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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.
Holograms are displayed on the new Japanese 1,000 yen banknote, at a currency museum of the Bank of Japan, in Tokyo, Japan, on July 3 last year. Photo: Reuters
Japan

BOJ should prioritise achieving price stability, deputy governor says

Shinichi Uchida said the bank should make clear it is not monetising government debt by ensuring that fiscal considerations do not take precedence.

China economy

Opinion | Why China needs bold fiscal expansion to hit 5% growth target

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US-China trade war

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

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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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A man walks past an advertisement promoting exchange services for the yuan, US dollar and euro in Hong Kong on August 13, 2015. Photo: Reuters
US-China trade war

Macroscope | Money talks and Trump should pay attention to Asia’s bond markets

Asia’s local currency bond markets are worth US$25 trillion. The belief that the world can’t do without US capital markets is misplaced.

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Banking & finance

Opinion | For central bankers, gold’s safe-haven status has never looked better

Those considering other currencies or methods of payment as alternatives to the US dollar are simply looking in the wrong place.

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Banking & finance

The View | What Asian currency rallies mean for the region’s property markets

While currency appreciation may provide relief for property investors, economies reliant on trade and tourism should proceed with caution.

A woman enjoys the skyline of Tokyo, Japan, on August 28, 2024. Photo: AFP
Yuan

China’s yuan can rival US dollar as go-to currency if more accessible: economist

‘US exceptionalism is over – the beginning of the end,’ Singapore-based economist warns while weighing in on how China can internationalise its currency.

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United States

Opinion | Mar-a-Lago Accord a high-stakes gamble on world’s trust in US dollar

A scheme to devalue the dollar proposed by one of the US president’s economic advisers should alarm both Americans and the wider world.

Singapore

Is the Singapore dollar’s stellar run about to end?

The city state’s currency is up about 5 per cent versus the US dollar this year. But headwinds appear to be picking up.

Singapore’s financial district. The city state last month cut its 2025 growth forecast. Photo: EPA-EFE
United States

Opinion | Either way, Trump’s push for a global monetary reset will be painful

There will be pain, either shared by all voluntarily through peaceful negotiation or imposed on all through force. Take your pick.

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A clerk sorts US banknotes at the headquarters of Hana Bank in Seoul on April 15. Photo: EPA-EFE
Banking & finance

Macroscope | Is the ‘Trump shock’ the end of dollar hegemony?

A bear market for the US dollar is overdue but that doesn’t mean the dominant reserve currency should – or could – be replaced any time soon.

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Banking & finance

Macroscope | A world economy on the brink could use some win-win cooperation

With a global financial crisis looming, governments are left with few options beyond bracing for what’s to come and working together.

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Banking & finance

Opinion | Trump wants a great monetary reset. Where can the world hide?

As the US tries to reset the dollar-dominated monetary order, those seeking safety should consider a historical alternative to the dollar.

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Gold bars in a vault in the US Mint in West Point, New York. Photo: AP
Banking & finance

Macroscope | Trump threatening the Fed shows where political risks really lie

The erosion of governance standards in the US shows advanced markets have more consequential political risks than many emerging economies.

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US Federal Reserve chair Jerome Powell speaks to the press in Washington, on September 18, 2024. US President Donald Trump has accused the Fed of dragging its feet in loosening monetary policy. Photo: Reuters
Yuan

Yuan trade settlements on rise amid ‘soaring volatility’ in US Treasury market

Washington’s policies seen opening door to greater yuan internationalisation, undermining but not removing US dollar’s dominance in global trade.

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European Union

ECB cuts interest rates for 7th time in a row amid global trade tension

The cut was widely expected by analysts given the sudden shadow cast by Trump’s April 2 announcement of unexpectedly high tariffs.

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Donald Trump

Trump slams US Fed chair Powell, urges ‘termination’ for slowness

It was not immediately clear if Trump was referring to the scheduled end of Powell’s term, or if Trump was seeking to remove Powell as chair.

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US Federal Reserve Chair Jerome Powell speaks at the Economic Club of Chicago on Wednesday. Photo: AFP
Banking & finance

Macroscope | World is ready to cut US dollar down to size – but not too quickly

The US dollar is too central to the global financial system for the so-called Mar-a-Lago Accord to find traction outside the US. But the search is on for alternatives.

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Hong Kong Monetary Authority (HKMA)

Hong Kong banks keep their prime rates steady after HKMA, Fed hold fire

The Fed is seen cutting rates again by midyear, while Hong Kong banks may lower their prime rates by 0.125 percentage points.

China trade

Economists slam Trump’s currency claims, explain why Beijing wants yuan stable

Calling US president’s currency-depreciation allegations ‘ungrounded’, analysts say Beijing does not want to see the yuan weaken too much.

China’s central bank has repeatedly signalled its determination to stabilise the yuan. Photo: Reuters
Banking & finance

Macroscope | Why dangerous debt dynamics aren’t catching up with economic policy

As stock markets play a disproportionately large role in influencing the fortunes of economies, a correction could be on the horizon.

A trader works on the floor of the New York Stock Exchange shortly before the closing bell on February 25, 2020. Photo: Reuters
Banking & finance

Macroscope | Why Asian central banks are starting to decouple from the Fed

Eager to boost domestic demand and more able to preserve financial stability, the region’s policymakers are embracing greater monetary independence.

Diplomacy

Macroscope | Trump’s ‘big stick diplomacy’ won’t go far in today’s world system

Conflicting monetary goals and budget constraints will undermine the administration’s ability to exert influence from a position of strength.

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Banking & finance

Opinion | Will Trump’s AI and energy goals burst the US credit bubble?

US policies regarding fossil fuels and technology are reshaping monetary norms as the country seeks to benchmark itself against China.

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An illustration shows a bitcoin mock-up in front of an image of Donald Trump, on November 22, 2024. Photo: EPA-EFE
Banking & finance

Dollar strength more worrying to Asian stocks than China tariffs: Hang Seng Bank

Prospects for Asian equities remain positive due to China’s stimulus measures and strong Asean trade links, Hang Seng Bank official says.

Hong Kong banks left their prime lending rates unchanged on Monday. Photo: Shutterstock
Singapore

Singapore’s president cites global ‘mistakes’ as inflation worries Davos

Tharman Shanmugaratnam, a veteran economist and ex-finance minister, said that inflation would be lower if not for 15 years of mistakes.

Interest rates

Hong Kong holds fire on monetary policy, keeping base rate at 4.75%

HSBC and other major banks will only announce their interest-rate decisions on Monday, the first working day of the Lunar New Year.

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