fastest clip on record. Photo: AFP
Banking & finance

China’s US Treasury holdings edge up as long-term sell-off continues

The slight uptick in August and September comes as concerns mount over US debt and the White House tests the Federal Reserve’s independence.

India

India’s debt-backed stablecoin challenge to US dollar dominance explained

Advocates argue the ARC token will lower India’s borrowing costs, strengthen the rupee and stem outflows to dollar-backed cryptocurrencies.

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Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

The Japanese yen’s exchange rate briefly weakened beyond 155.3 to the US dollar on Tuesday. Photo: Reuters
Banking & finance

Yuan rapidly gaining ground as Chinese firms plot global expansion

Yuan’s use in cross-border payments rose 14 per cent year on year to 35 trillion yuan (US$4.9 trillion), according to the People’s Bank of China.

Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund gains record US$35 billion in first 9 months

The nine-month return surpasses last year’s record of HK$239.1 billion and exceeds the full-year high of HK$264 billion reached in 2017.

Banking & finance

As China’s central bank projects confidence, are rate cuts on the back burner?

The People’s Bank of China said the economy was on track to hit its annual growth target despite facing a challenging environment.

People walk past the People’s Bank of China headquarters in Beijing. The central bank signalled confidence in China meeting its annual growth target in its latest report. Photo: AFP
US Federal Reserve

Dollar carry trade defies ‘Sell America’ woes, trounces world’s stocks

A Bloomberg gauge of the US dollar bounced back around 3 per cent from a September low, in part because of the so-called carry trade.

A photo collage of global currencies with the US dollar in the centre. Photo: Agence-France Presse
China economy

Opinion | China needs high-quality financial development to support its five-year goals

Inclusive and green finance that is risk-resilient and supportive of innovation and technology must be the foundation of the new Chinese development model.

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Banking & finance

Opinion | As markets grow more fragile, matter of time before the bubble bursts

The news and stories that move markets could well be a leading indicator of when markets fail.

Yuan

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

The IATA logo at the annual International Air Transport Association meeting in New Delhi, India, in June. Photo: Reuters
Yuan

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

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Illustration: Lau Ka-kuen
Bonds

Hong Kong dollar bond sales slump amid elevated interest rates

Bond sales in the local currency fell about 30 per cent month on month to HK$357.7 billion (US$46 billion) in October.

Hong Kong economy

Hong Kong’s sole tokenised gold trading firm seeks Beijing approval for products

Esperanza Fintech is upbeat on receiving Beijing’s blessing for its operations, source says.

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