Xu Le
Lecturer, Department of Strategy and Policy, National University of Singapore Business SchoolArticles by Xu Le
Economy
Global trade in flux: What the weakening dollar and RMB mean for the world
Depreciation of the renminbi (RMB) may not help China’s RMB internationalisation efforts, while a depreciating dollar has also made US debt less attractive to foreign investors and heightened the risk of renewed inflationary pressures. NUS academic Xu Le examines the impact of Trump tariffs on the RMB and US dollar.
Xu Le
29 Jul 2025
Economy
Can Alibaba rise again?
As Alibaba completes its “rectification” process following antitrust investigations, it finds itself faced with intense competition and a changed e-commerce landscape. Can it reinvent itself and rise to the top again? NUS academic Xu Le looks into the issue.
Xu Le
01 Oct 2024
Economy
RMB internationalisation growing in momentum with possibility for new currency
With an increasing number of countries and groupings being open to making trade settlements in currencies other than the US dollar, de-dollarisation has gained some momentum and this may also aid China's efforts for RMB internationalisation. But China may have no intention of letting the RMB replace the US dollar. In that context, would a new "BRICS currency" be better fit for purpose?
Xu Le
23 May 2023
Economy
China's efforts to internationalise RMB gaining a foothold in SEA
NUS academic Xu Le explains why China's project to internationalise the RMB still has much room to grow. In that regard, the ASEAN countries could play a role, given their desire to be less reliant on the US dollar.
Xu Le
23 Nov 2022
Economy
Should Beijing worry about the exodus of manufacturing from China to Vietnam?
It appears that Beijing is losing some of its factory orders with MNCs and investors putting their bets on Vietnam. But maybe it is a win-win situation: as China moves to transition its economy to advanced manufacturing, countries like Vietnam with a young and relatively cheap labour force could fill the gap.
Xu Le
24 May 2022
Economy
China's unified national market will benefit ASEAN in the long run
The authorities are taking steps to solve the issue of the Chinese market being "big but not strong" by standardising rules and standards and unifying the national market. But local governments used to fighting for their region's interest at the expense of the national interest may find the changes hard to swallow.
Xu Le
26 Apr 2022
Economy
The impact of the Russia-Ukraine war on the Chinese economy
The ongoing Russia-Ukraine war has brought about significant impacts on the global economy. While some analysts think that China's economy will benefit from the war, NUS academic Xu Le points out that the situation is not clear-cut, as China will have to face hits to its exports, as well as rising energy prices and challenges to food security.
Xu Le
31 Mar 2022
Economy
Will de-dollarisation help China and Russia shape a new world order?
Russia and China have a common interest in being less reliant on the dollar in the face of sanctions or anticipated sanctions. But are they moving at the same pace and will their efforts be significant enough to achieve self-reliance and precipitate a sea change in the global economic order?
Xu Le
23 Mar 2022
Economy
HKEX a refuge for Chinese companies fleeing US stock exchanges?
Amid regulatory concerns and news of Didi Chuxing delisting from the New York Stock Exchange, it seems that the writing is on the wall for Chinese companies seeking overseas listings. Will the Hong Kong Stock Exchange be their natural refuge? The Hong Kong government has implemented reforms to woo new-economy innovative companies and investors, but will these measures be enough? NUS academic Xu Le has the details.
Xu Le
03 Jan 2022
Economy
Is a zero-Covid policy adversely affecting China's economic recovery?
In the face of some turbulence in China's economic indicators lately, academic Xu Le looks at certain bright spots amid falling aggregate demand and aggregate supply for a realistic gauge of China's economic prospects in the coming months.
Xu Le
11 Nov 2021