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Currency war

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Currency war
The latest news, analysis and opinion on Currency war. In-depth analysis, industry insights and expert opinion.
US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

Yuan

China’s yuan hits 3-year high as global banks issue bullish forecasts

Yuan

China’s US Treasuries slump may not be what it seems

Yuan

As China’s yuan hits multi-year highs, Beijing puts the focus on stability

China’s top foreign exchange regulator said in an article that authorities would seek to keep the yuan ‘basically stable’.

China’s yuan has appreciated steadily against the US dollar in recent months. Photo: Getty Images
Yuan

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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China has been patiently chipping away at the US dollar’s global dominance, and Washington may even be doing it a favour. Photo: dpa
Foreign exchange market

China trims US Treasury holdings as global ownership hits record

Beijing slightly pares its sovereign US debt position as private investors and certain financial hubs drive demand up.

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Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

Yuan

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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The Chinese yuan may be used more widely in cross-border payments than conventional data suggests, analysts say. Photo: AFP
US-China relations

Open Questions | Euro, Chinese yuan to end US dollar dominance, top economist says

Kenneth Rogoff sees yuan as a reserve currency within five years, Europe asserting financial independence and greater regulation of stablecoins.

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Illustration: Henry Wong
Yuan

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

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Banking & finance

How China’s sovereign debt is becoming a real alternative to US Treasuries

Beijing is now offering dollar-denominated sovereign bonds at rates matching equivalent US Treasuries – and investors are snapping them up.

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Yuan

As the yuan sizzles, China’s central bank deploys double-barrelled policy tweak

Regulators refine cross-border rules and cut the foreign exchange risk reserve ratio for forward forex sales to zero, aiming to provide stable offshore liquidity and help firms manage risks.

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The People’s Bank of China has rolled out a pair of measures to lower foreign exchange hedging costs and support cross-border yuan financing. Photo: Shutterstock
Banking & finance

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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China’s domestically developed Cross-border Interbank Payment System offers clearing and settlement services for cross-border yuan transactions. Illustration: Shutterstock
China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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Banking & finance

China lets yuan rise to strongest level in years as de-dollarisation trend grows

China’s central bank sets the yuan’s midpoint rate at its strongest level since mid-2023, as jitters over the US dollar buoy the Chinese currency.

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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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People walk past an e-CNY sign at the 2021 China International Fair for Trade in Services, in Beijing on September 5, 2021. Photo: Xinhua
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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Yuan

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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Yuan

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

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

A customer makes a payment using China’s digital currency, or e-CNY, at a store in Beijing. Photo: Getty Images
Yuan

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
Yuan

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.

China digital currency

Could China ‘militarise’ cryptocurrencies to beat financial sanctions?

Communist Party newspaper Study Times argues that digital assets are the new toolbox for wartime financial strategies.

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A commentary in key Communist Party publication Study Times says a shifting global geopolitical landscape and the future direction of the international financial system point to digital currencies as a “significant strategic tool for future financial defence” that cannot be overlooked. Photo: Reuters
Yuan

Chinese yuan’s forex market share grows to 8.5% as global position firms: survey

Beijing’s push to internationalise the yuan is reflected in its rising global use amid efforts to reduce reliance on the US dollar, which has shored up its forex dominance.

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The yuan’s share in global forex trading has been gradually climbing in recent years, according to survey results. Photo: Felix Wong
China-Russia relations

China’s vision of multipolar order depends on yuan-based system: Oleg Deripaska

Russian billionaire and Putin associate says Beijing is taking a cautious tack on dedollarisation.

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Banking & finance

China’s belt and road investments plays to Hong Kong’s strengths: HSBC

City set for bigger role in green finance, offshore yuan as initiative shifts towards private sector-led projects, economist says.

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