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TOPIC

Yuan

Yuan
The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.
US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
US Federal Reserve

For a yuan in deeper markets, ex-Fed’s Evans cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

China trade

China’s yuan gains ground in global trade with room to grow, Goldman Sachs says

China’s private sector

A new battlefront for KFC and its Chinese rivals: the lighter meal

Hong Kong stock market

US$32b worth of Hong Kong assets involved in transborder trade crackdown: Citic

The assets involve a crackdown on Futu, Tiger Brokers and Long Bridge for offering mainland Chinese investors access to unlicensed trading.

A view of Victoria Harbour taken from Hong Kong Observation Deck. Photo: Sam Tsang
Semiconductors

China’s biggest contract chipmaker clears final hurdle for US$6 billion takeover

SMNC is to become a wholly owned subsidiary of SMIC, boosting the semiconductor manufacturer’s prowess and market position.

Currencies

China’s yuan hits 3-year high as global banks issue bullish forecasts

Beijing has set the yuan at its strongest level against the US dollar since early 2023, with banks projecting further appreciation.

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China trade

Ex-mayor calls for stronger yuan, tariff cuts to reduce China’s trade surplus

Huang Qifan says coordinated policies, including gradual yuan appreciation and lowering of tariffs, are needed to address trade imbalances.

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Huang Qifan, former mayor of Chongqing, speaks at the Tsinghua PBCSF Global Finance Forum in Chengdu on Tuesday. Photo: Handout
Mainland China

As the world retreats from US Treasuries, will the sell-off deepen?

China is one of several nations trimming their exposure to US debt, as inflation drives Treasury yields to levels not seen since 2007.

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Central banks

China’s US Treasuries slump may not be what it seems

A reduction in China’s direct holdings of US government debt may be partly offset by the nation holding Treasuries via third parties.

Central banks

China joins global sell-off of US Treasuries in March as Iran war prompts panic

Seven of the top 10 foreign holders cut their exposure to US government debt, led by Japan, which offloaded US$47.7 billion.

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Mainland Chinese investors are among seven of the top 10 foreign holders to cut their exposure to US government debt, triggered by uncertainty around the war in Iran. Photo: AFP
Banking & finance

Editorial | Why China’s yuan is gaining appeal

More countries find yuan financing attractive. Even without full convertibility, the Chinese currency offers something invaluable.

Many mainstream economists think the yuan faces insurmountable barriers to internationalising as a major currency because of domestic capital controls. They are not wrong, but Beijing has different goals. Photo: Shutterstock
Foreign exchange market

As China’s yuan hits multi-year highs, Beijing puts the focus on stability

China’s top foreign exchange regulator said in an article that authorities would seek to keep the yuan ‘basically stable’.

Hong Kong property

Mainland Chinese demand for Hong Kong homes grows on yuan gains and rising rents

Purchases climb to a two-year high in April as mainland Chinese buyers pile into new launches, drawn by rental yields and yuan’s strength.

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US-China relations

Is China set to benefit from new US Fed chair Kevin Warsh’s policy vision?

The appointment follows White House pressure on the central bank to lower interest rates – a move analysts warn could have unintended consequences.

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Kevin Warsh, the incoming chair of the US Federal Reserve, testifies before a Senate Banking Committee confirmation hearing on Capitol Hill in Washington on April 21. Photo: Reuters
Banking & finance

How Australia’s mining giants are helping China to globalise the yuan

Mining firms are increasingly using the yuan for financing and settlements, as China pushes to reduce its reliance on the US dollar.

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Cranes unload bauxite ore imported from Australia at a port in China’s eastern Shandong province. Photo: Reuters
China trade

Pakistan to tap China debt market with first sale of yuan-priced ‘panda bonds’

Islamabad turns to ‘panda bonds’ to secure cheaper credit and diversify its borrowing into yuan-denominated funding, with a focus on sustainable development.

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Currencies

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

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China-Asean relations

How China is quietly reshaping Southeast Asia’s payments beyond the US dollar

New initiative lets consumers use home-grown apps like Alipay for cross-border payments – supporting Beijing’s push to expand regional financial links.

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Alipay QR code in Jakarta, Indonesia, after the launch of the China-Indonesia cross-border payment system. Photo: Xinhua
China's economic recovery

Open Questions | How China can avoid a repeat of Japan’s ‘lost decades’

Bai Chongen, an economist and adviser to China’s government, explains how the country can dodge ‘Japanification’ and why its economic rise is misunderstood.

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Hong Kong Monetary Authority (HKMA)

Hong Kong, mainland China officials meet to bolster cross-border connect schemes

HKMA’s Eddie Yue, State Administration of Foreign Exchange’s Zhu Hexin discuss ways to strengthen city’s role as a global financial hub.

Mainland China

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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Illustration: Lau Ka-kuen
China economy

Opinion | For the US dollar, a subtler shift than a ‘petroyuan’ order is underfoot

Talk of a dollar collapse or ‘petroyuan’ order arriving amid the Iran war misses the mark. The larger shift is subtler and no less consequential.

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China’s President Xi Jinping shakes hands with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, in Beijing on April 14. Photo: cnsphoto via Reuters
China trade

‘Paradigm shift’: is China’s deal with mining giant BHP a global yuan milestone?

The agreement to partly link iron ore pricing to the yuan is a breakthrough but US dollar dominance in the trade remains entrenched for now, analysts say.

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Bonds

China opens government bond futures to select foreign investors in reform push

Qualified foreign investors can trade government bond futures, enhancing market access and boosting the yuan’s appeal amid global tensions.

Stock Connect

Brazil beckoned: China now has stock and bond ‘connect’ schemes in 5 regions

Strategic financial corridors now bridge mainland bourses with global hubs, enabling more seamless investment through specialised fund vehicles and receipts.

An electronic board is seen at the Sao Paulo Stock Exchange in Brazil. Photo: AFP
Banking & finance

Open Questions | Euro, yuan unlikely to match US dollar, Daniel Gros says

German economist doubts EU and Chinese currencies will be widely used for international trade or that stablecoins will take off outside the ‘shadow economy’.

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Illustration: Lau Ka-kuen
China trade

Canton Fair defies global trends as overseas buyers flock to buy robots, drones

Foreign buyers queue up to test the latest technological hardware at China’s largest trade show despite softening international demand.

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Banking & finance

Greater China private equity set for patchy recovery, modest fundraising boost

China’s private equity market recovers selectively amid geopolitical tensions, with yuan funds leading and exits reaching record highs.

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