If there’s one city in the world that has reason to welcome the latest bout of global currency turmoil, it’s Hong Kong. With Britain shooting down the pound, Japan intervening to support the yen for the first time in almost a quarter-century, and Europe’s single currency reaching a two-decade low, there’s less attention on the Chinese territory’s 39-year-old dollar ...

  “The better part of valor is discretion,” Shakespeare wrote in Henry IV, Part One. Chancellor of the Exchequer Kwasi Kwarteng bowed to the inevitable and U-turned on his plans to lower the highest rate of income tax. The Bank of England should mirror his caution by shelving plans to sell its bond holdings for at least the rest of ...

  Treasury securities play a crucial role in global finance. They’re widely viewed as a close substitute for dollars, a safe place to park everything from a company’s cash to a central bank’s reserves. They provide a benchmark for determining the value of a vast array of assets, including mortgages, corporate bonds and shares in public companies. They’re the ultimate ...