Whenever interest rates climb, so do calls to unpeg the Hong Kong dollar from the US currency. With US interest rates elevated and the Hong Kong dollar hitting a 3½-year high against the American dollar earlier this month, the debate has flared up again. Some argue that the dollar peg limits Hong Kong’s monetary flexibility…
Life insurance sales soared to a record in Hong Kong last year, as customers rushed in from the Middle East, Southeast Asia and mainland China. Sales grew 15.7 per cent in the first nine months of 2024 to HK$169.7 billion (US$21.8 billion), from HK$146.5 billion in the same period in 2023, according to the Insurance…
Catch up on some of SCMP’s biggest China and economy stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. Trump invites China’s Xi Jinping to attend his inauguration, US news report says US president-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration…
Africa’s top lenders are opening branches in major Chinese cities in a race to tap into growing trade ties between China and Africa amid Beijing’s push for yuan-based transactions. This is despite threats from the US, where president-elect Donald Trump has said he will impose 100 per cent tariffs on Brics countries that pursue de-dollarisation….
Hong Kong police have arrested a 42-year-old man from mainland China on suspicion of stealing foreign currency worth about HK$11,000 (US$1,400) and a bank card from another passenger during a flight into the city from Vietnam. The force on Friday revealed details of the latest case of suspected in-flight theft, noting the victim had placed…
Dec 02, 2024 10:01 AM IST CHINA-YUAN/MIDDAY:China’s yuan s SHANGHAI, – The yuan fell to a four-month low on Monday, as tariff threats and mixed purchasing managers’ index data raised concern China’s economy might need additional policy support. The onshore yuan dropped to a low of 7.2675 per dollar, its weakest since July 24, despite…
China may be under pressure to let its currency appreciate and should reduce reliance on the US market, Chinese analysts said, after a former protégé of billionaire George Soros was tapped to become Washington’s top economic official. US president-elect Donald Trump on Friday picked hedge fund manager Scott Bessent, founder of investment firm Key Square…
* China shares slump as shape of Trump administration raises anxiety Hang Seng breaks support at 20,000 * Yuan slides to lowest since August * Chip, defence shares hit hardest By Jiaxing Li HONG KONG, – Hong Kong stocks tumbled to a seven-week low on Tuesday and Chinese markets notched their heaviest fall in nearly…
In its push to further internationalize the yuan, the Chinese government has enlisted HSBC’s Hong Kong unit to join its worldwide interbank payment system as a direct offshore participant. It’s the next step in China’s promotion of its Cross-Border Interbank Payment System (CIPS), which it has touted as an alternative to the globally dominant Swift…
HSBC, the city’s biggest lender, expects six more rate cuts in the US, which will considerably bring down the cost of funding and benefit the local economy and markets, according to its Hong Kong head. The Federal Reserve, which cut its key rate by half a percentage point on September 18, will undertake another six…