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A crisis lurks as Asians bring money back home

Repatriation, or the ‘Sell America’ narrative, will be a key theme

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    • The renminbi's recent winning streak against the greenback – the longest in over a decade – is a sign that Beijing is warming up to the idea of a stronger renminbi, says the writer.
    • The renminbi's recent winning streak against the greenback – the longest in over a decade – is a sign that Beijing is warming up to the idea of a stronger renminbi, says the writer. PHOTO: BLOOMBERG

    Shuli Ren

    Published Tue, Mar 3, 2026 · 06:30 AM

    LAST May, the Taiwan dollar led historic rallies in Asia amid speculation that US President Donald Trump would ask exporting nations to lift the value of their currencies as part of trade deals with America. 

    The daily moves were so sharp that some investors said they had the feel of the late-1990s Asian financial crisis, when capital flight sank currencies from Thailand to South Korea.

    The big difference in 2025, though, was that the traffic was the other way around: waves of one-sided selling sank the greenback. 

    Financial marketsCurrency systemsforexAsia-PacificChinaSouth KoreaUS dollarChinese yuan

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