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☆ Hong Kong property stocks jump after city scraps cooling measures
▼ + stars: | 2024-02-28 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

An urban view of high-rise buildings at dusk as seen from Hong Kong's Victoria Peak. Stocks of Hong Kong developers rose after Financial Secretary Paul Chan scrapped property cooling measures in a bid to bolster the sector, which has been weighed down by high borrowing costs and weak economic sentiment. Churchouse added that this could "be a bit of a positive flip" for the wider Hong Kong stock market as it is highly correlated with the residential property market. Hong Kong's stock markets have plunged around 40% from its highs a couple of years ago. Hong Kong's government is also rolling out over 1 billion Hong Kong dollars ($127 million) to support its tourism industry.

Persons: Chan, Paul Chan, Peter Churchouse, Churchouse, Hong Organizations: Hong, Portwood, Kong's Monetary, Hong Kong Locations: Hong, Victoria, 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

[1/5] China's and Hong Kong's flags are seen on the pedestrian footbridge as decorations for the celebration of National Day, at the financial central district in Hong Kong, China October 3, 2023. "The last few years have created a very negative image of Hong Kong," said Inaki Amate, chairman of the European chamber in Hong Kong, one of the speakers at the M+ event. Executives point to the changing fabric of Hong Kong with mainlanders making up more than nine-out-of-ten of all those approved to work under government talent schemes. "If we believe that Hong Kong will be able to recover its most international Asia city status by continuing on this trend, we are very wrong," said Amate. “You’ve got what happened with the national security law, the pandemic and now you’ve got a pretty big problem with China’s economy.

Persons: Tyrone Siu, Inaki Amate, Paul Chan, haven’t, ”, Tara Joseph, “ You’ve, you’ve, Hong, Robert Walters, Patrick Ip, David Baverez, Baverez, Dorothy Kam, Scott Murdoch, Simon Cameron, Moore Organizations: REUTERS, Tyrone, European Union, Hong, Monetary, American Chamber of Commerce, Colliers, Companies, National Bank Australia, ASEAN Investment Cooperation, COVID ., COVID . Asia Pacific, Thomson Locations: Hong Kong, China, HONG KONG, Hong, British, Asia, Singapore, Dubai, COVID, COVID . Asia, Europe, “

☆ Singapore overtakes Hong Kong as the most expensive Asia-Pacific city for private homes
▼ + stars: | 2023-06-01 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Tobiasjo | E+ | Getty ImagesSingapore's private homes are now the most expensive in Asia-Pacific, having overtaken Hong Kong, according to a new report. Private rental homes in Singapore also had the highest monthly rent in the region at $2,600 — "far exceeding" other cities such as Sydney, Melbourne and Hong Kong, according to the report. Hong Kong vs. SingaporeHome prices in Hong Kong "dropped substantially" in 2022, ULI said, citing the significant increase in mortgage interest rates as Hong Kong keeps pace with the U.S. Federal Reserve. Rental pricesSingapore's private rental homes have the highest monthly rent in the region, having increased by nearly 30% in 2022. Home attainabilityDespite Singapore's private homes being the most expensive in the region, the city state also has the highest homeownership rate at 89.3%.

Persons: ULI, Hong, Kong's, David Faulkner, homeownership, Ho Organizations: Yacht, Urban Land Institute, ULI, Asia Pacific Centre for Housing, Singapore, U.S . Federal, Hong Kong, Sydney, Melbourne, Urban Land Institute Asia Pacific Centre, Housing, Hong, Housing Private, CNBC, Housing Development Board, Board Locations: Singapore, Keppel, Asia, Pacific, Hong Kong, Sydney, Melbourne, U.S, Shenzhen, Beijing, Brisbane, Covid, Australia, China, Ho Chi Minh, Vietnam, Da Nang

☆ 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.

☆ 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 investor Bill Ackman is shorting the Hong Kong dollar in a bet it'll lose its peg to the greenback
▼ + stars: | 2022-11-24 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Bill Ackman said on Wednesday that he's betting against the Hong Kong dollar. "The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks." "We have a large notional short position against the Hong Kong dollar through the ownership of put options," the billionaire investor tweeted on Wednesday. "The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks." "If you bet against the Hong Kong dollar, you are bound to lose," Paul Chan told an investment summit earlier this month.

☆ 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.

☆ 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.

☆ Hong Kong central bank raises interest rate after Fed hike
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterHONG KONG, Sept 22 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points to 3.5%, 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. The Fed delivered its third straight rate increase of 75 basis points on Wednesday and signalled borrowing costs would keep rising, underscoring the U.S. central bank's resolve not to let up in its battle to contain inflation. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Donny Kwok and Selena Li; Editing by Editing by Christian Schmollinger and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

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