44 h. ago Argentina formalises US$20 billion lifeline from Trump as Milei faces poll test

Argentina on Monday formalised a currency swap agreement with the United States for up to US$20 billion aimed “at contributing to Argentina’s economic stability,” the South American country’s central bank said. The deal is part of huge financial support from the administration of Donald Trump, a strong backer of Argentine President Javier Milei, who is under pressure ahead of midterm elections on October 26. The peso has been fluctuating wildly ahead of the vote, disrupting the savings and...

Politics

45 h. ago Ethiopia in Talks With China to Convert Dollar Loans Into Yuan

Ethiopia in Talks With China to Convert Dollar Loans Into Yuan  Bloomberg

Politics

49 h. ago Chinese loans fuel Angola’s future cities but analysts cautious over the costs

Since nearly three decades of civil war ended in 2002, Angola has been relying heavily on China – its key financier of post-war infrastructure – to help the southern African country’s government deliver on its promise of a million new homes. When the West was unwilling to finance its projects, Luanda secured loans from Chinese state banks under the so-called Angolan model, using its oil as collateral. Angola became the largest recipient of Chinese financing in Africa, attracting 270 loans worth...

Politics

57 h. ago China leaves loan prime rate unchanged in October amid US trade tensions

China leaves loan prime rate unchanged in October amid US trade tensions  Investing.com

Politics

4 d. ago China Financial Services Says CFSH Urban Development (Beijing) Small Loan Co To Grant RMB4 Million Loan To Individuals

China Financial Services Says CFSH Urban Development (Beijing) Small Loan Co To Grant RMB4 Million Loan To Individuals  TradingView

Economics

6 d. ago China’s central bank sets yuan at highest rate against US dollar in a year

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in a year, as expectations grow that the US Federal Reserve will cut rates again this month. On Thursday, the People’s Bank of China (PBOC) set the yuan’s midpoint rate – also known as the daily fixing rate – at 7.0968 per US dollar, its strongest since October last year. Two days earlier, US Federal Reserve Chairman Jerome Powell said that America’s labour market and inflation outlooks were...

Economics

6 d. ago Hong Kong picks second batch of banks, tech firms to test AI in finance

The Hong Kong Monetary Authority (HKMA) has picked the second batch of use cases for testing of generative artificial intelligence (GenAI), as it looks to further promote responsible technological innovation in the financial-services sector. A total of 20 banks and 14 technology partners would participate in the GenAI sandbox initiative, a project jointly conducted by the HKMA and Hong Kong Cyberport Management, according to a statement by the city’s de facto central bank. “The second cohort...

Economics

7 d. ago China September bank loans rise less than expected as weak credit demand persists

China September bank loans rise less than expected as weak credit demand persists  Reuters

Politics

9 d. ago Why Japan’s hotel operators have nothing to fear from tourism backlash

For a country whose currency was once perceived by many global investors as a safe haven, the Japanese yen is in dire straits. Between March 2022 and July 2024, the yen plunged 40 per cent to its lowest level against the US dollar since 1986. Since then, Japan’s currency has been volatile, buffeted by external and domestic cross-currents. The uncertain outlook for the yen is partly attributable to the acute policy dilemmas facing the Bank of Japan. The country’s central bank is under pressure to...

Society

9 d. ago Dubai Neighbor Sharjah Seeks Debut Yuan Loan as China Ties Grow

Dubai Neighbor Sharjah Seeks Debut Yuan Loan as China Ties Grow  Bloomberg.com

Politics

1 week ago Why Kenya’s swap of dollar loans for Chinese yuan offers more than debt relief

Kenya has converted its US dollar-denominated railway loans from China into the Chinese yuan, not only securing debt relief but also fitting into Beijing’s long-term goal of internationalising its currency. Analysts said the decision, announced by Kenya last week, paved the way for other debt-stressed African countries and could ultimately draw them closer to China. Kenyan Treasury Minister John Mbadi said on Tuesday that the country’s US$5 billion Chinese railway loans had been converted to...

Politics

1 week ago US launches US$20b financial lifeline for Argentina, buys pesos in rare move

The United States rushed to stabilise Argentina’s economy on Thursday, offering US$20 billion in financing and carrying out a rare intervention in currency markets to prop up the peso after weeks of sharp declines. Washington has finalised a US$20 billion currency swap framework with Argentina’s central bank, Treasury Secretary Scott Bessent said in a social media post. The US also directly purchased pesos, he said, a move that follows unsuccessful efforts by Argentine authorities to stabilise...

Economics

1 week ago Plan to privatise Hang Seng Bank elicits mixed reactions from customers

On Thursday afternoon, hours after HSBC Holdings announced a plan to privatise subsidiary Hang Seng Bank, the local lender’s headquarters in Central was crowded with customers queuing for services. Among them were many elderly people, including five who told the Post they were not aware of the news and were unsure if it would have an impact on their bank accounts. London-based HSBC would buy all outstanding Hang Seng Bank shares for HK$155 each in cash, or a premium of 30 per cent over the...

Economics

1 week ago Beijing aids gold’s record run, kidney transplant first: SCMP daily highlights

Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. Pentagon nominee hints at Aukus changes, says Taiwan should ‘pay its way’ The Aukus defence technology-sharing pact between the US, Britain and Australia could be made more “sustainable”, according to the Donald Trump administration’s pick as its next assistant defence secretary for Indo-Pacific Security Affairs. 2. China’s central bank aids gold’s...

Politics

2 w. ago Kenya converts $3.5 billion loans from China into yuan to cut interest

Kenya converts $3.5 billion loans from China into yuan to cut interest  Reuters

Economics

2 w. ago China's central bank buys gold for 11th straight month in September

China's central bank buys gold for 11th straight month in September  KITCO

Economics

2 w. ago Kenya converts $3.5 bln dollar loans from China into yuan to cut interest

Kenya converts $3.5 bln dollar loans from China into yuan to cut interest  Reuters

Politics

2 w. ago Nigeria turns to China for a new $2 billion loan to rebuild ailing power grid

Nigeria turns to China for a new $2 billion loan to rebuild ailing power grid  Business Insider Africa

Economics

2 w. ago Kenya converts railway loan from China into yuan to save on interest

Kenya converts railway loan from China into yuan to save on interest  Reuters

Politics

2 w. ago Nigeria in Talks With China for $2 Billion Loan for Super Grid

Nigeria in Talks With China for $2 Billion Loan for Super Grid  Bloomberg.com

Economics