4 h. ago Why China’s yuan is forecast to keep strengthening against the US dollar

Market optimism for the Chinese currency continues to rise, with analysts projecting the yuan to appreciate further against the US dollar amid a stronger-than-expected domestic economy and growing concerns over US debt sustainability. On Tuesday, the People’s Bank of China set its daily reference rate at 7.1534 per US dollar – strengthening from Monday’s 7.1656, and the strongest level since early November. In June, the onshore yuan appreciated by 0.41 per cent against the greenback, bringing...

Politics

6 h. ago China lifts yuan midpoint, but trade weighted value falls to lowest since 2021

China lifts yuan midpoint, but trade weighted value falls to lowest since 2021  Reuters

Politics

26 h. ago China teen forced to do 1,000 squats at delinquent centre suffers kidney failure

The story of a 15-year-old boy in China who was forced to do 1,000 deep squats as a punishment, leaving him needing a kidney transplant, has sparked outrage online. The tragic tale began in August 2023, when the boy, identified by the pseudonym Ajun, from Guilin in Guangxi province, southern China, was caught stealing 3,500 yuan (US$500) in cash from a parked car. However, because he was under 16, the minimum age for criminal prosecution, the police sent him to Yongqing School for “corrective...

Events

28 h. ago China's yuan rises after midpoint set at highest in nearly 8 months

China's yuan rises after midpoint set at highest in nearly 8 months  TradingView

Politics

3 d. ago China's central bank pledges to speed up policy response to economic conditions

China's central bank pledges to speed up policy response to economic conditions  Reuters

Economics

4 d. ago ‘Summer Davos’ debate: is China’s yuan ready to challenge US dollar dominance?

As global confidence in the US dollar erodes in the wake of Washington’s “Liberation Day” tariffs, economists at the Annual Meeting of the New Champions debated whether China’s yuan could emerge as a credible alternative to challenge the world’s dominant currency. US President Donald Trump’s sweeping “reciprocal tariffs” on allies and adversaries alike marked “another step in the process of diminishing the role of the dollar as a global reserve currency,” said Diana Choyleva, senior fellow of...

Politics

4 d. ago Dollar is ‘America’s to lose’: experts argue at ‘Summer Davos’ amid yuan push

As global confidence in the US dollar erodes in the wake of Washington’s “Liberation Day” tariffs, economists at the Annual Meeting of the New Champions debated whether China’s yuan could emerge as a credible alternative to challenge the world’s dominant currency. US President Donald Trump’s sweeping “reciprocal tariffs” on allies and adversaries alike marked “another step in the process of diminishing the role of the dollar as a global reserve currency,” said Diana Choyleva, senior fellow of...

Politics

5 d. ago Hong Kong steps into currency market to defend local dollar’s peg

The Hong Kong Monetary Authority (HKMA) has stepped into the financial market for the first time since 2023 to support the weak local dollar, in an effort to thwart currency arbitrageurs who engage in so-called carry trades. The city’s de facto central bank sold US$1.2 billion worth of US dollars to buy Hong Kong currency at HK$7.85 per US dollar, according to a statement on Thursday. The action came after the local currency hit the weak end of its trading band at HK$7.85. The Hong Kong...

Politics

5 d. ago Hong Kong steps into the currency market to defend local dollar’s peg

The Hong Kong Monetary Authority (HKMA) has stepped into the financial markets for the first time since 2023 to support the weak local dollar, in an effort to thwart currency arbitrageurs who engage in so-called carry trades. The city’s de facto central bank sold US$1.2 billion worth of US dollars to buy Hong Kong currency at HK$7.85 per US dollar, according to a statement on Thursday. The action came after the local currency hit the weak end of its trading band at HK$7.85. The Hong Kong...

Politics

5 d. ago China’s AI capital spending set to reach up to US$98 billion in 2025: BofA

Capital expenditure on artificial intelligence (AI) in China is forecast to reach 600 billion yuan to 700 billion yuan (US$84 billion to US$98 billion) this year, according to a Bank of America (BofA) report, as the mainland and the United States race for primacy in the vital technology. That would represent as much as a 48 per cent overall growth this year for China’s AI capex from 2024, BofA Securities’ co-head of China equity research Matty Zhao, who also heads Asia-Pacific basic materials,...

Economics

6 d. ago China’s central bank doubles down on financing support to boost consumption

China is doubling down on its efforts to encourage domestic consumption, with the central government and the country’s wealthiest province rolling out policies aimed at providing structural financial support and on-the-ground incentives. Continued policy support is crucial to keep China’s domestic consumption afloat as trade uncertainties and unemployment pressures persist, analysts said. The People’s Bank of China (PBOC) said on Tuesday that a 500 billion yuan (US$69.68 billion) relending quota...

Economics

6 d. ago CNY/USD: China Seizes Moment to Globalize Yuan as Dollar Doubts Mount

CNY/USD: China Seizes Moment to Globalize Yuan as Dollar Doubts Mount  Bloomberg.com

Politics

6 d. ago China steps up push to internationalise the yuan as global dollar dominance wavers

China steps up push to internationalise the yuan as global dollar dominance wavers  Forexlive | Forex News, Technical Analysis & Trading Tools

Politics

6 d. ago China doubles down on promoting yuan as confidence in U.S. dollar takes a beating

China doubles down on promoting yuan as confidence in U.S. dollar takes a beating  CNBC

Politics

6 d. ago Are stablecoins the future? Don’t bank on it, warns the bank for central banks

With some major economies leaping onto the stablecoin train – or being urged to do so, to further globalise their currencies – others are mulling whether getting on board would be akin to either riding the gravy train or feeling it fail to gather steam. Now, the international financial organisation known as the “bank for central banks” has waded into the stablecoin debate as the buzzword gathers momentum. In a “special chapter” released on Tuesday in advance of Sunday’s release of its Annual...

Events

6 d. ago China’s yuan set to benefit as central banks report doubts about US dollar

Central banks are showing more interest in the Chinese yuan as doubts grow about the future of the US dollar, but this shift is not enough to challenge the greenback’s dominance in global reserves, according to a new survey. In its latest Global Public Investor poll released on Tuesday, the London-based Official Monetary and Financial Institutions Forum (OMFIF) said a net 14 per cent of reserve managers plan to increase their yuan exposure in the next two years, up sharply from the 2 per cent...

Politics

8 d. ago China closes gap with U.S. as African countries, others join yuan payment system

China closes gap with U.S. as African countries, others join yuan payment system  Business Insider Africa

Politics

1 week ago China gives Hong Kong new yuan transfer cap as payment link starts

China’s financial authorities have granted Hong Kong residents a new daily remittance quota for the renminbi, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland. Starting from noon on Sunday, the 17 million registered users of Hong Kong’s Faster Payment System (FPS) will be able to remit up to HK$10,000 (US$1,282) per day for each bank account to 298 million users on the mainland’s Internet Banking Payment System...

Politics

1 week ago China unveils over 3,200 new projects worth 3 trln yuan to private capital

China unveils over 3,200 new projects worth 3 trln yuan to private capital  China.org.cn

Politics

1 week ago China’s Central Bank Seeks Bigger Role for Yuan on Global Stage

China’s Central Bank Seeks Bigger Role for Yuan on Global Stage  WSJ

Politics