DIRS.INFO The most relevant business & tech news

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Too early to talk about interest rates coming down: HKMA Chief Executive
▼ + stars: | 2023-11-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailToo early to talk about interest rates coming down: HKMA Chief ExecutiveHong Kong Monetary Authority chief executive Eddie Yue says the risks rising from negative equity in Hong Kong are "manageable" despite the higher for longer interest rate environment.

Persons: Eddie Yue Organizations: Hong Kong Monetary Authority Locations: Hong Kong

☆ Hong Kong central bank leaves interest rate unchanged, tracking Fed move
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

A taxi drives in front of skyscrapers at the central business district, including AIA Central, China Construction Bank (CCB) Tower, Bank of China Tower, Cheung Kong Centre, HSBC and Standard Chartered Bank headquarters, in Hong Kong, China August 17, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 2 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday left its base rate charged through the overnight discount window unchanged at 5.75%, tracking a move by the U.S. Federal Reserve to keep rates steady. The U.S. central bank held interest rates steady on Wednesday as policymakers paused its aggressive tightening of monetary policy to consider if conditions were restrictive enough to tame inflation. "The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time," HKMA said in a statement, adding that local financial and monetary markets continue to operate in a smooth and orderly manner. Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.

Persons: Tyrone Siu, HKMA, Donny Kwok, Jacqueline Wong Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Hong, Hong Kong Monetary Authority, U.S . Federal Reserve, Hong Kong, Thomson Locations: Cheung Kong, Hong Kong, China, HONG KONG, U.S, United States

CVC targets an IPO that would value the company at more than 10 billion euros, the people said, with the company placing around 10% of its share capital, one of the people said. The private equity firm's partners are not expected to sell stock through the IPO, the people said. Blue Owl, CVC, GIC and HKMA declined to comment. On-road payments provider DKV Mobility, in which CVC has a minority holding, decided to defer its IPO plans because of volatile markets, Reuters reported earlier this month. London-headquartered CVC, which oversees more than 160 billion euros in assets, is striving to transform itself into a diversified asset manager.

Persons: de, Singapore's GIC, Renk, DIF, Glendower, Pablo Mayo Cerqueiro, Elisa Martinuzzi, Barbara Lewis Organizations: REUTERS, Partners, Reuters, CVC, Hong Kong Monetary Authority, Kuwait Investment Authority, DKV Mobility, Thomson Locations: Amsterdam, Netherlands, Kuwait, London

☆ Crypto exchange HashKey bags license update to serve retail users
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: +1 min

Hong Kong-based crypto exchange HashKey can offer its services to retail investors from Thursday. Cryptocurrency exchange HashKey on Thursday said it will begin offering its services to retail users in Hong Kong, becoming the first licensed crypto trading exchange in the city to do so. HashKey said it received a licence update from the Hong Kong Securities and Futures Commission, allowing the exchange to expand its business scope from serving professional investors to retail users. The Hong Kong-based exchange received a licence to operate in the city last November, making it one of two licensed crypto exchanges in Hong Kong besides rival exchange OSL. In June, banking regulator Hong Kong Monetary Authority (HKMA) said that it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges.

Persons: HashKey Organizations: Hong Kong Securities, Futures Commission, Hong Kong Monetary Authority Locations: Hong Kong, China

☆ Crypto exchange HashKey bags licence update to serve retail users
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 3 (Reuters) - Cryptocurrency exchange HashKey on Thursday said it will begin offering its services to retail users in Hong Kong, becoming the first licensed crypto trading exchange in the city to do so. HashKey said it received a licence update from the Hong Kong Securities and Futures Commission, allowing the exchange to expand its business scope from serving professional investors to retail users. The Hong Kong-based exchange received a licence to operate in the city last November, making it one of two licensed crypto exchanges in Hong Kong besides rival exchange OSL. In June, banking regulator Hong Kong Monetary Authority (HKMA) said that it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, HashKey, Rishabh, Janane Organizations: REUTERS, Hong Kong Securities, Futures Commission, Hong Kong Monetary Authority, Thomson Locations: Hong Kong, China, Bengaluru

☆ HSBC, StanChart face pressure from Hong Kong to take on crypto clients - FT
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

[1/3] An attendant walks outside the entrance to Hong Kong Monetary Authority in Hong Kong, China November 10, 2015. REUTERS/Bobby YipJune 15 (Reuters) - HSBC (HSBA.L) and Standard Chartered (STAN.L) are among lenders facing pressure from Hong Kong's banking regulator to take on crypto exchanges as clients, the Financial Times reported on Thursday, citing three people with knowledge of the matter. The UK-based lenders and the Bank of China were questioned by the Hong Kong Monetary Authority (HKMA) last month on why crypto exchanges were not being accepted as clients, according to the report. HSBC, Standard Chartered and the HKMA did not immediately respond to a Reuters request for comments. The HKMA, in a letter to lenders on April 27, said diligence on potential customers should not "create undue burden", especially "for those setting up an office in Hong Kong," the FT report said.

Persons: Bobby Yip, Hong Kong's, Rahat Sandhu, Rashmi Aich, Sherry Jacob, Phillips Organizations: Hong Kong Monetary Authority, REUTERS, HSBC, Standard Chartered, Financial Times, Bank of, U.S, Securities and Exchange Commission, Thomson Locations: Hong Kong, China, Hong, Bank of China, Bengaluru

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ Explainer: How Hong Kong plans to test its digital dollar in $229 bln mortgage market?
▼ + stars: | 2023-06-06 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, June 6 (Reuters) - Hong Kong 's central bank plans to test the use of its digital currency under a pilot project in its HK$1.8 trillion ($229 billion) mortgage market, with an aim to slash a month-long loan approval process by half, according to the pilot participants. Here's a look at how the digital currency, e-HK dollar (e-HKD), can be potentially used in the mortgage business:WHAT IS THE E-HKD PILOT PROGRAMME? The Hong Kong Monetary Authority (HKMA) kicked off the e-HKD pilot programme in May under which 16 firms were selected to examine the digital currency's use across 14 projects. The pilot project will look at potentially giving e-HKD loans to homebuyers in an e-wallet, both online and offline, the pilot participants said. Currently information on the title deed is first collected from the customer and then checked against a separate property title deed register.

Persons: Ripple, Fubon, Georgina Lee, Himani Sarkar Organizations: HK, Hong, Hong Kong Monetary Authority, Fubon Bank, Thomson Locations: HONG KONG, Hong Kong

☆ Hong Kong c.bank raises interest rates after Fed hike
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

The Fed raised interest rates by a quarter of a percentage point and signalled it may pause further increases, giving officials time to assess the fallout from recent bank failures and monitor the course of inflation. HKMA said Hong Kong interbank rates, which have been rising over the past few months, will likely rise further with the Fed latest rate hike. The public should therefore carefully assess the interest rate risk when taking out mortgages or making other borrowing decisions. "After China and Hong Kong markets have returned to normalcy post COVID-19, investment sentiment in the real estate market has improved, consumption power has risen. The Hong Kong property market has rebounded by 5-6% year-to-date," Yue said, adding other economic factors also play a part.

☆ Hong Kong central bank raises policy rate after Fed hike
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 23 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday lifted its base rate charged through the overnight discount window by 25 basis points to 5.25%, hours after the U.S. Federal Reserve delivered a rate rise of the same margin. Hong Kong's monetary policy moves in lock-step with the U.S. as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. The Federal Open Market Committee policy statement also said the U.S. banking system was "sound and resilient". "It is too soon to assess how much this will further affect economic activities and influence monetary policy." The financial and monetary markets of Hong Kong continued to operate in a smooth and orderly manner, despite the volatility of overseas markets, and Hong Kong dollar interbank rates might remain at elevated levels for some time, the HKMA added.

☆ Hong Kong central bank raises rate after Fed hike
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, March 23 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 25 basis points to 5.25%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. Hong Kong's monetary policy moves in lock-step with the U.S. as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. The Federal Open Market Committee policy statement also said the U.S. banking system is "sound and resilient". Reporting by Donny Kwok; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Asia's regulators say banking system is robust and stable after UBS-Credit Suisse takeover deal
▼ + stars: | 2023-03-20 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Last week, Credit Suisse logged their worst weekly decline since the onset of the coronavirus pandemic. Hong Kong says industry is resilientThe Hong Kong Monetary Authority said the city's banking sector is resilient with strong capital and liquidity positions. "The total assets of Credit Suisse, Hong Kong Branch amounted to about HK$100 billion, representing less than 0.5% of the total assets of the Hong Kong banking sector. Credit Suisse customers will continue to have full access to their accounts and "contracts with counterparties remain in force. Japan banks 'shielded'As for Japan, the country's banking system is unlikely to be affected by the deal, said Cyrus Daruwala, managing director of IDC Financial Services.

☆ Asia Pacific markets dip after UBS rescue of Credit Suisse
▼ + stars: | 2023-03-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asia Pacific markets edged slightly lower on Monday morning as investors reacted to news of a Credit Suisse bailout by its bigger rival UBS. In Hong Kong, the Hang Seng Index (HSI) tumbled 1.5% at its opening. On Sunday, Switzerland’s biggest bank, UBS (UBS), agreed to buy Credit Suisse (CS) in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “Volatility in Australian financial markets has picked up,” he told a conference Monday. Dow futures and S&P futures each rose 0.6%, while Nasdaq futures ticked up 0.4%.

☆ Hong Kong's cenbank raises interest rate after Fed hike
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 2 (Reuters) - The Hong Kong Monetary Authority (HKMA) raised its base rate charged through the overnight discount window by 25 basis points to 5.0% on Thursday, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. "Rate hikes in the U.S. will not affect the financial and monetary stability of Hong Kong," HKMA chief executive Eddie Yue told a media briefing, adding monetary and financial markets continue to operate in a smooth and orderly manner. "The rate hike cycle in the U.S. has not yet completed, the Hong Kong dollar interbank rates might remain at elevated levels for some time," Yue said. Hong Kong is facing risks from high inflationary pressure and aggressive monetary tightening in advanced economies.

☆ Hong Kong c.bank raises rates after Fed hike, HSBC follows
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 15 (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Thursday it would raise its base rate charged through the overnight discount window by 50 basis points to 4.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. read more"Rate hike in the U.S. will not affect the financial and monetary stability of Hong Kong," HKMA Chief Executive Eddie Yue told reporters. HSBC Holdings tracked the rate hike saying it was raising its best lending rate in Hong Kong by 25 basis points to 5.625% effective Dec. 16. The market generally expects the U.S. dollar interest rate to continue to rise and together with increase Hong Kong dollar funding demand driven by seasonal requirements and the local stock market, the Hong Kong dollar interbank rates might remain at elevated levels for some time, HKMA said. Hong Kong's private home prices have fallen 10.5% in the first 10 months of this year with October prices down 2.4% in the biggest drop since November 2018, hit by rising interest rates and a pessimistic economic outlook.

Billionaire money manager Bill Ackman went public last week with his wager that the days of the Hong Kong dollar's 39-year-old peg to the U.S. dollar are numbered. "For me, the Hong Kong dollar peg is like a delayed, or lagging bet against China," said Diego Parrilla, who runs Quadriga Igneo, a $240 million fund designed to profit from market turmoil. The Hong Kong dollar has been pegged in a tight band between 7.75 and 7.85 per greenback for nearly four decades. In the short-term, the market is moving against this style of trade as local interest rates and the Hong Kong dollar go up. "The far forwards market still prices in higher U.S. rates than Hong Kong rates," said Mukesh Dave, founder and CIO at Aravali Asset Management in Singapore, which in theory ought to contain gains in the Hong Kong dollar.

☆ Billionaire investor Ackman bets Hong Kong dollar peg can break
▼ + stars: | 2022-11-24 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

SINGAPORE (Reuters) - Billionaire investor Bill Ackman said he’s betting the Hong Kong dollar will fall and that its peg to the U.S. dollar can break, the latest big money manager to take a public short bet as U.S. rate hikes turn the blowtorch on Hong Kong’s currency system. FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration“We have a large notional short position against the Hong Kong dollar through the ownership of put options,” he said on Twitter. U.S. fund manager Kyle Bass has long bet against the Hong Kong dollar and told Nikkei in July he expects the peg to break. GRAPHIC: Hong Kong rates, liquidity ()($1 = 7.8132 Hong Kong dollars)

HONG KONG, Nov 24 (Reuters Breakingviews) - Pershing Square boss Bill Ackman is taking another tilt at the Hong Kong dollar , betting the government will be forced to break its link to the greenback. His logic is stronger today than when he took the plunge in 2011 but it’s up to Beijing, not Hong Kong. Back then Ackman famously predicted that the Hong Kong Monetary Authority would allow the local currency to strengthen against the U.S. dollar. A secular decline in Hong Kong might ultimately sabotage the peg at some point. On the other hand, Hong Kong is a city, not a country.

☆ Easing Hong Kong's COVID curbs, opening China border top bankers' wish list -HKMA chief
▼ + stars: | 2022-11-07 | by ( Anne Marie Roantree | ) www.reuters.com time to read: +3 min

[1/5] Eddie Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority (HKMA) poses for a picture during an interview with Reuters in Hong Kong, China November 4, 2022. Anti-government protests in 2019 and a national security law imposed by Beijing in 2020 have also clouded Hong Kong's image. The Hong Kong government has said it's working towards lifting COVID-19 rules. While Hong Kong's currency regime is under significant pressure, caught between the United States and China, Yue said the HKMA was prepared for worst-case scenario. "Hong Kong has a very unique advantage, which is the connection between the world and China ...

☆ HKMA buys HK$3.054 bln from market as currency weakens, aggregate balance below HK$100 bln mark
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

The action will bring the aggregate balance - the key gauge of cash in the banking system - below HK$100 billion. It will decrease to HK$96.977 billion on Tuesday, a Hong Kong Monetary Authority (HKMA) spokeswoman said on Saturday. The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the U.S. dollar. The HKMA has bought Hong Kong dollars worth about US$30.7 billion from the market through 40 rounds of intervention since the Federal Reserve began raising rates in March. Hong Kong rates, liquidity($1 = 7.8493 Hong Kong dollars)Reporting by Donny Kwok; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ HKMA buys HK$3.054 billion from market as currency weakens, aggregate balance below HK$100 billion mark
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

By contrast, the BoE's biggest rate increase in 33 years was clearly a dovish hike. The last thing Asian markets need is another whoosh higher in the dollar and Treasury yields. Wall Street took another beating on Thursday, Asian and world stocks are feeling the heat again, and global financial conditions are tightening. Hong Kong, with its currency effectively tied to the U.S. dollar and economy inextricably linked to China, is in a particularly tight spot. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Hong Kong central bank raises interest rate after Fed move
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 3 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points to 4.25%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. Hong Kong's monetary policy moves in lock-step with the United States' as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. Reporting by Donny Kwok; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: What's behind Hong Kong's tightening cash conditions?
▼ + stars: | 2022-11-03 | by ( Georgina Lee | ) www.reuters.com time to read: +4 min

HONG KONG, Nov 3 (Reuters) - A weak Hong Kong dollar and capital outflows have pushed the city's interbank rates to 14-year highs and drained cash levels to their lowest in two years, sparking investor worries about Hong Kong's cherished currency peg and its economic health. Below are some details on the complex policy framework and recent developments surrounding the tight liquidity:WHY IS HONG KONG ON INVESTORS' RADAR? That has tightened cash in the economy and driven the one-month Hong Kong Interbank Offer Rate (HIBOR) to a 14-year high. A dearth of initial public offerings this year on Hong Kong Exchanges & Clearing's (HKEX) markets has dampened investor demand for Hong Kong dollars. Hong Kong rates, liquidity($1 = 7.8498 Hong Kong dollars)Reporting by Georgina Lee; Editing by Vidya Ranganathan and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "HKMA"

25 mentions found