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☆ Market veteran Howard Marks cautions that China's economic growth target is a 'Herculean challenge'
▼ + stars: | 2024-11-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Veteran investor Howard Marks said he was hopeful about China's economy, but cautioned that the country's growth target was a monumental challenge. China has set a growth target of "around 5%" for 2024, though Bank of America and Citigroup, among others, have projected the world's second-largest economy will grow at under 5%. The World Bank has pegged China growth in 2024 at 4.8%, and expects it to decline further to 4.3% next year, despite a recent slate measures to boost the economy. The World Bank cited headwinds such as sluggish Chinese consumer spending, a struggling property market and an ageing population as key concerns for the world's second-largest economy. "You can't produce economic growth through stimulus perpetually.

Persons: Howard Marks, Marks, CNBC's Emily Chan, it's, Donald Trump's, Xi Jinping Organizations: Oaktree Capital Management, Global Financial, Investment Summit, Hong Kong Monetary Authority, Bank of America, Citigroup, Bank, People's Bank of China Locations: China

☆ China's top financial officials set to speak at Hong Kong summit
▼ + stars: | 2024-11-19 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

GUANGZHOU, CHINA - APRIL 6: Chinese Vice Premier He Lifeng prepares for a meeting with U.S. Treasury Secretary Janet Yellen on April 6, 2024 in Guangzhou, China. Chinese Vice Premier He Lifeng and several other top financial policymakers are scheduled to speak Tuesday at a global financiers summit in Hong Kong. Hosted annually by the Hong Kong Monetary Authority, the third Global Financial Leaders Investment Summit will hold its main events throughout the day, after hosting guests at a welcome dinner on Monday evening. He, who oversees a top-level economic and financial policy-making body, would be delivering an opening keynote speech at the summit, according to South China Morning Post. Li Yunze, minister of China's National Financial Regulatory Administration, along with with Wu Qing, Chairman of China Securities Regulatory Commission and Zhu Hexin, deputy governor of People's Bank of China, are scheduled to discuss mainland China's financial developments in a panel, according to HKMA's agenda of the summit.

Persons: Lifeng, Janet Yellen, Li Yunze, Wu Qing, Zhu Hexin, Daniel Pinto, Morgan Stanley, Ted Pick, Jane Fraser, Goldman Sachs, David Solomon Organizations: U.S, Treasury, Hong Kong Monetary Authority, Global Financial, Investment, China Morning, Financial Regulatory Administration, China Securities Regulatory Commission, People's Bank of China, JPMorgan Chase, Citigroup Locations: GUANGZHOU, CHINA, Guangzhou, China, Hong Kong, Beijing

☆ Hong Kong central bank cuts interest rate, tracks Fed move
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +1 min

People wearing face masks walk by the Hong Kong Monetary Authority on March 4, 2020 in Hong Kong. HKMA said the U.S. interest rate cut will have a positive impact on the economy of the Asia financial center and will provide some room for easing of local interest rates. "In Hong Kong, our financial and monetary markets have continued to operate in a smooth and orderly manner. "The rate cut cycle has just begun, interest rates will remain at relatively high level in the foreseeble future. The public should carefully assess and continue to manage the interest rate risk when making property purchase, mortgage or other lending decisions," Lee added.

Persons: HKMA, Howard Lee, Lee Organizations: Hong Kong Monetary Authority, Hong, HK, U.S ., U.S . Federal Reserve, Hong Kong Locations: Hong Kong, United States, U.S, Asia

☆ Japan's Nikkei leads Asia-Pacific markets higher as investors digest outsized Fed rate cut
▼ + stars: | 2024-09-19 | by ( Anniek Bao | In | ) www.cnbc.com time to read: 1 min

The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013. Japan's Nikkei 225 led Asia-Pacific markets higher Thursday, as traders assessed the Federal Reserve's decision to cut interest rates by a half-percentage point. The Fed lowered its benchmark borrowing rate by a half percentage point, bringing its target range to 4.75% to 5%. In lockstep with the Fed, the Hong Kong Monetary Authority cut its interest rate by 50 basis points to 5.25, as the city's currency is pegged to the greenback. Hong Kong markets will return to trade after being closed for a public holiday on Wednesday.

Persons: Hong Organizations: Hong, Hong Kong Monetary Authority, International Finance, Japan's Nikkei, Nikkei, U.S ., Fed Locations: Hong Kong, Asia, Pacific

☆ Stablecoins have 'great potential' to be a solution for cross-border payments, fintech firm says
▼ + stars: | 2024-07-23 | 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 EmailStablecoins have 'great potential' to be a solution for cross-border payments, fintech firm saysRita Liu, CEO of RD Technologies, discusses its participation in the stablecoin issuer sandbox launched by the Hong Kong Monetary Authority.

Persons: Rita Liu Organizations: RD Technologies, Hong Kong Monetary Authority

☆ Multi-strategy hedge funds in Hong Kong and Singapore are booming. Here's why they're tapping the Middle East to get to the next level.
▼ + stars: | 2024-04-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

To Danny Yong, the Middle East is still Asia. In particular, multi-strategy hedge funds, the industry subset that large allocators are desperate for thanks to their uncorrelated and consistent returns, are growing in markets like Hong Kong and Singapore. Houston-based Pan Capital is planning to hire macro PMs in Hong Kong this year. These people-heavy firms need plenty of talent to make it all work, and the relatively small size of the Singapore market, coupled with political uncertainty in Hong Kong, puts a strain on the entire system. "Managers follow allocator trends, and the Middle East has been actively allocating while other regions have slowed their deployment.

Persons: Danny Yong, firm's, Yong, there's, Kurt Baker, Jonathan Xiong, Bobby Jain, Amir Ravan, Arun Singhal, Alan Howard, Simon Sadler, Dymon, Samantha Rosenstock, Craig Thorburn, It's, Joe Cheung, —, Cheung Organizations: Business, Dymon, UAE, Millennium, Bloomberg, Pan, Segantii Capital Management, Blackpool Football Club, Man, Hong Kong Monetary Authority, Citadel Locations: Asia, Japan, Hong Kong, Singapore, Dubai, Dymon Asia, Houston, Point72, Tokyo, Sidney, Abu Dhabi, United Kingdom, London, Miami, New York, China

☆ Thailand, Hong Kong launch cross-border QR payments
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] A woman wears a protective face mask as she looks at her mobile phone amid the outbreak of the coronavirus disease (COVID-19), in Bangkok, Thailand September 30, 2020. REUTERS/Soe Zeya Tun/File Photo Acquire Licensing RightsBANGKOK, Dec 4 (Reuters) - Thailand's central bank and the Hong Kong Monetary Authority on Monday launched a link for cross-border QR payments, they said in a joint statement. "Through this linkage, travellers from Thailand and Hong Kong will be able to make retail payments by using their mobile payment applications," they said. Reporting by Chayut SetboonsarngOur Standards: The Thomson Reuters Trust Principles.

Persons: Soe Zeya, Chayut Organizations: REUTERS, Rights, Hong Kong Monetary Authority, Monday, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Hong Kong

A man looks at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average outside a brokerage in Tokyo, Japan October 4, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsNov 28 (Reuters) - A look at the day ahead in Asian markets. Volatility across major asset classes is low - implied volatility on Wall Street is at its lowest in almost four years, global currency implied vol is the lowest since early last year, and U.S. bond vol is at a two-month low. China's markets, especially, have lagged, although Japanese stocks have outperformed thanks to the weak yen and a historic loosening of wider financial conditions. The Aussie on Monday rose above $0.66 for the first time since Aug. 10 and was one of the biggest winners among major currencies along with the Japanese yen and New Zealand dollar.

Persons: Issei Kato, Goldman Sachs, Michele Bullock, Bullock, Philip Lowe, Bullock's, Fed's Waller, Bowman, Goolsbee, Barr, Jamie McGeever Organizations: U.S ., Nikkei, REUTERS, Reserve Bank of Australia, Hong Kong Monetary Authority, Bank for International, New Zealand, Bank of, RBA, Thomson, Reuters Locations: Tokyo, Japan, U.S, Asia, Hong Kong, Bank of Japan, Australia

☆ Mastercard says wide adoption of central bank digital currencies would be ‘difficult’ right now
▼ + stars: | 2023-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

BARCELONA, SPAIN - MARCH 01: A view of the MasterCard company logo on their stand during the Mobile World Congress on March 1, 2017 in Barcelona, Spain. (Photo by Joan Cros Garcia/Corbis via Getty Images)SINGAPORE — There isn't enough justification for the widespread use of central bank digital currencies right now, which makes broad adoption of such assets "difficult," Ashok Venkateswaran, Mastercard 's blockchain and digital assets lead for Asia-Pacific, told CNBC. A retail CBDC, which is the digital form of fiat currency issued by a central bank, caters to individuals and businesses, facilitating everyday transactions. This is different from a wholesale CBDC which is used exclusively by central banks, commercial banks and other financial institutions to settle large-value interbank transactions. But a lot of the central banks nowadays have gotten very innovative because they are working very closely with private companies like ours, to create that ecosystem," said the Asia-Pacific lead.

Persons: Joan Cros Garcia, Corbis, Ashok Venkateswaran, Venkateswaran, Kong's Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Singapore FinTech, Monetary Fund, Atlantic Council, Hong Locations: BARCELONA, SPAIN, Barcelona, Spain, SINGAPORE, Asia, Pacific, Singapore, U.S, Hong Kong

☆ 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, ”

☆ Global asset managers bullish on China after policy shift
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Economic policy shift in China and the investment opportunities it is creating are drivers for long-term bets in the country by global asset managers, top executives said on Wednesday. "China is the world's second-largest capital market" after the U.S., the head of BlackRock's (BLK.N) global client business, Mark Wiedman, said at the Global Financial Leaders Investment Summit in Hong Kong. "Long term, (China) has to be part of a global investment portfolio." At the Hong Kong event, hosted by the Hong Kong Monetary Authority, Fidelity International CEO Anne Richards said China was a key part of the global economy and that fact will not change soon. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown by 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Gitlin, Pan Gongsheng, Anne Richards, Andrew Schlossberg, Noel Quinn, Quinn, Zhang Qingsong, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Global Financial, Investment, Capital, People's Bank of China, Securities Times, Hong Kong Monetary Authority, Fidelity International, HSBC Group, Thomson Locations: HONG KONG, China, U.S, Hong Kong, Singapore

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

☆ Chinese leaders defend state of economy at global finance summit in Hong Kong
▼ + stars: | 2023-11-07 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Senior Chinese officials have defended the state of the world’s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in China despite an uneven recovery and ailing property market. “Since the beginning of the year, China’s economy has been picking up in general,” He said Tuesday at the Global Financial Leaders’ Investment Summit, which was organized by the Hong Kong Monetary Authority, the city’s de facto central bank. “Global investors have some concerns about China’s economy, including the pace of economic recovery, problems with property markets, and local government debt. “The potential of the Chinese economy remains promising,” he told the audience, which included the heads of Goldman Sachs, Citi and Morgan Stanley. A discussion on China at the Global Financial Leaders' Investment Summit in Hong Kong on Tuesday.

Persons: Lifeng, ”, Zhang Qingsong, ’ ”, “, Zhang, Goldman Sachs, Morgan Stanley, Peter Parks, ” Wang Jianjun, Wang Organizations: Hong Kong CNN — Senior, Global, ’ Investment, Hong Kong Monetary Authority, People’s Bank of China, “ Global, Citi, Monetary Fund, Global Financial, Investment, Getty, China Securities Regulatory Commission, Stock Connect Locations: China, Hong Kong, AFP

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ 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

☆ Standard Chartered-owned crypto firm Zodia launches in Hong Kong
▼ + stars: | 2023-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is launching its services in Hong Kong, the company told CNBC exclusively. "The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub," Sawyer said. Hong Kong has been increasingly warming to crypto assets despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021. At first, it will seek to provide services for Hong Kong clients in a limit set of crypto assets. Zodia is also in discussions with both the SFC and Hong Kong Monetary Authority about becoming regulated in the financial district.

Persons: Julian Sawyer, Sawyer, Zodia Organizations: CNBC, Hong, Standard Chartered, Northern Trust, Japan's SBI Holdings ., Hong Kong Securities, Futures Commission, OSL, SFC, Hong Kong Monetary Authority Locations: Hong Kong, Asia, Pacific, Japan, Singapore, Australia, Japan's SBI Holdings . Hong Kong, China

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

☆ Asia-Pacific markets fall after Fed hikes rates to 22-year high
▼ + stars: | 2023-07-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The ICC International Commerce Centre, and Hong Kong's brand new museum of visual culture, Victoria harbor, Hong Kong, China. Asia-Pacific shares fell Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening. Japan's Nikkei 225 dipped 0.32% during its first hour of trade. Hong Kong's Hang Seng index is poised to dip, with futures at 19,541 compared to the benchmark's close of 19,365.14. The Hong Kong Monetary Authority on Thursday raised its base rate by 25 basis points.

Organizations: ICC International Commerce Centre, U.S . Federal, Nikkei, Hong, Hong Kong Monetary Authority Locations: Victoria, Hong Kong, China, Asia, Pacific, South Korea, Australia

☆ 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.

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