CHINA

[HONG KONG] Hong Kong Monetary Authority (HKMA) on Thursday (Jul 2) called on all banks to promote the cross-border use of the yuan, rolling out a six-point strategy to drive global adoption.

Structural reforms are what’s needed to blunt Beijing’s cost advantages in production, not currency tinkering

Benchmark-sized dim sum bonds are typically at least one billion yuan (S$190.1 million)

China’s currency is becoming more important in the global financial system but the dollar is still in control

This projected surge underscores a shift in how global funds engage with the country

The latest increase highlights China’s drive for renminbi internationalisation

The currency is expected to reach 6.50 in a year versus the greenback

The move signals that China is encouraging two-way fluctuations rather than backing a single direction

China will not seek to gain an edge in trade by depreciating the yuan