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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.
The international financial organisation known as the “bank for central banks” has waded into the stablecoin debate as the buzzword gathers momentum. Image: Shutterstock
Banking & finance

Are stablecoins the future? Don’t bank on it, warns the bank for central banks

Bank for International Settlements releases ‘advance chapter’ on stablecoins ahead of its Annual Economic Report that paints a future picture of a different financial system.

Yuan

China’s yuan set to benefit as central banks report doubts about US dollar

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Currencies

Trade war worries push Asian central banks to curb currency intervention

Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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With US dollar-pegged stablecoins increasingly popular, analysts say in Chinese state media that the development of yuan-backed stablecoins should come sooner rather than later. Photo: Shutterstock
United States

Opinion | Will markets wake up from the Taco bubble before it’s too late?

Despite a brief reprieve for the stock market, trade tensions and weaknesses in the US economy still threaten global financial stability.

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Stablecoins

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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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.

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
China economy

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

Amid falling export growth and weak domestic consumption, Beijing needs to go big to keep the economy on track.

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US-China trade war

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

In the wake of tariff turmoil and Washington’s ‘Big Beautiful Bill’, analysts are questioning safety of US assets while yuan’s resilience turns heads.

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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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US President Donald Trump is seen on a television screen while a trader works on the floor of the New York Stock Exchange in New York on May 12. Photo: EPA-EFE
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.

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.

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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China is looking to challenge the US dollar’s dominance in international trade, but more needs to be done to make the yuan a global currency. Photo: dpa
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.

A clerk sorts US dollar banknotes at a bank in Seoul, South Korea, on April 15. Photo: EPA-EFE
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.

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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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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A man walks past a currency exchange office in Buenos Aires, Argentina, on April 1. While many expect the US dollar to keep depreciating, the currency still accounts for nearly 60 per cent of foreign reserve holdings and almost 90 per cent of foreign exchange transactions. Photo: EPA-EFE
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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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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China’s yuan accounts for 2.18 per cent of global forex reserves, compared with 57.8 per cent for the US dollar, according to the International Monetary Fund. Photo: AFP
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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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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There has been talk of a new Plaza-type accord to depreciate the US dollar and ensure US export competitiveness. Photo: Shutterstock
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.

Pedestrians at the Victoria Harbour on February 7, 2025. Photo: Nora Tam
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.

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.

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