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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.
British Prime Minister Keir Starmer visited Yuyuan Garden in Shanghai, China, last Friday. Photo: Reuters
China trade

UK, China boost financial ties, deepen London’s role as offshore yuan hub

New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency.

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US-China trade war

US Treasury chief warns of China’s push for digital asset dominance

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Currencies

Editorial | China well placed to take advantage of the shift away from the US dollar

United States

Xi wants yuan’s global punch to match Chinese economic might

Xi Jinping’s wish to turn the yuan into a global reserve currency, and thereby boost China’s economic influence, conflicts with the nation’s capital controls.

Photo: Reuters
US-China trade war

Why China’s academics turned to de-dollarisation amid trade war, global shocks

Global instability has also pushed a once-niche academic debate into Chinese policy circles.

Banking & finance

China’s yuan finds firmer footing in corporate fundraising efforts

Uses of yuan borrowing broaden to include working capital and capex, supported by Hong Kong’s liquidity boost, bankers say.

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Xi Jinping

China is on a ‘strong currency’ mission to make the yuan a global reserve: Xi

Xi Jinping says the goal of becoming an international powerhouse is a long-term one and will rest on core foundations.

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Beijing has been pushing for the internationalisation of the yuan over the past decade or so, but its global footprint remains limited. Photo: Reuters
US-China trade war

US presses China to let yuan strengthen – but avoids controversial label

Washington says it could still designate Beijing in future if evidence found that it limits currency’s strength.

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Hong Kong economy

Editorial | No better time for Hong Kong to strike its golden deal with Shanghai

Hong Kong’s ambitions to be a global hub for the trading and storage of the safe-haven asset get a lift from the spectacular gold rally.

China GDP

Tale of 2 megacities: how did Beijing, Shanghai GDPs surpass 5 trillion yuan?

China’s two largest cities are outpacing national growth rates, each generating gross domestic products equal to a small European country.

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People hang out at The Bund as the financial district of Pudong is seen in the background in Shanghai, China. The GDPs of Beijing and Shanghai have now exceeded 5 trillion yuan and both cities are comparable to European countries Sweden and Belgium. Photo: Reuters
Banking & finance

Trump says the US dollar can move like a yo-yo. Will Treasuries be left hanging?

With the US president levelling threats at enemies, allies and his own central bank, alternatives like gold and Chinese assets are gaining appeal.

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Illustration: Lau Ka-kuen
Hong Kong Monetary Authority (HKMA)

China’s central bank to support doubling of yuan liquidity for Hong Kong lenders

PBOC to increase yuan facility to US$28.68 billion and issue more sovereign yuan bonds to enhance city’s role as yuan hub, official says.

China economy

Opinion | Talk of digital yuan challenging dollar dominance misses real power shift

China is merely building parallel capabilities. Whether the systems remain complementary or become competitive depends on how others respond.

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Central banks

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’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
China trade

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

With the yuan’s fixing at fresh 2023 highs and US dollar uncertainty rising under Trump, Beijing is urged to expand yuan-settled imports to internationalise its currency.

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A former adviser to China’s central bank said Beijing should leverage the nation’s purchasing power to boost imports settled in yuan. Photo: AFP
China's economic recovery

Shanghai unveils road map to rival world cities in finance, tech and innovation

Economic powerhouse has sights set on AI, advanced manufacturing and global financial services, reflecting a national 5-year plan’s first explicit financial-centre directive.

Banking & finance

China to cut relending rates, widen credit support for private sector and tech

Beyond the central bank’s rate cuts that take effect Monday, authorities will work to lower the minimum down payment for commercial property purchase loans to 30 per cent.

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China trade

China’s US$1.2 trillion trade surplus

China posted its first trade surplus above US$1 trillion in 2025 as exporters reshaped operations to weather the US trade war and imports stagnated amid lower oil prices.

China’s US$1.2 trillion trade surplus
China manufacturing

Fears over China’s trade surplus misplaced as West also driving trend: analysts

China’s global manufacturing dominance is a tale of two halves; reliant on home-grown industrial growth and Western consumption, experts say.

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People’s Bank of China (PBOC)

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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Hong Kong stock market

Hong Kong stocks climb as yuan strengthens and investors broaden focus beyond US

Hang Seng Index advances as investors shift focus, boosting Asian equities, with pharmaceutical and healthcare shares leading gainers.

The yuan hit its highest level since May 2023. Photo: Bloomberg
China stock market

Yuan rally drives mainland China and Hong Kong stocks to strong 2026 start

History points to more gains as CSI 300 and Hang Seng Index surge during yuan appreciation cycles over the past decade.

Historical data indicates that a stronger yuan bodes well for Chinese stocks. Photo: AP
Chinese offshore investment

How China’s global investment model is changing – and what it means for the yuan

The trade war, weak domestic demand and stronger policy support push more firms to invest overseas, with growing implications for currency.

China exports

Yuan to strengthen to 6.85 per US dollar in first quarter 2026: Morgan Stanley

Strong export growth and US dollar weakness are expected to bolster the currency, the bank says.

Banking & finance

Chinese financial firms press on with debt issuance to fund overseas expansion

Guangzhou-based GF Securities announces plan to raise US$780 million after mainland Chinese finance firms raise over US$10 billion in 2025.

Chinese financial firms raised over US$10 billion last year to fund their overseas expansion. Photo: AFP
Banking & finance

US dollar, gold rise after Maduro abduction as investors seek safe havens

Yuan also remains relatively resilient as analysts predict the Chinese currency could strengthen to as high as 6.8 against the US dollar in 2026.

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Venezuelan leader Nicolas Maduro is escorted from a US federal aircraft in New York on January 3, after being captured during a US military operation. Photo: Reuters
Hong Kong economy

Opinion | How Hong Kong can complement Hainan’s free-trade port

Jointly designed customs rules could be used in pilot schemes to smooth the customs process for international business.

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Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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