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.
Recent deal between China and Saudi Arabia is an important step as world wakes up to the consequences of denominating almost all global trade in the American currency.
As the city’s currency marks 40 years of the peg many question its future, but it has braved the storms and continues to give the financial centre stability.
Efforts to defend Beijing’s official narrative have intensified this year, as the country’s post-coronavirus economic recovery slowed amid mounting problems.
Sales of policies to mainland visitors hit HK$46.8 billion (US$6 billion) in the nine months to September, compared with HK$1 billion a year ago, according to data from the Insurance Authority.
Global fund managers are calling time on this year’s relentless sell-off in Chinese assets, saying excessive pessimism that hammered everything from stocks to the yuan and corporate bonds has run its course.
The futures are expected to support greater international participation in China’s equities and fixed-income markets, and further broaden investment and risk-management opportunities in Hong Kong, HKEX said.
Zhu Hexin’s political pedigree is a bit different than some of his predecessors, starting with a factory job and working his way to the upper echelon of Chinese finance.
The agreement with Saudi’s central bank is the 30th currency swap signed by the People’s Bank of China over the past decade, as China picked up the pace of the yuan’s worldwide usage.
Mastercard will be able to issue branded bank cards and run an independent payment information exchange network for fund settlements and transactions in China following the approval.
In what could be the largest lawsuit by value in the country’s real estate sector, Lujiazui Corp sued Suzhou Steel Group and four government and research organisations, saying 14 sites in Suzhou have worse pollution than was disclosed.
China’s central bank to pursue global use of yuan while maintaining stability, and also look to support more overseas central banks, international development institutions and multinational enterprises to issue panda bonds.
China has come under pressure to offer more relief to heavily indebted nations amid allegations from other countries that it has engaged in ‘debt-trap diplomacy’.
He will participate virtually and three top mainland Chinese regulators will attend in person for the first time as the Global Financial Leaders’ Investment Summit gets under way on Tuesday, reflecting the central government’s support of the city as an international financial centre.
From its role in Hong Kong’s transition from British colony to China’s special administrative region, the HKMA is now carving out a place as a leader in fintech, financial regulations and green finance.
Organisers say nearly 198,000 overseas buyers attended autumn session of Canton Fair, a 21-day event which closed on Saturday
It has been nearly four months since the US Federal Reserve’s last interest rate hike – the 11th since early 2022 – but the impact still lingers in China’s markets, and an outflow of capital has persisted while the yuan depreciates.
International Finance Forum say a trend of using regional currencies rather than US dollar is a result of unprecedented US monetary tightening, but there still remains doubts about a credible alternative.
Post reporter posing as mainland jobseeker contacts Chinese employment agents; Hong Kong lawmaker warns mainlanders to be wary of such job offers.
CEO Andrey Kostin expects to see broader use of China’s yuan in the global financial system to help offset the impact of international backlash following Russia’s invasion of Ukraine.
Two refining sources said India’s settlement for Russian oil in yuan increases their costs, as rupees first need to be converted to Hong Kong dollars and then yuan.
More trade expected to be done in Chinese yuan as interest rates and geopolitical tensions make belt and road investors wary.
China ordered domestic brokerages’ overseas units to stop opening new stock accounts for onshore investors in a bid to stem capital outflow that has pushed the yuan to a 16-year low, broadening the crackdown that has already reined in online brokers Futu Holdings and UP Fintech Holding.
China’s central bank is ramping up the promotion of its digital currency, making it easier and more convenient for everyday users as well as cross-border transactions. Here’s what has been accomplished this year.
Trials of the digital currency have showed potential uses in payment, deposit and investment scenarios, but relevant players need more experience before a launch date can be considered, says the head of the city’s de facto central bank.
Central bank meeting outlines plans for more targeted monetary policies to aid economic recovery.