The People’s Bank of China, Hong Kong Monetary Authority (HKMA) and Bank Indonesia signed an agreement on Thursday to create a framework for bilateral transactions between Indonesia and Hong Kong. The parties aimed to implement a currency transaction framework for the direct exchange and settlement of Indonesian rupiah and Chinese yuan in cross-border trade and…
China’s market regulator announced a sweeping investigation on Friday against three major brokers running cross-border trading, as it launched a two-year crackdown on investment leaving the country. Photo: David Dennis via Flickr. China does not allow private individuals to directly invest in overseas markets, requiring them to trade assets only through approved third-party channels. However,…
The Hong Kong Exchanges and Clearing (HKEX) is pressing ahead with the relaunch of gold futures as mainland China’s appetite for the metal continues to grow. The city would continue to introduce new gold products and facilities to capture the growing opportunities of the gold market, Financial Secretary Paul Chan Mo-po said on Thursday at…
When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan…
With Hong Kong set to unveil its annual budget, economists have said the city should strengthen its role in pushing the internationalisation of the Chinese yuan as Beijing presses ahead with financial opening while keeping stability firmly in view. From expanding offshore yuan products to using its stablecoin regulations as a sandbox for potential cross-border…
Hong Kong has struck a deal with the Shanghai Gold Exchange (SGE) to deepen cross-border connectivity in bullion trading, as the city steps up efforts to build a broader gold ecosystem spanning trading, clearing and storage. The agreement comes as gold prices hit a record high of US$5,110 per ounce on Tuesday morning, buoyed by…
China’s central bank will support Hong Kong’s monetary authority to double the amount of yuan liquidity available to local banks, helping them increase yuan lending and enhancing the city’s role as an international offshore centre for the mainland currency. People’s Bank of China (PBOC) deputy governor Zou Lan said at the Asian Financial Forum (AFF)…
Crypto exchange operator HashKey Holdings has launched its share sale in Hong Kong, testing investor appetite amid repeated warnings against virtual currencies by China’s central bank. Hong Kong’s largest licensed crypto player set its initial public offering (IPO) price range at HK$5.95 to HK$6.95 apiece for more than 240 million shares, according to a filing…
The initial public offering (IPO) of HashKey Holdings, operator of Hong Kong’s largest cryptocurrency exchange, lays bare challenges faced by local platforms under Beijing’s watchful eye, even though the listing itself was recognition of the growing influence of digital assets in the city, according to analysts. HashKey, established in Hong Kong in 2018, on Monday…
China is in talks with Japan and South Korea – both US allies – about a possible trilateral currency swap to bolster the region’s financial safety net and deepen economic cooperation amid US President Donald Trump’s trade war, according to a source familiar with the issue. Pan Gongsheng, governor of the People’s Bank of China…