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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.
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
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.

Banking & finance

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

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Banking & finance

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

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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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.

People’s Bank of China governor Pan Gongsheng has said that monetary policy must balance internal and external pressures. Photo: Getty Images
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.

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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Illustration: Craig Stephens
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.

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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Gold bars are displayed at the Hong Kong Gold Exchange Lunar New Year opening ceremony in Sheung Wan on February 3. Photo: Edmond So
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.

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.

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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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A woman walks past signs displaying prices in US dollars in Caracas, Venezuela, on June 2. Photo: AFP
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's economic recovery

China rate cuts likely in fourth quarter amid growth concerns: Goldman Sachs

But if China can stay on track to meet its economic growth target, no action is still a possibility, analysts say.

Banking & finance

Opinion | The world financial landscape is changing. Are we ready?

The only certainty is more uncertainty, but money will play a critical role in the unfolding story.

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The London Metal Exchange on March 11. In the age of high-frequency and online trading, dozens of traders in suits continue to rant and rave in Europe’s last open outcry trading pit. Photo: AFP
Hong Kong economy

Editorial | US rate cut offers Hong Kong relief but uncertainties remain

The city’s property and stock market can expect a boost but much that is affecting the local economy and its outlook is beyond our control.

US Federal Reserve chairman Jerome Powell listens during a press conference after cutting interest rates for the first time this year, in Washington, US, on September 17. Photo: Reuters
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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Banking & finance

Standard Chartered expects Fed to cut interest rate by 50 basis points

A lower interest rate will undoubtedly benefit the investment markets and the overall economy in Hong Kong, a senior executive says.

Yuan

China’s yuan rallies with central bank backing as worries mount over US dollar

The People’s Bank of China has nudged the yuan into a stronger position as investor concerns grow over Federal Reserve independence.

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China’s yuan has rallied against the US dollar in recent days, a change analysts said was primarily driven by central bank policy. Photo: AFP
United States

Lagarde warns Trump’s Fed meddling poses ‘serious danger’ to world economy

European Central Bank Christine Lagarde stressed that central bank independence is vital for economic stability and price stability.

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European Central Bank President Christine Lagarde addresses a press conference on the Eurozone’s monetary policy in Germany in June. Photo: AFP
Hong Kong economy

Editorial | Erosion of US Fed independence a worry for Hong Kong

City needs a predictable and independent US monetary policy. That is now a big question mark.

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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