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Global monetary policy

Global monetary policy
The latest news, analysis and opinion on Global monetary policy. In-depth analysis, industry insights and expert opinion.
China’s yuan has broken through the psychologically important level of 7 per US dollar for the first time in years, as confidence in US dollar assets weakens. Photo: AFP
Yuan

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

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China trade

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

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China economy

Opinion | China’s focus is on stability as the US rocks the global boat

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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
China trade

China pledges green-energy push with Global South, signals wider market opening

Sixth entry in Communist Party mouthpiece’s editorial series calls domestic market ‘world’s rarest resource’, vows supply-chain support to aid industrialisation.

China economy

Editorial | Amid rivalry with US, silver can be seen as China’s new industrial leverage

Beijing’s export controls are simply about following the logic of the market and geopolitics in the interest of the nation.

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China inflation

China must take action to avoid Japan-style deflation spiral, scholars warn

Unless Beijing introduces more forceful policies, consumers could get locked into a mindset that is ‘nearly impossible to break’, scholars say.

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New cars are advertised for sale at deep discounts at a showroom in Chengdu, southwest China. Photo: Reuters
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.

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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Japan

Will Japan’s young embrace 50-year loans amid rising housing prices?

Opting for 50-year loans lowers monthly costs, but the long-term risks are mounting.

People cross a road in Tokyo earlier this month. Fifty-year mortgages are transforming home ownership for young buyers in Japan. Photo: AFP
Japan

Bank of Japan’s historic rate increase signals new era for economy

Bank of Japan lifts rates to 0.75 per cent – a 30-year high – ending zero-interest era, paving the way for further increases amid rising inflation.

A man passes a screen in Tokyo showing Japan’s 10-year bond level after the Bank of Japan raised interest rates on Friday. Photo: Reuters
Banking & finance

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

The increase in government debt means that nations must look elsewhere for funds required to meet socioeconomic needs.

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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.

Banking & finance

Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Savings rates near zero limit room for cuts as lenders protect profitability margins, analysts say.

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The Hong Kong skyline and business area are seen from The Peak. Photo: Sam Tsang
Climate change

Opinion | How Hong Kong can distinguish itself as a climate finance hub

The city should lead by directing capital to projects that modernise grids, electrify transport and accelerate green supply chains.

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Hong Kong already ranks among the world’s leading financial centres and leads Asia in green and sustainable bond issuance. Photo: Sam Tsang
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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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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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.

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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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

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
China inflation

Macroscope | Forget inflation, deflation poses bigger risk to Asia’s economies

While Asia has not had inflation worries for some time, its economic future has become more closely tied to China’s, with all that entails.

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Banking & finance

Macroscope | The real reason central banks are stocking up on gold

With bond yields rising and stock markets hitting precarious highs, gold-backed monetary policy could be a much-needed source of stability.

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Brics

Opinion | Brics is slowly but surely chipping away at US dollar dominance

US dollar supremacy isn’t going away any time soon. But through scaling up of initiatives and good governance, Brics can usher in a multipolar monetary order.

A person walks past an installation of the rupee logo and Indian currency coins outside the Reserve Bank of India’s headquarters in Mumbai on April 9. Photo: Reuters
US Federal Reserve

Bridgewater’s Ray Dalio says gold echoes 1970s rally amid US dollar anxiety

‘Gold is a very excellent diversifier of the portfolio’ and it should optimally account for 15 per cent of investors’ portfolio, Dalio says.

Ray Dalio sees gold as a strong store of value at a time of rising government debt burdens and geopolitical tensions. Photo: Reuters
Banking & finance

Editorial | Hong Kong’s push to be a gold reserves hub is the right move

The government is right to capitalise on the sustained gold rally, as demand for the safe-haven asset rises amid geopolitical uncertainty.

Central banks

Macroscope | Why the cost of buying economic growth is destined to rise

The apparent resilience of the global economy in the face of a series of shocks comes amid dangerously high debt levels.

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