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

4 d. ago New lending and repo plans accelerate the yuan’s challenge to the US dollar

When Hong Kong businessman Sunny Yip Yuk-chik heard about a new scheme that would make it easier and cheaper to borrow Chinese yuan, he immediately called his staff on the Chinese mainland with the news. Earlier this month, the Hong Kong Monetary Authority (HKMA) launched a 100 billion yuan (US$14 billion) Renminbi Business Facility (RBF) that would enable business owners like Yip to borrow yuan from Hong Kong banks for up to 12 months at the onshore yuan interest rate, easing trade...

Politics

8 d. ago China thief steals US$53,000 from newlyweds after learning about pair online

A Chinese man was arrested for stealing 380,000 yuan (US$53,000) in wedding gift money from a household shortly after their wedding, which he discovered through social media posts about their celebrations. The man, identified by the surname Peng, was apprehended on October 2 at his home in Jiangxi province, eastern China. Peng targeted the victim, also surnamed Peng, after viewing videos of the wedding festivities. He used Douyin, the mainland version of TikTok, to find wedding posts nearby and...

Events

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

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 China’s US$21 billion in gold ETFs shines amid metal’s continued rise

Chinese investors sitting on 150 billion yuan (US$21 billion) worth of gold exchange-traded funds (ETFs) are likely to enjoy an extended run of a world-beating rally in the metal’s price amid robust demand, according to Swiss banks Julius Baer and Lombard Odier. Even after gaining almost 50 per cent this year, gold prices were set to rise to US$4,000 an ounce in the next 12 months, Julius Baer said, while Lombard Odier said the precious metal would rise to US$3,900. JPMorgan Private Bank was...

Economics

2 w. ago As Trump targets China in Argentina bailout offer, analysts fear ‘debt trap’

Chinese scholars warn that Argentina will be the biggest loser if it cuts ties with China to align itself with the United States, as Washington pressures Buenos Aires to dismantle its long-standing currency swap line with Beijing. The US pledged last week to do “what is needed” to aid its ally, including providing a US$20 billion swap line with Argentina’s central bank to stabilise the peso and bolster its reserves. But the offer came with a condition: cancelling Argentina’s arrangement with...

Politics

3 w. ago Beijing taps Conflux Network to explore offshore yuan stablecoins

Conflux Network, which claims to be the only regulatory-compliant public blockchain operator in mainland China, has been allowed to experiment with offshore yuan stablecoins as Beijing seeks to secure a position in the new global financial order, according to its founder. Conflux had received a tacit green light from Chinese authorities to explore the development of offshore yuan stablecoins, and was aiming to have up to 300 million yuan (US$42.1 million) worth of tokens issued on its blockchain...

Politics

3 w. ago Chinese yuan’s forex market share grows to 8.5% as global position firms: survey

The Chinese yuan’s share in global foreign exchange (forex) trading climbed to 8.5 per cent this year while maintaining its position as the world’s fifth-most traded currency, according to survey findings by the so-called central bank for central banks. The proportion, unveiled by the Bank for International Settlements (BIS) in its 2025 Triennial Central Bank Survey – launched in April, with the findings released on Tuesday – showed an increase from 7 per cent in the 2022 survey, with the yuan’s...

Economics