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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.
Screens displaying financial market movements at the new building of the Shanghai Stock Exchange in Shanghai on April 25, 2025. Photo: AFP
US-China trade war

China defies trade war challenge with US$17.3 billion in capital inflow

As the US faces downward pressures, from unsustainable debt to the possibility of huge tax cuts, investors are turning to Asia, analysts say.

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Currencies

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

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Asean

My Take | China sees new chance to make yuan the ‘Asian currency’ amid Trump’s tariffs

Currencies

Offshore yuan gets a lift as market awaits outcome of US-China trade talks

With both China and the US reporting ‘progress’ in their first trade talks, the offshore yuan had strengthened to 7.22 per US dollar by Monday.

China’s offshore yuan has appreciated in value after progress was reported in trade talks with the US. Photo: AFP
US-China decoupling

Explainer | Has Asia just taken a step away from the US dollar?

Asia’s largest economies have broken new ground by approving an emergency financing tool using the yuan and other local currencies.

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US-China trade war

China avoiding ‘disruptive’ de-dollarisation despite US trade war, report says

Findings come as some analysts have raised the spectre of China selling off its US Treasury-issued assets amid worsening bilateral ties.

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Commodities

Shanghai Gold Exchange eyes Hong Kong vault to promote yuan-denominated products

The new vault will be part of the exchange’s network that international clients use to manage bullion trading and storage.

Gold prices have been hitting new highs as the US-led trade war has spurred demand for haven assets. Photo: Shutterstock
US-China trade war

China’s offshore yuan jumps to 6-month high as tariff rollback likely: analysts

Washington’s weaponisation of tariffs casts doubt on US asset safety, and some say this makes yuan assets more attractive.

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Hong Kong housing

US-China trade war could hurt Hong Kong housing demand: think tank

Our Hong Kong Foundation says short-to-medium-term impact of conflict on China’s currency will negatively affect mainland homebuyers in city.

Mainland China

China takes steps to boost yuan with overseas gold storage facilities

China to explore the internationalisation of physical delivery for specific products traded on the Shanghai Gold Exchange.

Beijing is taking steps to develop an overseas infrastructure for a China-led gold trading system. Photo: Shutterstock
US-China trade war

China rolls out plan to promote its own payment system as US trade war simmers

The country aims to reduce its reliance on the dollar-based global financial system as it confronts Washington’s aggressive trade policies.

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China aims to reduce its reliance on the dollar-based global financial system amid its trade war with the United States. Photo: CFOTO/Future Publishing via Getty Images
Currencies

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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Hong Kong property

Hong Kong property market to feel the squeeze from Trump’s tariffs

A weaker yuan and a slowing economy could deter mainland homebuyers, but some analysts caution it is too early to draw conclusions.

Hong Kong economy

Weaker yuan boon for Hong Kong shoppers but bane of retail sector: analysts

Beijing’s stimulus roll-out may also trigger more mainland consumption at the expense of Hong Kong’s retail, dining scene.

Diners at a restaurant in COCO Park shopping centre in Shenzhen. Photo: Dickson Lee
US-China trade war

China signals determination to defend yuan after offshore level hits record low

China’s central bank sets midpoint rate at 7.2066 per US dollar ahead of imposition of even steeper US tariffs.

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The offshore yuan tumbled 1.1 per cent to 7.4290 per US dollar in New York trading late on Tuesday. Photo: AFP
Currencies

Yen, Swiss franc rise on flight to safety as Trump’s tariffs roil markets

The dollar fell 0.63 per cent against the yen to 145.92, after tumbling more than 1 per cent earlier in the session.

Currencies

China opts for stability over devaluation as tariff tremors give yuan a jolt

The yuan’s midpoint rate was set to a four-month low, but did not overshoot the 7.2 benchmark, suggesting devaluation not yet on the agenda.

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Banking & finance

‘China’s Goldman’ bets on Hong Kong’s role as offshore yuan hub

With low rates in China, borrowing in yuan is now cheaper than in other currencies, CICC says.

Commuters at the Central subway station in Hong Kong on 18 February 2025. Photo: Jonathan Wong
US-China trade war

China battles to stabilise yuan after Trump’s tariffs spark market upheaval

China’s central bank set the currency’s fixing rate at its lowest level since January, as regulators warned of market volatility.

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US-China trade war

Explainer | What is the ‘Mar-a-Lago Accord’, and will it really crash China’s economy?

The US’ mooted idea to devalue the dollar has been compared to the Plaza Accord of the 1980s, which some believe caused Japan’s ‘lost decades’.

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China's economic recovery

China’s capital outflow pressure may continue for now, top economists warn

Article on social media suggests US policy, low consumer sentiment will continue to motivate capital flight, though movement is likely to be slower.

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Economists have cautioned amid broader uncertainty, capital outflow pressure will remain on China for at least two years. Photo: EPA-EFE
Banking & finance

‘Slow decline’: why the US dollar is destined to lose its dominant status

The world is already moving towards a multicurrency system as financial technologies evolve and China pushes the yuan, economists say.

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The yuan is gradually gaining a greater share of global payments, eroding the US dollar’s dominance. Photo: Getty Images
China’s economic stimulus

Open Questions | Michael Pettis on China’s consumption paradox and the pitfalls of a trade war

The professor of finance and author talks China’s economy and argues the US dollar’s monopoly role in trade is an ‘unsustainable’ anomaly.

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Green bonds

In overseas first, China to issue sovereign green bonds in London

Move was first flagged at UK-China Economic and Financial Dialogue in January.

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Banking & finance

Exclusive | Hong Kong key to StanChart’s US$200 billion new money target: CEO Winters

Bank is developing over 200 use cases for AI, including fraud detection and prevention, anti-money-laundering screening and new products.

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Standard Chartered CEO Bill Winters, at SCMP office in Causeway Bay on 17 March 2025. Photo: Jonathan Wong
China deflation

China needs ‘more significant’ stimulus to crush deflation fears: economist

The recent growth plans outlined by Beijing will not be enough to change the narrative on China’s economic trajectory, expert warns.

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China’s economy risks slipping into a deflationary spiral as consumers remain reluctant to open their wallets. Photo: EPA-EFE
Banking & finance

Opinion | Like yuan internationalisation, US re-industrialisation is a fairy tale

As long as China keeps its capital account closed and the US keeps its own open, neither will be able to achieve its aim.

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Banking & finance

China’s central bank to create ‘more tools’ to shore up economy

The bank also pledged to cut interest rates and keep the yuan stable amid an uncertain global outlook.

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