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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
Stephen Miran became one of the US Federal Reserve’s most vocal doves during his short tenure on the central bank’s board of governors. Photo: AP
US Federal Reserve

Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Miran quit his job as a Trump economic adviser to join the US Federal Reserve board, where he became known as a vocal dove.

Brics

Opinion | Brics is less a structure than a sentiment

China debt

China’s credit demand weak in April despite policy support, strong industry

Hong Kong property

Chow Tai Fook turns from tenant to owner with Hong Kong school property deal

Cheng family entities acquire DSC International School site, with the purchase a bet on demand for international schools in city: analysts.

A general view of the Taikoo Shing area. Photo: Jelly Tse
China economy

Opinion | Why the world needs China to save more, not less

The IMF assumes China should save less. China’s saving is key to financing the developing world’s need for green infrastructure.

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China stock market

Xi-Trump meeting could lift Chinese stocks 12%: Morgan Stanley

‘Moderate’ upside is possible as investors ‘direct attention back to China somewhat’, assuming trade truce is extended, bank says.

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Biomedicine: Companies

Hong Kong-listed firm uses AI to make nano-rockets to deliver life-saving drugs

METiS TechBio debuts on Hong Kong stock market as its CEO compares the drug design start-up to SpaceX for the pharmaceutical industry.

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METiS TechBio debuts on Hong Kong stock market and raises HK$2.11 billion (US$269.5 million) from the sale of 201.23 million shares at HK$10.50 each. Photo: Jelly Tse
Yuan

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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Hong Kong society

Editorial | Tightened rules for Hong Kong’s money lenders will protect helpers

Moves to regulate the moneylender sector must be accompanied by strengthening law enforcement and stepping up education efforts.

United States

US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board

The decision clears the way for Warsh to take over the role of Fed chair from Jerome Powell later this week.

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Kevin Warsh testifies before a Senate Banking Committee confirmation hearing on Capitol Hill in April. Photo: Reuters
China property

Ex-adviser urges China to tackle inequality with higher taxes on ultra-rich

Raising taxes on assets, incomes of high earners will add to state revenues and incentivise protecting property rights, economist says.

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China should tax the ultra-rich’s property and income streams to align government incentives with protecting property rights and stabilising expectations, a prominent economist has said. 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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Britain

Investors bet CK Hutchison is exiting a mature sector at right time – once again

Disposal of VodafoneThree adds to Li family’s record of cycle-savvy moves, with investors weighing where war chest will flow next.

US, Israel war on Iran

US tells banks to flag suspected Iranian money-laundering networks

Banks are asked to look out for oil labelled ‘Malaysian blend’ to disguise its Iranian origin and missing or falsified shipping documents.

Vessels anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. Photo: ISNA via AFP
China property

China’s bond market faces climbing re-defaults as property crisis drags on

Re-defaults erode credit differentiation as homebuyer confidence weakens under slow income growth and high leverage, analysts warn.

An abandoned Evergrande construction project is seen in Fuyang city, China’s eastern Anhui province, on April 14. Photo: AFP
Hong Kong stock market

China’s ChiNext Index up 3.5% as global semiconductor rally broadens

Tech-heavy index breaches the 3,900-point mark amid strong signals from Beijing that it is committed to chip self-sufficiency.

Japan

Macroscope | How Japan’s new economic model could inspire others to ‘look east’

As Tokyo seeks to boost its economic security, policymakers are tapping into household wealth and assets to advance industrial ambitions.

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US Federal Reserve

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Illustration: Henry Wong
Singapore

Singapore shines as a stable investment oasis in a global storm

Wealthy families are trading global uncertainty for Singapore’s regulatory rigour, driving record inflows and a revitalised stock exchange.

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US-China relations

China plan to be global arbitration hub fighting Western distrust: experts

China’s newly revised Arbitration Law marks the most significant overhaul of the country’s commercial dispute framework since 1994.

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Bonds

Hong Kong secures US$3.5 billion to fund Northern Metropolis and green projects

Global investors pile into city’s latest bond sale, with orders 7.6 times oversubscribed, backing its green finance ambitions.

The Northern Metropolis project aims to transform 30,000 hectares of land in the New Territories into a centre for innovation and technology. Photo: Edmond So
China's economic recovery

Wall Street giants lead China-profit surge despite market polarisation

Major investment banks expand market share in China, with Goldman reclaiming the revenue lead while Shengang keeps its asset crown.

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People walk along Wall Street near the New York Stock Exchange. Photo: Reuters
Gold in Hong Kong

Hong Kong prepares for gold futures trading: will the fourth time be the charm?

As HKEX eyes relaunch of gold futures, experts suggest extended hours, tax breaks, and storage facilities to ensure success.

Hong Kong economy

Opinion | Hong Kong needs the people’s wisdom for its 5-year plan to succeed

The city can fuse market dynamism with strategic direction – but the key is support from the private sector and the public.

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Gold in Hong Kong

Editorial | Middle East war offers Hong Kong a golden opportunity

The war has driven home how well suited Hong Kong is to becoming an alternative to Dubai, a major gold trading hub.

A dealer holds gold bars in a shop in Dubai’s Gold Souk in 2025. Some Middle Eastern gold merchants have sold physical gold in Hong Kong at a steep discount, making the city a bargain-hunting hotspot. Photo: AFP
Commodities

Hong Kong pushes gold futures relaunch as mainland China reserves climb

City aims to broaden gold offerings and expand clearing and storage facilities to seize opportunities in the surging market.

Hong Kong’s gold market has seen rising activity amid the Middle East turmoil. Photo: dpa
China’s private sector

After accounting overhaul, can Wuliangye share buys restore investor confidence?

Investors welcome Wuliangye’s multibillion-yuan share purchase plan after weak earnings and industry destocking hit sentiment.

Artificial intelligence

Kimi developer Moonshot AI valued at US$20b as it navigates new IPO rules

Firm raised US$2 billion from investors including Meituan’s venture and China Mobile, taking total to US$3.9 billion in the last six months.

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