Hong Kong’s gold jewellery shops are reversing the usual course of business by stepping up efforts to buy the precious metal from customers, after the local price hit a record high. Gold in Hong Kong traded at an intraday record high of HK$30,930 per tael troy (US$3,991 for 37.429 grams) before closing at HK$30,710 on…
China’s depreciating yuan against the US dollar is music to the ears of Hong Kong shoppers heading over the border, but economists have warned that the move will exacerbate the downturn in the city’s retail, food and drink consumption and hammer the economy. The People’s Bank of China allowed the yuan to further weaken against…
Hong Kong’s currency has strengthened to its strongest level in four years against the US dollar, driven by the demand from mainland China’s stock buyers who are dipping into one of the world’s cheapest major capital markets through the Stock Connect scheme. The local dollar changed hands at 7.7595 for every US$1 on Thursday morning,…
Mar 08, 2025 04:50 AM IST Trump and crypto czar David Sacks hosted a roundtable of digital assets industry executives at the White House digital assets summit in Washington. President Donald Trump on Friday said he would support legislative efforts to create a regulatory framework for stablecoins to keep the US dollar as the world’s…
Markets are responding to the potential for the Russia-Ukraine conflict to soon end. Russian stocks and the ruble got a boost after Trump called Putin last week about the war. Betting markets and the US stock market also showed a rise in optimism that the war could soon end. Investors are positioning for the possibility…
The impact on Asian stocks from tariffs imposed on China by US President Donald Trump will be much more limited compared with a stronger dollar due to the uncertainty over the Federal Reserve’s rate cuts, according to Hang Seng Bank. “The actual impact of Trump’s tariffs on the Chinese economy is limited,” Belle Liang, the…
Image: Getty Images/ For illustrative purposes US stock futures and Asian shares outside China slumped on Monday as investors weighed the implications of Chinese startup DeepSeek’s launch of a free, open-source artificial intelligence model to rival OpenAI’s ChatGPT. Meanwhile, the dollar rose after US President Donald Trump threatened Colombia with retaliatory levies and sanctions for…
Hong Kong can become a multicurrency bond hub and Beijing’s recently announced measures to expand the Bond Connect scheme will further enhance the city’s role as a prime destination for debt issuance, analysts said. Earlier this month at the Asian Financial Forum, People’s Bank of China (PBOC) governor Pan Gongsheng spoke about increasing the “asset…
Recent figures from the Hong Kong Tourism Board suggest a robust recovery of our city’s tourism sector, with a surge in both the number and diversity of visitors. Last year brought the city close to 45 million visitors, representing a 31 per cent increase over 2023. Mainland China remains the dominant market, while non-mainland visitors…
Washington DC: Donald Trump has sniffed trouble brewing afar against the United States – one that may topple the US’s position as a dominant global power and end Washington’s ability to impose economic sanctions against those it deems fit for the case. The storm in question is the steadily-expanding BRICS+ grouping. Within hours of taking…