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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.
China’s yuan has appreciated considerably against the US dollar in recent months. Photo: AFP
Currencies

China’s offshore yuan breaks major benchmark as appreciation momentum builds

For the first time since 2024, the currency strengthened past the threshold of seven per US dollar – and did it again the next day.

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China trade

China expands digital-yuan push to Singapore and Asean trade routes

China trade

What China’s global yuan push looks like – and what could hold it back

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Technology

Opinion | Forget the US dollar. Watch water and energy resources instead

In our increasingly hi-tech-based economy and financial systems, energy and water resources will be macroeconomically critical.

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Illustration: Craig Stephens
US-China decoupling

Open Questions | Yeo on how Trump wants to avoid Taiwan upending China relations

Former Singapore foreign minister George Yeo says that Donald Trump is prioritising stable relations with China, and that the US is facing decline amid a shift to a multipolar world.

Foreign exchange market

China’s currency comeback: yuan seen breaking key dollar level in 2026

Analysts bet US Federal Reserve rate cuts and thawing trade tensions will drive China’s yuan past the 7.0 psychological barrier.

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China jobs

Open Questions | Economist Huang Yiping on why China’s AI push must be ‘job-oriented’

Dean of Peking University’s National School of Development says ‘balance’ needed in AI development to protect employment, ‘human well-being’.

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Illustration: Lau Ka-kuen
China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

Open Questions series

Open Questions | Huang Yiping on AI and stablecoins’ risks and rewards for China

Influential economist says growth in artificial intelligence must protect livelihoods and Chinese central bank’s cryptocurrency caution is warranted.

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Bonds

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

A photo taken on November 10, 2025, shows a view of the Kremlin in Moscow. Photo: Xinhua
Currencies

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year. Photo: Reuters
Banking & finance

Yuan’s long-term hedge costs equalise for first time since 2011

The risk reversal as the yuan has fared better than expected this year and as investors brace for a weaker dollar on Fed rate cut prospects.

Diplomacy

Opinion | As power balance tips to China, world needs a fairer financial system

China-led macro region will have to work on independence of monetary policy and partnerships in a fairer financial and trade framework.

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Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

The Japanese yen’s exchange rate briefly weakened beyond 155.3 to the US dollar on Tuesday. Photo: Reuters
Banking & finance

Yuan rapidly gaining ground as Chinese firms plot global expansion

Yuan’s use in cross-border payments rose 14 per cent year on year to 35 trillion yuan (US$4.9 trillion), according to the People’s Bank of China.

The yuan is the world’s third-largest trade finance currency after the US dollar and the euro, according to a report by the China Banking Association. Photo: Shutterstock
Banking & finance

As China’s central bank projects confidence, are rate cuts on the back burner?

The People’s Bank of China said the economy was on track to hit its annual growth target despite facing a challenging environment.

Banking & finance

HKEX invests in HKMA unit, strengthening city’s financial market infrastructure

HKEX to invest US$58.5 million in CMU OmniClear, which operates the Central Moneymarkets Unit that provides services for debt securities.

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China economy

Why China’s growing global investments could spur yuan internationalisation push

As firms expand overseas, rising investment demand and appetite for yuan assets and swap agreements may prompt Beijing to take action.

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One hundred yuan bill with a flag of China. Photo: Shutterstock
Currencies

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

Currencies

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

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Banking & finance

Beijing backs Hong Kong as global hub with new financial measures

At the Global Financial Leaders’ Summit, Chinese officials vow to strengthen Hong Kong’s international financial centre status.

Beijing officials have vowed to enhance Hong Kong’s position as an international financial centre. Photo: Sam Tsang
US-China trade war

Chinese vice-premier vows further opening up of financial sector

More foreign investment welcome, He Lifeng tells members of National Financial Regulatory Administration’s International Advisory Council.

Vice-Premier He Lifeng leaves following the conclusion of trade talks between China and the US in Kuala Lumpur on Sunday. Photo: Reuters
Banking & finance

New phrase, new phase? China adjusts language on yuan internationalisation

Beijing now states plainly that it aims to ‘promote the internationalisation of the yuan’ amid growing doubts over the US dollar.

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Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

Banking & finance

Exclusive | Property credit quality issues manageable for Hong Kong banks: HKMA’s Eddie Yue

The banking sector next year has more opportunities than challenges, HKMA’s chief executive says.

HKMA chief executive Eddie Yue says Hong Kong’s banking sector has a strong capital ratio and is very profitable. Photo: Edmond So
China trade

At China’s Canton Fair, exporters sense a warming trend in yuan settlements

Chinese traders report a rising number of overseas clients opting to pay using the yuan, signalling a quiet shift away from the US dollar.

A buyer (right) is seen during the 138th edition of the China Import and Export Fair, better known as the Canton Fair, on Wednesday. Sellers say more buyers are open to settling deals in yuan. Photo: Xinhua
Banking & finance

New lending and repo plans accelerate the yuan’s challenge to the US dollar

Hong Kong is the largest offshore yuan market worldwide, with 76 per cent of offshore yuan payments in August conducted in the city.

People’s Bank of China (PBOC)

China’s central bank sets yuan at highest rate against US dollar in a year

PBOC sets high midpoint rate for yuan, separately reports slowdown in Chinese credit growth, as expectations rise for a US interest rate cut.

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