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Currency war
The latest news, analysis and opinion on Currency war. In-depth analysis, industry insights and expert opinion.
The People’s Bank of China has rolled out a pair of measures to lower foreign exchange hedging costs and support cross-border yuan financing. Photo: Shutterstock
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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Banking & finance

China adviser sees bright future for yuan payment system in emerging economies

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China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

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Banking & finance

China lets yuan rise to strongest level in years as de-dollarisation trend grows

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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The yuan has steadily appreciated against the US dollar in recent months amid a growing de-dollarisation trend among global investors. Photo: AFP
China economy

Opinion | Talk of digital yuan challenging dollar dominance misses real power shift

China is merely building parallel capabilities. Whether the systems remain complementary or become competitive depends on how others respond.

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China trade

China should leverage buying power to boost yuan’s use, former PBOC adviser says

With the yuan’s fixing at fresh 2023 highs and US dollar uncertainty rising under Trump, Beijing is urged to expand yuan-settled imports to internationalise its currency.

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Yuan

China’s PBOC sets onshore yuan fixing at strongest point in nearly 16 months

Analysts note how Beijing’s policy goals, such as internationalising China’s currency and curbing overcapacity, are aligning with a firmer exchange rate.

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The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0103 to the US dollar on Tuesday. Photo: dpa
Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

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.

Yuan

New phrase, new phase? China adjusts language on yuan internationalisation

Beijing now states plainly that it aims to ‘promote the internationalisation of the yuan’ amid growing doubts over the US dollar.

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China appears to be stepping up efforts to promote the international use of its currency amid rising tensions with the United States. Photo: dpa
Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

Several bitcoins lying on a stack of silver Tether coins. Photo: Shutterstock
China digital currency

Could China ‘militarise’ cryptocurrencies to beat financial sanctions?

Communist Party newspaper Study Times argues that digital assets are the new toolbox for wartime financial strategies.

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Yuan

Chinese yuan’s forex market share grows to 8.5% as global position firms: survey

Beijing’s push to internationalise the yuan is reflected in its rising global use amid efforts to reduce reliance on the US dollar, which has shored up its forex dominance.

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China-Russia relations

China’s vision of multipolar order depends on yuan-based system: Oleg Deripaska

Russian billionaire and Putin associate says Beijing is taking a cautious tack on dedollarisation.

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Russian metals magnate Oleg Deripaska says Chinese banks are too dependent upon dollar assets, and “scared to death to take any risk”. Photo: AP
Banking & finance

China’s belt and road investments plays to Hong Kong’s strengths: HSBC

City set for bigger role in green finance, offshore yuan as initiative shifts towards private sector-led projects, economist says.

New wind turbine blades sit at a factory on July 15, 2022 in Handan, in China’s northern province of Hebei. Photo: VCG via Getty Images
Yuan

China’s yuan could strengthen to 7 per US dollar as Fed sends dovish signals

The Chinese currency is already rising against the US dollar and will receive another boost if the Federal Reserve cuts interest rates.

Yuan

China’s yuan fixing rate hits 9-month high after dovish pivot by US Fed chair

Move by China’s central bank comes after Jerome Powell opened the door to an interest rate cut next month.

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Yuan

Why the yuan can be safe-haven currency: former bank official flags ‘advantages’

Authors, including the PBOC’s former statistics head, call for ‘a new vision where multiple currencies jointly support global financial stability’.

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China’s yuan has shown resilience in the face of US tariffs. Photo: dpa
Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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US-China trade war

China cuts US Treasury stockpiles to 16-year low amid Trump’s trade war

As tariffs rattled markets in April, Beijing’s US debt holdings fell to their lowest level since 2009.

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Stablecoins

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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Illustration: Shutterstock
US-China relations

US avoids currency manipulator label for China, but slams lack of transparency

The decision not to sanction China for currency manipulation comes after Trump hailed a ‘very positive’ call with President Xi Jinping.

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US Secretary of Treasury Scott Bessent looks on during a press conference in the Oval Office in May. Photo: AFP
Open Questions series

Open Dialogue | Yu Yongding and Kenneth Rogoff on yuan’s future as international currency

Two economists from China and the US debate the dollar’s diminished status and efforts to internationalise the Chinese yuan.

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Banking & finance

Explainer | What is the Genius Act, and can it really cement US dollar supremacy?

The US’ new crypto regulation bill aims to ensure the dollar remains the world’s reserve currency.

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US-China trade war

Will US dollar doubts, risk of ‘triple whammy’ give rise to yuan’s renaissance?

In the wake of tariff turmoil and Washington’s ‘Big Beautiful Bill’, analysts are questioning safety of US assets while yuan’s resilience turns heads.

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China’s yuan has been on a steady upward trajectory – gaining 1 per cent against the US dollar since April 2, when US President Donald Trump announced his unprecedented “Liberation Day” tariffs. Photo: dpa
Banking & finance

Explainer | Why central banks are playing a big role in pushing up gold prices

Governments are buying up gold as they see it as a safe investment – and, in some cases, a tool for evading Western sanctions.

Gold prices have surged this year, with rising purchases by central banks playing a role in driving the rally. Photo: Shutterstock
China economy

My Take | Beijing should push for more yuan global influence as faith in US dollar falters

Amid erratic US trade policies, Asian governments are looking for alternatives for reserves, payments and settlements, giving the yuan an opening.

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Banking & finance

China equips Hong Kong with ‘toolbox’ to propel yuan amid de-dollarisation

Doubts about the dollar’s supremacy present a unique opportunity to accelerate the yuan’s internationalisation.

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