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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
last updated:
9 September, 2024
The Chinese yuan’s latest decline was driven by the US Fed’s fresh projection of only two quarter-point rate cuts in 2025. Photo: Reuters
Yuan

US Fed’s hawkish rate-cut forecast slams China’s yuan

China’s currency, hammered since Trump’s re-election, has depreciated further against the US dollar, despite the yuan’s share among global payments rising.

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Japan

The View | Japan’s economic prospects a big theme in Asian real estate

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Yuan

China urged to anchor yuan to non-US dollar currencies to empower domestic tools

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China's economic recovery

China may bank on balance-sheet expansion, not rate cuts, for growth: economist

While Beijing is unlikely to implement universal consumption subsidies, officials may try to boost spending by raising incomes, according to Nomura’s Lu Ting.

China’s Politburo has underscored the “all-round” expansion of domestic demand as a priority for next year, calling to vigorously boost consumption. Photo: AFP
China-Africa relations

African banks set up shop in China as Beijing pushes for yuan-based trade

African banks are positioning themselves to take full economic advantage as Beijing seeks to de-dollarise its trade.

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Asean

Will Trump’s tariff threat push Southeast Asian nations away from China-led Brics?

Analysts warn nations to consider the risks of joining Brics, which could bring economic gains but may alienate the US and lead to trade barriers.

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Digital currencies

Bybit CEO says Chinese can trade crypto though VPN, but not with yuan

Bybit CEO Ben Zhou says the company plans to reapply for a Hong Kong licence next year even though regulators bar selling crypto to mainlanders.

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Bybit co-founder and CEO Ben Zhou said the cryptocurrency exchange would not cross China’s “red line” of allowing trading in yuan. Photo: Shutterstock
Bonds

China’s 10-year bond yield slumps to record low, pressuring yuan

‘Staggering’ new low signals ‘chilling risk forecast’ amid a deflationary spiral ‘eerily reminiscent’ of Japan’s long malaise, analyst says.

Yuan

China’s yuan hits lowest level in months as Trump tariff threats roil currencies

China’s currency is losing pace against the US dollar thanks to a wave of uncertainty following Donald Trump’s re-election.

Donald Trump

Opinion | Trump’s fuming over unlikely ‘Brics currency’ belies risks of de-dollarisation

Trump’s threat of tariffs over a currency that will likely never exist is a reminder of how much clout the dollar has in the developing world.

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Russia only started pushing to reduce global reliance on the US dollar after its banking system was cut off from the world’s reserve currency. Photo: AFP
Yuan

China’s plans for yuan unfazed by Trump’s pledge to protect ‘mighty US dollar’

Though Donald Trump has warned against attempts to undermine the US dollar, China is unlikely to change course on yuan internationalisation.

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China’s efforts to expand the overseas use of its currency are likely to see heightened resistance during Donald Trump’s second term as US president. Photo: Shutterstock
Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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US-China relations

Trump threatens Brics countries with huge tariff if they undercut US dollar

The group, which includes Brazil, Russia, India, China and others, discussed boosting non-dollar transactions at a recent summit.

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United States

Opinion | An America awash in global capital risks spreading financial instability

Free capital flows accelerate economic growth but can also be destabilising, spreading jitters via financial markets.

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Traders work on the floor of the New York Stock Exchange on November 7, a day after the S&P 500 and Nasdaq Composite closed at all-time highs. Photo: Getty Images via AFP
Yuan

Yuan to catch up to China’s position in world’s economy: ex-official

Outspoken former Chongqing mayor Huang Qifan says Hong Kong can play a key role in the internationalisation of the yuan.

An employee counts yuan notes at a bank in Beijing. Photo: AFP
United States

Opinion | With Trump 2.0, it will be every country for itself

Given Trump’s policy direction, the only conclusion for realists is that self-strengthening must be the main thrust in a fragmenting world order.

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Yuan

China sets yuan fix to 14-month low as Trump win piles on the pressure

Yuan’s midpoint rate falls to 14-month low as Trump’s election throws most currencies other than the US dollar into uncharted waters.

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Bonds

HSBC’s 4.5 billion yuan panda bond to boost globalisation of Chinese currency

The bond, which pays an annual coupon of 2.15 per cent, also reinforces Hong Kong’s role as the world’s offshore yuan centre, bank says.

Yuan deposits in Hong Kong exceeded 1 trillion yuan for six months in a row up to September, according to HKMA. Photo: EPA-EFE
US presidential election 2024

Mexican leader ‘convinced’ US ties will stay positive after Trump’s election win

But Chinese investments in country such as electric-vehicle factories plus looming changes to a key free-trade deal could complicate matters.

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Yuan

China’s yuan falls sharply as Donald Trump declares US election win

Exchange rate between US dollar and yuan could become a bargaining chip in negotiations between China and the US on tariffs, analyst says.

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US presidential election 2024

Dollar drops as some US polls shift toward Kamala Harris

Investors walk back bets on Donald Trump winning the presidential election after weekend polls indicated Harris gaining ground.

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US Vice President and Democratic Presidential candidate Kamala Harris speaks at a campaign rally in Michigan on Sunday. Photo: via dpa
Japan

Macroscope | Japan’s election results could have global ramifications

Tokyo’s power vacuum, and questions over Japan’s policies and its relationship with the US under Harris or Trump, could have deeper economic impacts.

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Japanese Prime Minister Shigeru Ishiba at a media interview at the headquarters of his ruling Liberal Democratic Party in Tokyo on October 27. Photo: Kyodo
China's economic recovery

China’s price-conscious shoppers, hungry for luxury goods, jump on weak yen

Chinese shoppers are opting to make purchases of luxury goods outside China, helped out by sustained depreciation of the Japanese yen.

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US-China relations

US financial-sanction threat should make China rethink forex holdings: economist

‘Possible future sanctions from the US’ under a new US president have set off alarms in Beijing’s policy circles.

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Diplomacy

Opinion | Brics is not anti-West, it just wants a fairer world order

In championing economic inclusivity and strategic autonomy, pioneering financial innovation and promoting peace, Brics is a force for good.

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Illustration: Craig Stephens
Banking & finance

Opinion | Why digitising financial pipelines is essential for global prosperity

Improving digital payments, especially across borders, will make every aspect of global commerce easier and more accessible.

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A visitor displays a cup of coffee bought with China’s digital yuan, or the e-CNY, at the Digital China Summit in Fuzhou, Fujian province, on April 26, 2023. Photo: Xinhua
Brics

‘The race is on’: Brics ramps up its challenge to the Western-led world order

The growing bloc, which seeks alternatives to Western-led institutions, is being leveraged by Beijing and Moscow to forge a multipolar world.

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Brics

Putin says no Brics plan to create alternative to Swift banking system

Russian leader and bloc’s joint declaration indicate member countries recognise benefits of more transparent cross-border payment scheme.

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