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Global monetary policy

President Xi Jinping speaks at the Brics summit in Russia on Wednesday. Photo: Reuters

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

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Macroscope | Are markets misreading China’s economic priorities?

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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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Strong US jobs data released last week could affect the exchange rate between the US dollar and Chinese yuan, according to some analysts. Photo: Shutterstock

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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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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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.

After the US Federal Reserve’s interest rate cuts and a set of monetary policy measures China announced to stimulate its economy, the value of the yuan has rapidly increased. Photo: Reuters

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.

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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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

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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Jerome Powell, chairman of the US Federal Reserve, announced a cut to its benchmark interest rate on Wednesday. Photo: Bloomberg

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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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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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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Illustration: Lau Ka-kuen

China’s central bank enters treasury bond market with 100-billion-yuan net buy

In a highly anticipated move, the People’s Bank of China has conducted its first open-market trade for treasury bonds in nearly two decades.

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The People’s Bank of China has made its first trade in the treasury bond market in nearly two decades. Photo: Bloomberg

Macroscope | Why risk of US recession, not China downturn, is real cause for concern

The Federal Reserve’s priority must be to ensure fears of a deeper downturn do not become self-fulfilling, especially given what the US election could unleash.

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The View | South Korea, Australia show rate cuts are no cure-all for property markets

South Korea and Australia provide a cautionary tale of the limits of monetary policy when other factors also influence the outlook for residential property.

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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.

A customer withdraws Singapore dollar banknotes from an ATM. The city state’s currency is the second-best performer in Asia this year behind Malaysia’s ringgit. Photo: AFP

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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Gold soars to record high as central banks stockpile amid rate-cut bets

Citigroup says the metal could be headed for US$3,000 per ounce next year after hitting US$2,531.75 overnight.

The View | Central banks need to communicate policy more effectively

The ability of central banks to pursue their main goals will depend increasingly on pursuing reforms in how they think and function.

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European Central Bank President Christine Lagarde, Bank of Japan Governor Kazuo Ueda and US Federal Reserve Chair Jerome Powell admire the view at the Jackson Hole economic symposium in Moran, Wyoming, on August 25, 2023. Photo: Bloomberg

The View | Why messy end to negative interest rates won’t dent Japan’s appeal

Japan’s real estate industry is not immune to the fallout from ending ultra-loose policy, but its market’s appeal must not be underestimated.

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The sun goes down over homes in Hiratsuka, Kanagawa prefecture, Japan, on August 4. While Japan’s real estate market has its issues, the country’s unique strengths and lack of a viable alternative in Asia will continue to bolster its appeal to investors. Photo: Bloomberg

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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Opinion | China must heed its own lessons in tackling past overcapacities

Overtightening hurt China’s economy in the past. Faced with new overcapacities, China should adopt a more expansionary fiscal and monetary policy.

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US could cut rates 3 times this year as inflation cools: former Fed vice-chair

The Federal Reserve is likely to cut interest rates three times this year as inflation heads downward and the labour market cools, according to Richard Clarida, who was vice-chair of the US central bank from 2018 to 2022.

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With inflation returning close to target, the Fed has begun to elevate the importance it places on the employment data, Clarida said. Photo: AP

Opinion | Forget de-dollarisation, de-Sinicisation is the trade trend to watch

Countries in the Global South are aligning with Chinese commerce when it suits them, but still choosing to protect domestic industries.

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Chinese President Xi Jinping attends the Shanghai Cooperation Organisation summit in Astana, Kazakhstan, on July 4. Photo: Reuters

As bond yields drop, China’s central bank could step into secondary market

China's central bank, concerned about a decline in long-term bond yields, will borrow treasury bonds from primary market traders to maintain liquidity in the market.

Macroscope | What will give when US’ soaring debt runs up against its inflation fight?

Doubts about the US government’s ability to manage its debt without stoking inflation are sparking the latest round of dire warnings about the risks to the global economy.

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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
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