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Currencies

Currencies
Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.
Outside a real estate agency in Tai Koo, Hong Kong. Photo: Eugene Lee
Hong Kong property

Hong Kong property market to feel the squeeze from Trump’s tariffs

A weaker yuan and a slowing economy could deter mainland homebuyers, but some analysts caution it is too early to draw conclusions.

Hong Kong economy

Weaker yuan boon for Hong Kong shoppers but bane of retail sector: analysts

United States

Macroscope | Trump is crashing the global system that crowned the dollar king

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Americas and the Caribbean

Argentina seals US$20 billion IMF deal, tears down currency controls

The IMF will first disburse US$12 billion, with another US$2 billion by June, as Argentina’s central bank set to undo fixed currency peg.

Argentinian pesos and US dollar banknotes in Buenos Aires. Argentina is dismantling key parts of its years-long currency controls and loosening its grip on the peso. Photo: AFP
Hong Kong Monetary Authority (HKMA)

Hong Kong dollar gathers strength as stock investors drive demand

The local currency changed hands at 7.7623 per US dollar on Thursday afternoon, retracing from a high of 7.7560 on Wednesday.

Yuan

Yen, Swiss franc rise on flight to safety as Trump’s tariffs roil markets

The dollar fell 0.63 per cent against the yen to 145.92, after tumbling more than 1 per cent earlier in the session.

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Yuan

China opts for stability over devaluation as tariff tremors give yuan a jolt

The yuan’s midpoint rate was set to a four-month low, but did not overshoot the 7.2 benchmark, suggesting devaluation not yet on the agenda.

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China’s yuan is being kept stable against the US dollar even after the sweeping tariffs announced last week by US President Donald Trump. Photo: CFOTO/Future Publishing via Getty Images
US-China relations

US pressures Argentina’s Milei to scrap currency swap accord with China

Trump adviser says Washington would withhold support for Buenos Aires loan request to IMF if it reinforces China’s ‘position’ in Argentina.

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Banking & finance

‘China’s Goldman’ bets on Hong Kong’s role as offshore yuan hub

With low rates in China, borrowing in yuan is now cheaper than in other currencies, CICC says.

United States

Dow drops 1,600 as US stocks lead worldwide sell-off from Trump tariffs

Wall Street plunged as Trump’s new tariffs sparked fears of a global recession, with the S&P 500 and Dow Jones suffering their worst drops since 2020.

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Traders on the floor at the Opening Bell of the New York Stock Exchange on Thursday. Photo: EPA-EFE
Trade

Dollar weakens on concern Trump’s tariffs would batter US economy

The Bloomberg Dollar Spot Index fell as much as 1 per cent to the lowest since November, with the US dollar sliding sharply versus the yen and Swiss franc.

Nikkei 225 stock benchmark and the dollar-yen exchange rate on display outside a Tokyo brokerage on April 3, 2025. Photo: Reuters.
Indonesia

Can Danantara deliver? Indonesia’s sovereign fund vows to be ‘super transparent’

Investment chief Pandu Sjahrir is confident the new sovereign wealth fund can overcome market jitters and keep political meddling at bay.

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Banking & finance

Macroscope | World is ready to cut US dollar down to size – but not too quickly

The US dollar is too central to the global financial system for the so-called Mar-a-Lago Accord to find traction outside the US. But the search is on for alternatives.

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Indonesia

Indonesian rupiah’s low spotlights Prabowo policy concerns, global uncertainty

The decline in the currency led the central bank to intervene, stabilising the rupiah and restoring confidence.

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A teller counts rupiah banknotes at a money changer in Jakarta, Indonesia. Photo: Reuters
Indonesia

Indonesia’s currency takes a severe beating as US tariff deadline nears

The central bank said the slump is due to global uncertainties including Trump’s reciprocal tariffs.

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The Indonesian rupiah has slumped more than 3 per cent this year. Photo: Reuters
Indonesia

Indonesia’s stock market turmoil fuels fears over Prabowo’s economic agenda

The Jakarta Composite Index has underperformed relative to its regional peers amid investor fears over Indonesia’s financial position.

Banking & finance

Opinion | Like yuan internationalisation, US re-industrialisation is a fairy tale

As long as China keeps its capital account closed and the US keeps its own open, neither will be able to achieve its aim.

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Banking & finance

In SAFE hands: China’s secret plan for US$1 trillion reserves fund in Hong Kong

Cheng Hao, the man involved in the rescue of China’s 2015 market crash, runs what is the world’s third largest wealth fund in Hong Kong.

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illustration by Pearl Law
China-India relations

Brics nations divide on US dollar replacement with India declaring ‘no interest’

Bloc ‘has not formed a unified position’ on proposals to end reliance on the currency.

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US-China relations

My Take | China’s likely reaction to the ‘Mar-a-Lago Accord’ idea

Some elements of the concept to address ‘overvaluation’ of the US dollar echo Beijing’s strategic pursuits.

US-China relations

Opinion | Trump a bigger threat to US dollar than China, ex-senior economics officials say

White House brings ‘budgetary chaos with extraordinary speed’, potentially triggering a fiscal crisis and run on US Treasuries market.

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China has indeed been strategically reducing its US Treasuries holdings. Photo: Reuters
Digital currencies

Hong Kong’s dollar peg seen as advantage amid stablecoin growth

Stablecoin transactions are now a fifth of all cryptocurrency transactions, and they make it easier to transact in US dollar-backed assets.

As Hong Kong courts cryptocurrency business to the city, the local currency’s peg to the US dollar could be a standout advantage where stablecoins are concerned. Photo: Shutterstock
Yuan

Editorial | Keep riding wave of yuan internationalism

The new 100 billion yuan trade financing facility will help to reinforce Hong Kong’s position as the world’s leading offshore yuan hub.

China trade

Economists slam Trump’s currency claims, explain why Beijing wants yuan stable

Calling US president’s currency-depreciation allegations ‘ungrounded’, analysts say Beijing does not want to see the yuan weaken too much.

Japan

Japan rejects Trump’s accusation of devaluing yen amid tariff threat

Tokyo unlikely to retaliate despite deep unease about impact of potential US tariffs on Japanese firms, as it still needs US security umbrella, analysts say.

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A passer-by walks past a stock market indicator board in Tokyo, Japan, on Tuesday. Photo: EPA-EFE
United States

Opinion | In ‘fixing’ a trumped-up crisis, Trump may end up creating one

Trump’s inflationary policies risk sending both the stock market and dollar crashing, creating the very crisis he falsely claims to be confronting.

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A trader works with an assembly of US President Donald Trump paraphernalia seen in the foreground on the floor of the New York Stock Exchange on February 28. Photo: EPA-EFE
China economy

Letters | Trump’s digital dollar ban leaves the field open for China

Readers discuss the potential of China’s central bank digital currency, and whether Hong Kong should impose carbon taxes.

Yuan

Panda-bond market size tops Japan’s samurai bonds as China conditions improve

Panda bonds help foreign firms in China raise capital by targeting domestic investors, and issuance is on the rise.

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