7 d. ago China’s stablecoin edge? WeChat and Alipay, says top economist

China already has de facto stablecoins in the form of WeChat Pay and Alipay, a top economist at the country’s leading investment bank has argued – amid growing calls for Beijing to quickly adapt to the global rise of digital assets. “From an economic perspective, money based on third-party payment platforms functions much like stablecoins – and China holds a comparative advantage in this area, having already built a relatively mature regulatory framework,” said Peng Wensheng, chief economist at...

Economics

9 d. ago ‘Hotbed of opportunity’: Premier Li says China’s economy offers ‘certainty’

China will continue to be a land of opportunities and an engine of global growth and stability, even as the world faces rising geopolitical challenges and uncertainties, Chinese Premier Li Qiang said at the Asian Infrastructure Investment Bank’s (AIIB) Annual Meeting in Beijing. “China remains the country that contributes the greatest impetus to global economic growth, and the most significant source of certainty for world peace and development,” he said on Thursday. Li’s remarks came a day...

Politics

1 week ago China’s Zou Jiayi, a former finance official, elected AIIB president

Former vice-minister of finance Zou Jiayi has been elected president of the Asian Infrastructure Investment Bank (AIIB), leading the lender and its US$100 billion in capital through a decisive moment for globalisation and development finance. The decision was announced at the Beijing-based bank’s annual meeting on Tuesday, held with representatives of its 110 member states and other stakeholders at its headquarters to celebrate its 10th anniversary. Zou, 62, will serve a five-year term which...

Politics

1 week ago Jin Liqun reflects on tumult and triumphs in AIIB’s eventful first decade

A veteran of international finance, Jin Liqun is president and chair of the board of directors at the Asian Infrastructure Investment Bank (AIIB), a multilateral development lender headquartered in Beijing and established in 2016. He has been closely involved in the Bank’s evolution since its inception, and was elected to a second and final five-year term in 2020. Jin was among the first Chinese officials to gain direct experience in international finance in the 1980s, serving as alternate...

Politics

1 week ago Veteran banker Jin Liqun on leading AIIB during its formative first 10 years

A veteran of international finance, Jin Liqun is president and chair of the board of directors at the Asian Infrastructure Investment Bank (AIIB), a multilateral development lender headquartered in Beijing and established in 2016. He has been closely involved in the Bank’s evolution since its inception, and was elected to a second and final five-year term in 2020. Jin was among the first Chinese officials to gain direct experience in international finance in the 1980s, serving as alternate...

Politics

2 w. ago Hong Kong home market on brink of turnaround, Morgan Stanley says

Hong Kong’s residential property segment is on the verge of a turnaround that could last between four and five years, with home prices likely to rise starting in the second half of the year, according to Morgan Stanley. The US investment bank said the first half of the year would end with prices down 2 per cent from a year earlier, while prices in the second half would rise 2 per cent year on year. The call essentially moves the recovery forward in time and smooths it out compared with the...

Politics

2 w. ago Hong Kong’s coming third in competitiveness index ‘down to civil service reform’

Hong Kong has been named the third-most globally competitive economy in the world, climbing two places from last year, with city leader John Lee Ka-chiu attributing the rise to enhanced government efficiency resulting from civil service reforms. The chief executive said that Hong Kong had scored 99.2 out of 100 in the latest World Competitiveness Ranking, which was released by the Switzerland-based International Institute for Management Development (IMD) on Tuesday. The ranking put the city...

Politics

2 w. ago Hong Kong’s rise to third in competitiveness index ‘due to civil service reform’

Hong Kong has been named the third-most globally competitive economy in the world, climbing two places from last year, with city leader John Lee Ka-chiu attributing the rise to enhanced government efficiency resulting from civil service reforms. The chief executive said that Hong Kong had scored 99.2 out of 100 in the latest World Competitiveness Ranking, which was released by the Switzerland-based International Institute for Management Development (IMD) on Tuesday. The ranking put the city...

Politics

2 w. ago Standard Chartered sees affluent clients putting more money to work in Hong Kong

Wealthy people are increasingly drawn to structured products and diversified investments in light of market uncertainty, according to Standard Chartered Bank’s Eliza Law, who sees affluent clients putting more money to work in Hong Kong. “Our clients’ interest in investing has grown,” Law, managing director and head of affluent segment and distribution, wealth and retail banking at Standard Chartered Hong Kong, said in a briefing on Thursday. “They are keen to enhance their investment knowledge...

Economics

3 w. ago India expected to maintain robust growth despite Pakistan tensions, trade woes

India is poised to remain the world’s fastest-growing major economy this year, analysts have said, with a recent jumbo rate cut by its central bank expected to boost consumption and investment, even as the country contends with fresh military tensions with Pakistan and an uncertain global trade environment. The Reserve Bank of India (RBI) last week delivered a larger-than-expected interest rate cut of 50 basis points and reduced the cash reserve ratio – the minimum amount of capital banks must...

Events

3 w. ago HSBC to grow investment bank to serve rising demand for IPOs

HSBC will expand its investment banking business to serve the rising demand of companies from Asia and the Middle East for initial public offerings (IPOs), said the co-CEOs of the bank’s biggest profit centre. The plan aligns with the bank’s restructuring to focus on high-return areas like Hong Kong and India, as well as exit low-profitability markets like Europe and the US. Hong Kong sits atop the world’s IPO league table, after 27 companies raised US$9.96 billion this year as of last week,...

Economics

4 w. ago China Renaissance’s investment in stablecoin issuer Circle pays off

China Renaissance, which has funded many leading Chinese technology firms, made another winning bet after shares of stablecoin issuer Circle Internet Group more than doubled on their debut in New York. The Chinese investment bank said in a filing to the Hong Kong stock exchange on Friday that it had invested in Circle, which was founded in 2013, in 2018 through its Huaxing New Economy Fund. The investment reflected its “strong confidence in the growth prospects of the digital asset industry”,...

Economics