TOPIC

Foreign exchange market

Foreign exchange market
The global foreign exchange (forex) market has ballooned in recent decades as more and more economies liberalise their capital accounts.
China’s status as the world’s manufacturing leader has helped it record a record trade surplus in 2025. Photo: VCG via Getty Images
China trade

China has logged a US$1 trillion trade surplus. Where is all that money going?

Trade surplus growth has not been matched in foreign exchange reserves – a gap analysts said can be explained by private sector outflows.

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Yuan

China’s offshore yuan breaks major benchmark as appreciation momentum builds

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Yuan

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

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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Illustration: Craig Stephens
US-China relations

China showcases joint effort with US in drugs-related money laundering case

Case spanning both nations saw two men sentenced to jail following US tip-off, People’s Daily reports.

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Yuan

China’s currency comeback: yuan seen breaking key dollar level in 2026

Analysts bet US Federal Reserve rate cuts and thawing trade tensions will drive China’s yuan past the 7.0 psychological barrier.

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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.

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year. Photo: Reuters
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.

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.

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
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.

Various factors such as central bank monetary policies and the fervour around the artificial intelligence industry were generally positive to the investment environment, says Eddie Yue. Photo: Edmond So
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

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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Hong Kong economy

Chinese vice-premier vows continued support for Hong Kong’s financial hub role

Vice-Premier He Lifeng expresses confidence in city’s prosperity while Chief Executive John Lee promises global investors stability.

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Vice-Premier He Lifeng delivers the opening keynote speech at the Global Financial Leaders’ Investment Summit via video link. Photo: Reuters
Wealth management

Hong Kong entrepreneur Adrian Cheng backs multi-asset broker CBCX

The investment aligns with Cheng’s growing interest in virtual assets.

Adrian Cheng is investing in CBCX, a multi-asset broker headquartered in London. Photo: Handout
US-China trade war

China eyes currency swap with Japan and South Korea amid trade tensions: source

Beijing seeks to strengthen regional financial ties and boost yuan use as US trade pressures weigh on East Asian economies.

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South Korea

South Korea, US edge closer to US$350 billion trade deal breakthrough

Top Seoul officials have flown to Washington in a sign that major progress is being made in the tough trade talks.

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United States

Opinion | In a reverse Marshall Plan, Trump is squeezing US allies for cash

While the post-war plan saw America send money and aid to revive Europe, Trump’s aim is to commandeer funds from Japan, South Korea and the EU for US aims.

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Illustration: Craig Stephens
Blockchain

Stablecoins to boost US dollar demand by US$1.4 trillion: JPMorgan

Rather than accelerating de-dollarisation, stablecoins may reinforce the dollar’s role in global finance, the bank says.

Banking & finance

China’s central bank aids gold’s record-setting run with 11-month buying streak

Price of gold breaks benchmarks as uncertainty mounts over US dollar and central banks, including China’s, add to their stockpiles.

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Banking & finance

Opinion | Why Asia-Pacific is rewriting terms of trade from dollar to yuan

It is both a pragmatic response to deepening regional trade integration and, more profoundly, a strategic drive for fiscal independence.

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Against a backdrop of uncertainty, we are seeing a remarkable acceleration of direct currency settlements, particularly involving the yuan, bolstering the case for the globalisation of the Chinese currency. Photo: dpa
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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The yuan’s share in global forex trading has been gradually climbing in recent years, according to survey results. Photo: Felix Wong
US-China relations

Trump administration ties Argentina support to rollback of China credit line

Washington warns US$18 billion China swap endangers Argentina’s sovereignty and boosts Beijing’s sway in South America.

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Banking & finance

As China keeps cutting US Treasury holdings, where are its investments going?

With China’s holdings at their lowest since 2009, analysts said the country’s central bank could be turning to European assets and gold.

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Banking & finance

Policy address: Hong Kong unveils measures to boost financial centre status

Lee unveils plans to encourage more mainland banks to set up in city, tax incentives for family offices, and possible use of RMB to settle certain government expenditure.

Chief Executive John Lee Ka-chiu delivers his fourth policy address. Photo: Sam Tsang
Yuan

China’s offshore yuan strengthens further against US dollar as rate cuts loom

The offshore currency breached a rate of 7.1 against the US dollar as an expected interest rate cut from the Federal Reserve approaches.

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With stronger fixing rates and expectations of an interest rate cut from the US Federal Reserve, China’s offshore yuan has been gaining ground on the US dollar in the last month. Photo: Reuters
South Korea

‘Naked imperialism’: will Trump’s US$350 billion demand bankrupt South Korea?

US demands for a US$350 billion cash investment to avoid higher trade tariffs could send South Korea’s economy ‘belly up’, experts say.

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Banking & finance

China extends gold-buying streak as central banks seek US dollar alternatives

A 10th consecutive monthly increase for Beijing’s gold holdings comes as global institutions turn to ‘ultimate currency’ for safe haven.

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