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A worker handles ABC Bullion 1kg gold bars at the ABC Refinery smelter in Sydney, Australia. The price of the precious metal has surged to a record US$2,500 for a single ounce in recent weeks. Photo: Bloomberg

Macroscope | Gold is still the safe haven of choice in Asia and beyond

The gold price coming adrift from traditional anchors points to deep uncertainty about the world and concern for the global monetary system.

The gold price coming adrift from traditional anchors points to deep uncertainty about the world and concern for the global monetary system

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Opinion | Bretton Woods should heed the cries for fair play or go

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Yuan still lacks ‘heft’ of China’s economy, trade on global stage: ex-official

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Financial secretary pledges more financial connections with mainland

Minister hinted at the launches of more links that will better connect Hong Kong markets with those on the mainland.

Financial Secretary Paul Chan spoke to a forum in Shanghai on Thursday. Photo: Bund Summit

Singapore’s tourists can ‘live like kings’ in Bali thanks to soaring dollar

Singapore’s currency is at its strongest against the US dollar in over a decade, benefiting travellers, but hurting some local businesses

After ‘phenomenal’ growth, China needs plan to recover illicit digital assets

Growth of virtual currencies such as bitcoin and ether used in crimes has been ‘phenomenal’, law professor says.

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China’s yuan to continue to gain, but outlook hinges on Fed rate cuts: analysts

China’s yuan gained 1.9 per cent against the US dollar in August, which represented the largest monthly change since November.

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An employee arranges bundles of US dollar banknotes and Chinese yuan. Photo: Bloomberg

Open questions | Economist Marc Uzan on how China can help reshape the global financial system

Marc Uzan, who has campaigned for changes to the global financial system for 30 years, says he remains optimistic about international cooperation despite the rise of unilateralism.

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Can the yuan really become a truly international currency that everyone wants?

China’s yuan has become more acceptable to foreign countries, but authorities still maintain tight control of fund flows under its capital account.

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Interest rates, US election adding to yuan volatility: Goldman

Moves by the US Federal Reserve, as well as November’s US presidential election, would discourage selling the yuan, Goldman Sachs said on Friday.

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The yuan offshore has gained about 2 per cent this month in the anticipation of a rate cut by the US Federal Reserve. Photo: Bloomberg

High level of yuan deposits cements Hong Kong’s offshore hub role

Improvement in equity-market sentiment and companies’ increasing need for yuan are driving the surge in deposits, according to analysts.

Deposits of yuan in Hong Kong exceeded 1 trillion yuan for the fourth straight month. Photo: Shutterstock

Singapore’s currency scales new heights as traders bet on diverging policy paths

The Singapore dollar has surged to levels not seen since 2014 as traders wager on a hawkish policy stance from the city state’s central bank.

Macroscope | Those seeking a weaker US dollar should be careful what they wish for

As geopolitical confrontation deepens, the dollar could be heading for a steep fall without any outside help, while gold continues to rise.

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Opinion | With US rate cuts on the horizon, the glass looks half full again

Lower US rates, helped by Japan’s normalising policy, would boost liquidity and ease dollar pressure, with better days ahead for emerging markets.

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US Federal Reserve Board chairman Jerome Powell kept interest rates unchanged in an announcement on July 31, but the move set up expectations of increases later this year. Photo: AP

China’s yuan fitting the bill as currency wins record share of global payments

China’s yuan has won a record share in global settlements, an indication the country’s efforts to internationalise its currency are continuing to bear fruit.

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China’s yuan has increased its share of global payments, reaching a new record in July. Photo: Reuters

Deeper China-Saudi ties mean more yuan-based transactions, ratings agency says

Yuan internationalisation may get a boost from Saudi Arabia, S&P Global Ratings says, as greater cooperation with China is likely to lead to more frequent use of the renminbi in cross-border transactions.

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China’s interbank system promoted as safeguard against Swift consequences

A senior researcher has encouraged China to expand the use of its interbank transfer protocol, warning of risks inherent in the use of Western systems like Swift.

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‘It’s a new reality’: Russian firms have billions stuck abroad on payment delays

Russian banks are facing a shortfall of yuan, the main foreign currency for the country’s external trade nowadays, as Chinese firms are afraid of being penalised by the US for indirectly funding Russia’s war machine.

Russian banks are facing a shortfall of yuan, the main foreign currency for the country’s external trade nowadays. Photo: Reuters

Macroscope | Never mind Japan – US is biggest source of global market volatility

The US is not the only source of volatility in the global economy, but the size of its economy and capital markets make it the most worrying.

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As Black Monday 2.0 sweeps Asia, China’s yuan surges with US rate cuts looming

Onshore yuan rallied to a high of 7.1150 per US dollar during morning trading, the strongest level since January 2.

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China’s yuan strengthens to 7-month high as yen gains, carry trade unwinds

The sudden strength in funding currencies, particularly yen and yuan, dented carry trades, after weak US labour data last week stoked recession fears and fuelled bets on deeper rate cuts by the Federal Reserve.

Currency traders near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between US dollar and Korean won at the KEB Hana Bank headquarters in Seoul, on August 5, 2024. Photo: AP

A steady hand in rough Hong Kong monetary waters

Eddie Yue Wai-man’s reappointment for a second five-year term as head of the Hong Kong Monetary Authority is good news. Yue has amply proved himself over the past five difficult years. The next five years will be just as challenging, if not more so.

Eddie Yue Wai-man, reappointed for a second term as chief executive of the Hong Kong Monetary Authority, must demonstrate the city’s continuing vitality as a world-class financial hub while maintaining confidence in the viability of the US-HK dollar peg. Photo: Dickson Lee

Macroscope | Second Trump presidency would pose little threat to King Dollar

While Donald Trump returning as president poses political risks, the US dollar is more insulated against his policies than many might think.

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Russia to legalise crypto for payments as sanctions over Ukraine burden firms

The move marks a rapid shift in attitude toward digital instruments, and comes as Russian businesses confront growing payment pressures triggered by US threats of secondary sanctions on foreign banks.

As mainland China broadens yuan’s global appeal, Hong Kong may play larger role

With geopolitics making overseas use of the yuan more common, a professor has said the time is now for Hong Kong to have a greater role in the currency’s offshore settlement.

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Increased use of the yuan in global transactions suggests a larger role is on the horizon for Hong Kong as an offshore clearing centre for the currency. Photo: Bloomberg

Singapore dollar poised to overtake Hong Kong, India as Asia’s best performer

While the Hong Kong dollar has been Asia’s top performer so far this year, the city’s currency is vulnerable to a sharp reversal.

Singapore’s currency currently ranks in third place in the region for 2024. Photo: AFP

Wish you were here? Japan cuts red tape to ease airport crush as tourism soars

The Japanese government will introduce a new pre-clearance system from January, starting with tourists from Taiwan.

Macroscope | Political chaos in the West could force the rest to seek new leadership

Recent UK and French election results and US turmoil are creating an impression of political and societal instability.

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Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
last updated:
26 August, 2024
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