Asia
PBoC’s language suggests policy shift on yuan – China economist
Central bank drops “cautious” from pronouncements on currency’s internationalisation
Natixis bolsters Apac market-making presence with new hires
Additions include head of Apac linear G10 rates and FX trading, and China markets head
HKD trading surge highlights pegged currency challenges
Pricing options on currencies with a peg requires a “different mindset”, say traders
Why flows now rival fundamentals
Geography and market sentiment are having profound impacts on price action, says LMAX’s head of FX data
Hybrids go for gold
Spot gold surge sees investors eye dual digitals on new highs
Japan election result sours hedge funds’ yen options bets
Dealers saw flows in significant size for JPY weakness but were forced to take profits
Hong Kong intervenes once again to protect currency peg
Intervention is HKMA’s second at weak end of HKD/USD band in less than a week, with more likely
Chinese corporates shunned hedging during tariff upheaval
High hedging costs and increasingly stable spot rate meant exporters opted not to add FX hedges as RMB rose
For variation margin payments, cash is no longer king
Dealers are being pressed to accept corporate bonds and even equities as collateral for non-cleared trades
Will Taiwan lifers ramp up FX hedging amid tariff convulsions?
As TWD remains strong against the US dollar, Taiwanese life insurers are still poised to act
Best Asia FX spot house: UBS
Thanks to its significant investments to boost spot liquidity in Apac, UBS was able to continue quoting competitive prices throughout bouts of extreme volatility in the latter part of 2024 and first quarter of 2025
Best FX single-dealer platform for Asia currencies: UBS
UBS’s single-dealer platform, Neo, demonstrated its resilience throughout the market stress of the past year, providing exceptional FX liquidity to its clients in Apac across all currencies, including emerging markets pairs and precious metals
Best Asia FX derivatives exchange: SGX
Listed FX volumes continue to set records on SGX’s flagship contracts as market participants seek secure and cost-efficient sources of liquidity in an increasingly uncertain trading environment
Driving growth of FX services in Apac: HSBC
HSBC has become a key provider of global FX services in the Apac region
The go-to FX bank in Apac: HSBC
Leveraging its footprint to broaden its FX offering, HSBC provides clients with solutions to meet trading and hedging needs
Hedge funds burned as Hong Kong dollar bets implode
Carry trades and call spreads unwound after Trump tariffs pushed spot to edge of currency peg
What drove the Taiwan dollar surge?
Foreign speculators, carry unwinds and central bank inaction fuelled the 10% move, not just life insurers, say traders
FX house of the year Japan: MUFG
MUFG’s domestic success and growing onshore presence have strengthened the firm’s ambition to become an Asia powerhouse in FX
Best FX prime broker for Asia: NatWest
NatWest Markets’ prime brokerage solutions cater to a diverse and dynamic set of market participants
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
FX house of the year G10 (Asia hours): Wells Fargo
In just a few years, Wells Fargo’s FX volumes in Asia have strengthened and, with a robust FX product offering, the bank expects to onboard more clients eager for cross-currency swaps and customised pricing