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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

Gold in Hong Kong

Low-cost gold ETF launched as Hong Kong links bullion trading with blockchain

Financial regulation

Mainland Chinese react as Hong Kong tightens access to offshore investing routes

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China stock market

China’s brokerage crackdown: banks cut forecasts for Futu, Tiger

CCB and Goldman Sachs slash brokerage valuations, profit forecasts after regulatory action on unauthorised cross-border trading.

The logo of Futu Holdings is seen in a storefront in Hong Kong on May 26, 2026. Photo: Sam Tsang
Artificial intelligence

US banks roll out American AI in Hong Kong despite geopolitical tensions

US AI companies have restricted access for users in Hong Kong and mainland China, forcing banks to navigate a compliance minefield.

Stablecoins

Letters | Mind the gap between Hong Kong digital asset policy and practice

Readers discuss digital asset audits, the danger of setting a ride-hailing cap, and the bigger picture on allowing dogs in restaurants.

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Hong Kong stock market

Appeal of China assets keeps rising among global investors: JPMorgan

Cohort of international investors considering investing in China rises to 57 per cent from 51 per cent a year ago, survey says.

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A robot demonstrates its kicking ability at the 28th China Beijing International High-Tech Expo (CHITEC) in Beijing on May 8. Photo: EPA
China stock market

Editorial | Cross-border crackdown part of keeping China’s capital market stable

The penalties handed out to leading brokerages are harsh, but Beijing must show it means business as it cleans up China’s capital market.

China's economic recovery

Struggling Chinese regions mine ledgers for dormant riches in ‘idle’ property

Localities battling debt, such as Jilin and Chongqing, pivot to ‘asset revitalisation’ as land revenue remains weak, but analysts flag new risks.

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Hong Kong

Hong Kong beats Switzerland as world’s largest offshore wealth hub, BCG finds

City tops cross-border wealth on IPO surge and mainland China inflows, as Singapore and US trail in consultancy’s global rankings.

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A cross-border wealth growth of “around 9 per cent annually is projected through 2030” for Hong Kong, according to BCG. Photo: Nora Tam
Zijin Mining

China’s largest mining company poised for global top 3 status by 2028, says S&P

Ratings agency highlights Zijin’s project pipeline and cost discipline as the miner accelerates global expansion in copper and gold.

Zijin Mining’s outlook has been raised from “stable” to “positive”. Photo: Shutterstock
Yuan

China’s yuan gains ground in global trade with room to grow, Goldman Sachs says

The currency’s use in global trade has grown sharply in recent years but still falls short of China’s economic weight, the bank says.

China technology

Tech edge to boost Chinese firms’ overseas revenues to record high: UBS

Carmaking, power supply chains at forefront of China’s go-global expansion, driven by rising technological competitiveness, Swiss bank says.

China stock market

Unitree’s IPO progress spurs stock buying of firms with exposure to robot maker

As the robot manufacturer moves a step closer to its IPO, stocks of its investors and supply chain makers have shot up.

An electronic board shows stock prices below a pedestrian bridge in the Lujiazui financial district in Shanghai. Photo: Reuters
Mainland China

HSBC Hong Kong targets 7.5 million customers, same as city’s population

HSBC Hong Kong sees an increase in international clients coming to city to invest as it becomes a global wealth management hub.

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The HSBC Building in Central. Photo: Karma Lo
Hong Kong economy

Editorial | Paul Chan’s trip just one step in strengthening relations with Europe

Hong Kong must continue to build on the finance secretary’s visit to highlight the city’s financial strengths and ease concerns over money laundering.

Mergers & Acquisitions

Hong Kong’s Jardine Matheson buys Australian diagnostic group I-MED for US$2.4b

The acquisition is one of the investment company’s largest in recent years and follows its Mandarin Oriental buyout in January.

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Hong Kong stock market

US$32b worth of Hong Kong assets involved in transborder trade crackdown: Citic

The assets involve a crackdown on Futu, Tiger Brokers and Long Bridge for offering mainland Chinese investors access to unlicensed trading.

A view of Victoria Harbour taken from Hong Kong Observation Deck. Photo: Sam Tsang
China economy

Millions of Chinese consumers ditch their credit cards amid weak retail spending

Banks report there are 120 million fewer active credit cards in China with 687 million customer accounts, a dramatic drop from 2022’s peak.

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Wealth management

Hong Kong banks pour money into wealth centres in pricey premises

HSBC, Standard Chartered and CNCBI splash out on large, harbour-view locations to lure wealthy clients and their fee income.

Mainland China

Can currency swaps make China a lender of last resort?

Change is coming as the US dollar loses its shine and more yuan deals are struck, Zhu Min says.

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A former Chinese central bank official says wider international use of the yuan would not only benefit China’s economy but also contribute to the stability of the global financial system. Photo: AP
Hong Kong economy

Hong Kong’s Paul Chan urges closer Europe ties, dialogue to work out differences

Finance chief says opportunities exist to tap city’s capital markets, while acknowledging concerns over trade imbalances.

Finance chief Paul Chan (right) holds talks with the European Commission’s Alexandra Jour-Schroeder (second left) in Brussels. Photo: Handout
Greater Bay Area

SHKP sells out latest flats in Tsuen Wan as Hong Kong market continues recovery

Centaline attributes the positive mood to improving China-US relations, solid economic data and policies that encourage talent inflow.

Bonds

Macroscope | Can Europe and Asia break the grip of US bond markets?

Too much money is chasing too few investment opportunities. Unified bond markets in Europe and Asia could offer safe options for savings to flow into.

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International Monetary Fund (IMF)

27 countries seek access to World Bank funds since Iran war

An analyst says nations prefer the World Bank over the International Monetary Fund for help, due to the IMF’s austerity measures.

A man sits among buildings destroyed in Tehran in a joint attack by Israel and the United States on April 6. Photo: Getty Images
Stocks

Opinion | Investors in AI-driven bubble risk forgetting painful lessons

AI-driven stock market hype is not independent of what is happening in the rest of the economy.

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A man walks past a digital stock display in Tokyo on May 7. Photo: EPA
Hong Kong stock market

SpaceX share sale won’t drain Hong Kong IPO boom, JPMorgan says

Bank sees strong demand for Chinese AI, robotics and healthcare listings despite SpaceX’s projected record-breaking IPO in the US.

United States

Warsh takes US Fed’s helm with inflation dilemma already unfolding

Trump’s pick to lead the central bank must contend with an economy roiled by the AI boom, as well as oil price and tariff shocks.

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