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Global monetary policy

Global monetary policy
The latest news, analysis and opinion on Global monetary policy. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
Singapore’s President Tharman Shanmugaratnam told the World Economic Forum in Davos that central banks and fiscal authorities had “made mistakes in the last 15 years”. Photo: EPA-EFE
Singapore

Singapore’s president cites global ‘mistakes’ as inflation worries Davos

Tharman Shanmugaratnam, a veteran economist and ex-finance minister, said that inflation would be lower if not for 15 years of mistakes.

Interest rates

Hong Kong holds fire on monetary policy, keeping base rate at 4.75%

Banking & finance

Hong Kong’s banks gird for lean times as 9-month profit growth slows

United States

Macroscope | Why bond markets refuse to hop aboard the Trump train

A sharp sell-off in bond markets despite the Fed’s easing cycle shows investors are worried about the uncertainty around Trump’s second term.

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US president-elect Donald Trump speaks at a news conference at his Mar-a-Lago resort in Palm Beach, Florida, on December 16, 2024. Photo: Getty Images
United States

Opinion | Trump’s plans could trigger liquidity crises across Europe and Asia

Inflationary pressure and a growing deficit would turn the US into a liquidity-sucking force.

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Yuan

To boost yuan, China’s central bank allows firms to borrow more foreign debt

For companies that have reached the upper limit of overseas financing, a relaxation may be welcome, but the move’s effectiveness remains unclear as rate spread with US dollar widens.

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Yuan

China’s central bank rhetoric on yuan stability takes aim at depreciation risks

An exchange rate of 7.6 to the US dollar by the end of 2025 could be on the cards, analysts say, as Donald Trump’s impending policies may further weaken the battered yuan.

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China’s yuan remains under pressure as the safe-haven US dollar strengthens amid expectations that the US Federal Reserve will slow the pace of rate cuts this year. Image: Shutterstock
United States

Opinion | Up in the air whether US economic arrows will hit the mark

If the Trump 2.0 team is as uncoordinated as Trump 1.0, we will see arrows flying everywhere.

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Interest rates

Hong Kong lenders may cut prime rate to record low 5% in 2025

A straw poll of 10 analysts surveyed by the Post expect up to three rate cuts by the Federal Reserve and HKMA totalling as much 75 basis points.

United States

Macroscope | Trump vs the Fed: why 2025 could be the year things get ugly

The Fed is making it clear that Trump’s policies come at a price, one that he might be unwilling to pay if inflation rises more sharply.

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Donald Trump, then US president, looks on as Jerome Powell, his nominee to lead the Federal Reserve, speaks at the White House in Washington on November 2, 2017. Photo: Reuters
Banking & finance

Opinion | In a world fraught with risk, Trump will add to the bumps

Amid increasing geopolitical uncertainty and trade tensions, investors are counting on the US central bank to keep printing money.

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Passengers at Hong Kong International Airport on July 20, a day after a global IT service shortage affected air travel. Cybersecurity threats and extreme weather events are among the global risks that could become more severe in the coming years, contributing to financial woes across borders. Photo: Xiaomei Chen
Hong Kong

Editorial | Hong Kong interest rates volatility price to pay as spectre of Trump tariffs looms

Uncertainty over when next US cuts will come in 2025 prompts Hong Kong Monetary Authority chief to send out warning.

Hong Kong Monetary Authority (HKMA)

Hong Kong banks cut lending rates, but HKMA warns of volatility ahead

The latest rate cuts by lenders such as HSBC and Bank of China will lighten the monthly burden on mortgage borrowers by about HK$351 to HK$22,452.

Interest rates

US Federal Reserve set to cut rates as Trump prepares for second term

Analysts expect a slower path of rate cuts next year as they have concerns about some of Trump’s key policy initiatives.

The Fed is likely to signal a slower path of rate cuts next year amid uncertainty over Donald Trump’s economic proposals. Photo: AFP/Getty Images/TNS
Trade

Macroscope | Could Trump be a catalyst for the reforms China and Germany need?

As Beijing and Berlin face pressure to stimulate their economies, challenges posed by Trump’s approach could prompt much-needed policy changes.

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An image of US president-elect Donald Trump is displayed as traders work on the floor of the New York Stock Exchange on November 26. Photo: AFP
Banking & finance

Top bankers stress resilience and wisdom key to navigating uncertainty

Speakers at the Global Financial Leaders’ Investment Summit say collaboration and strategic thinking hold the key to tackling a divided world.

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Banking & finance

As China urges global financial reform, Global South ties more crucial: analysts

The world’s second-largest economy is looking to balance the scales of international financial governance under a system dominated by the World Bank and IMF.

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International Monetary Fund (IMF)

As global debt nears US$100 trillion, IMF urges action

International Monetary Fund economists warn that failure to address rising debt could lead to ‘significant spillovers’ for the world economy.

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The International Monetary Fund (IMF) logo is seen outside its headquarters in Washington. Photo: Reuters
China economy

Macroscope | Are markets misreading China’s economic priorities?

While Chinese policymakers need to bolster confidence in stimulus efforts, investors must come to terms with updated government priorities.

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Yuan

China’s yuan faces volatility amid US pressure and home-grown stimulus: analysts

A stronger yuan could drag down China’s export growth, and the central bank is expected to guard against excessive appreciation.

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China economy

Opinion | China’s stimulus will fall short without private-sector confidence

While short-term stimulus will help, Beijing must directly address the fears of businesses and households to get them spending again.

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Illustration: Craig Stephens
China economy

Macroscope | Why ‘bazooka’ stimulus alone won’t fix what ails China’s economy

Markets aside, the economy faces structural challenges. Beijing favours an unbalanced growth mix that makes it harder to boost demand.

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Shoppers on Nanjing East Road in Shanghai on October 2. While the stimulus measures announced by the government have lifted market sentiment, there is scepticism about whether they will translate to the real economy. Photographer: Bloomberg
Yuan

China’s yuan continues upward climb after Beijing’s stimulus roll-out

The yuan reached its highest level in over a year on Wednesday following interest rate cuts and new measures from China’s central bank.

Asia housing and property

The View | Why Fed’s rate cut won’t fix what ails Hong Kong or Singapore

Despite their many differences, Hong Kong and Singapore’s property markets both show that a monetary easing cycle is not a panacea.

China's economic recovery

Explainer | China’s 100-billion-yuan question: does government bond purchase shift policy?

Speculation is rife on what a US$14 billion treasury bond buy means for China’s money-supply mechanism, and whether the rare move equates to quantitative easing.

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The People’s Bank of China has made clear that Beijing’s treasury bond trade does not equate to quantitative easing. Photo: Reuters
US Federal Reserve

Editorial | US interest rate cut is welcome but many challenges remain for China

China – including Hong Kong – is not out of the woods yet, even with the 50 basis point reduction by America’s central bank.

A sign posted outside a Jordan real estate agency says it is a good time to enter the market after the US Federal Reserve cut its benchmark interest rate. Photo: Jelly Tse
Banking & finance

Dump or buy more? China’s holding of US debt in spotlight after Fed’s rate cut

Continued diversification of reserve portfolio may be in order, but into what, and at what speed, are pressing questions.

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Banking & finance

Macroscope | 4 reasons it’s too early to declare victory over inflation

Central banks might have kept interest rates too high for too long. Cutting them too quickly could prove even more costly.

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