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US Federal Reserve

US Federal Reserve
Founded in 1913, the Federal Reserve is the central banking system for the United States.
China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock
US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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United States

Macroscope | Investors are giving Trump a free pass

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New Zealand

New Zealand central bank chief scolded for poking nose in Trump-Fed feud

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China stock market

UBS projects rosy view of Chinese stocks in 2026 as investors diversify holdings

‘Chinese assets’ appeal will further increase this year because of a sharpened focus on diversified investments,’ UBS’ Thomas Fang says.

A Chinese trader looks at an electronic trading board at the Shanghai stock exchange. Photo: Reuters
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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Hong Kong stock market

Hong Kong stocks climb as yuan strengthens and investors broaden focus beyond US

Hang Seng Index advances as investors shift focus, boosting Asian equities, with pharmaceutical and healthcare shares leading gainers.

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Hong Kong property

Hong Kong’s housing market gets a vote of confidence from major banks

Most financial institutions forecast price gains ranging from 5 to 10 per cent, supported by supply constraints and end-user demand.

A night view of Hong Kong Island and Kowloon from The Peak. Property prices in the city are expected to trend upwards this year. Photo: Sam Tsang
Donald Trump

Trump-Powell conflict over Fed escalates with threat of criminal indictment

Jerome Powell calls legal threats against him pretexts to pressure the US Fed over policy.

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Hong Kong property

Morgan Stanley lifts Hong Kong property to ‘attractive’ as stars align

City’s home prices are expected to rise around 10 per cent in 2026, with an ongoing rebound heralding the start of a new upcycle.

Interest rates

Hong Kong interbank rates forecast to drop on expected 2026 US monetary easing

Savings rates near zero prevent further prime rate reductions, though Hibor-linked loans will get cheaper, analysts say.

Analysts agree that lower US rates in 2026 would drive down Hibor – benefiting borrowers with Hibor-linked mortgages and corporate loans. Photo: Shutterstock
Investing

Opinion | Rising markets, falling interest rates and more: 5 investment myths for 2026

Investors must be careful in following conventional wisdom this year as several seemingly sure bets might be anything but.

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A pedestrian walks past a stock market indicator board on the final trading day of the year in Tokyo on December 30. Notable outperformers for 2025 included the Nasdaq, Japan’s Nikkei 225, Hong Kong’s Hang Seng Index and South Korea’s semiconductor-rich Kospi. Photo: EPA
United States

Opinion | Why Donald Trump will focus on the Fed in 2026

With the US midterm elections looming, the White House seeks victory over inflation and the stimulating effects of lower borrowing costs.

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Jewellery

Explainer | Why gold prices fluctuated in 2025, hitting highs and plunging

The Fed’s rate cuts and global unrest pushed gold to record prices in 2025, but the end of the year tends to be volatile.

Donald Trump

Trump says preferred Fed pick is ready, again teases firing Powell

US president urges Jerome Powell to resign as he considers a ‘gross incompetence’ lawsuit against the Fed leader.

US President Donald ‍Trump has renewed his ​threat ⁠to bring a lawsuit against Federal Reserve Chair Jerome Powell. Photo: Reuters
Hong Kong property

Hong Kong primary home sales to see decade high as small flats perk up market

Attractive discounts, easing mortgage costs and policy support drive the market’s shift towards flats that cost below US$1.3 million.

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Primary home sales are projected to reach 21,000 next year. Photo: Dickson Lee
China stock market

Chinese ETFs investing in US stocks cap subscriptions as they run out of quotas

GF Fund and E Fund have capped daily subscriptions at 10 yuan, while China Asset Management has stopped accepting new subscriptions.

US-China relations

China cuts US Treasury holdings to lowest level since 2008

The stockpile has now fallen to nearly half its November 2013 peak, financial data shows, as long-term sell-off continues.

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Hong Kong stock market

Hong Kong stocks slump to 3-week low as China growth jitters dampen sentiment

Caution prevails as investors weigh China’s growth prospects after key economic data showed a deceleration across the board.

A general view of the Hong Kong stock exchange. Photo: China News Service/VCG
Banking & finance

Editorial | Hong Kong must find new growth areas amid uncertain US monetary policy

Divisive US Federal Reserve interest rate cut underscores why the city should not look too much to American interest rate cuts to bolster the economy.

Cryptocurrency

Bitcoin drops below US$90,000 as AI worries sour risk appetite

The fall signals renewed market jitters after the historic crypto crash in October.

United States

US Fed delivers quarter-point rate cut as policymakers weigh inflation outlook

Move falls short of Trump’s demands as debate over Fed independence intensifies and markets brace for global spillover effects.

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US Federal Reserve Chair Jerome Powell is set to step down in May. Photo: Reuters
Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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People take photos by the bull statue in Shanghai, on August 7. Photo: EPA
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.

Commodities

Silver surge outpaces gold on global squeeze, rising interest rate-cut hopes

White metal doubles in value this year to reach record high, outshining gold’s 60 per cent rise.

Banking & finance

Gold prices could hit record highs of over US$4,900 next year: forecasts

Several banks project gold prices could rise above US$4,900 per ounce in 2026, with US rate cuts and central bank buys keeping demand strong.

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Several banks have forecast that gold prices will reach record highs in 2026, as global demand continues to outpace supply. Photo: Shutterstock
Banking & finance

Hong Kong retail funds hit record pace, surpass 2024 full-year total

Gross sales reach US$82.6 billion in the first three quarters as investors pile into fixed-income funds: HKIFA.

There is renewed investor confidence in Hong Kong’s retail fund market, analysts say. Photo: Dickson Lee
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.

United States

Trump eyes Christmas deadline to name new Fed chair: Bessent

The US treasury secretary says simplifying the Fed is key, as he conducts interviews with the five candidates to succeed Chair Jerome Powell.

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