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☆ Citi CEO Fraser will not attend Hong Kong summit due to COVID - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Oct 27 (Reuters) - Citigroup (C.N) Chief Executive Jane Fraser will not attend next week's Global Financial Leaders' Investment Summit in Hong Kong as she has tested positive for COVID-19, a person with knowledge of the matter told Reuters. It did not say if Chan would attend the summit. Citi's Fraser was set to join the heads of some of the world's top banks and asset managers at the summit. A Citi spokesperson confirmed the development and said that Fraser looked forward to visiting Hong Kong in the near future. Goldman Sachs (GS.N) CEO David Solomon, Morgan Stanley (MS.N) boss James Gorman and BlackRock (BLK.N) President Rob Kapito are among the speakers scheduled to attend, according to the summit organiser, the Hong Kong Monetary Authority (HKMA).

☆ Hong Kong finance chief stuck in Saudi Arabia after catching COVID
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 27 (Reuters) - Hong Kong's Financial Secretary Paul Chan tested positive for COVID-19 during a visit to Saudi Arabia and will stay there for a "short while" to observe health requirements, the city's government said on Thursday. Chan had been due to complete his visit to Saudi Arabia and return to Hong Kong on Thursday but had tested positive before setting off for home. Hong Kong has scrapped mandatory hotel quarantine but international arrivals still can not enter some places, like bars and restaurants, on the first three days of their visit. Participants in the banking event from abroad will be have to take a COVID test before beginning their journey to Hong Kong, upon arrival and throughout the three-day medical surveillance period, the HKMA said. Reporting by Farah Master; Editing by Clarence Fernandez, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong leader John Lee delivers his maiden policy address
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

HONG KONG, Oct 19 (Reuters) - Hong Kong's new leader John Lee delivered his maiden policy address annual policy address on Wednesday, mapping out his priorities for the former British colony which returned to Chinese rule in 1997. - To set aside HK$30 billion from the Future Fund to establish the Co-Investment Fund for attracting enterprises to set up operations in Hong Kong and investing in their business. ECONOMY- To set up a new Hong Kong Investment Corporation Limited (HKIC) to further optimise the use of fiscal reserves for promoting the development of industries and the economy, and to attract and support more enterprises to develop their business in Hong Kong. - To develop Hong Kong into an international carbon market. - The Hong Kong Monetary Authority (HKMA) has begun the preparatory work for issuing "e-HKD" (e-Hong Kong dollar) and is collaborating with the Mainland institutions to expand the testing of "e-CNY" (e-Chinese yuan) as a cross-boundary payment facility in Hong Kong.

HONG KONG, Oct 13 (Reuters Breakingviews) - Leaders from the West’s biggest financial firms will land in Hong Kong next month — in most cases their first trip to the city in three years — with some tough questions for their hosts. They arrive amid the worst U.S.-Sino ties in decades, with Hong Kong unhappily stuck in the middle, bringing frustration for companies who have invested much capital and time in the country. Investment banking fees have dried up everywhere, but it’s particularly bad in mainland China and Hong Kong. Hong Kong has been a big beneficiary of their ambitions. Reuters GraphicsFollow @ywchen1 on TwitterCONTEXT NEWSThe Hong Kong Monetary Authority will host the Global Financial Leaders’ Investment Summit on Nov. 2.

☆ Wall Street titans to join Nov 2 summit in Hong Kong as COVID rules relaxed
▼ + stars: | 2022-09-29 | by ( Scott Murdoch | Donny Kwok | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -The heads of some of the world’s top banks and asset managers will attend an investment summit in Hong Kong on Nov. 2, the city’s financial regulator said on Thursday, signalling a re-opening of the financial hub after strict pandemic-linked curbs. Goldman Sachs Group Inc CEO David Solomon, Citigroup Inc head Jane Fraser, Morgan Stanley boss James Gorman and BlackRock Inc President Rob Kapito will be among the speakers at the Global Financial Leaders’ Investment Summit, the Hong Kong Monetary Authority (HKMA) said. Hong Kong’s unrelenting COVID curbs have battered its economy and standing as a financial centre. Some banks had warned top bosses would not attend if any restrictions remained in place. HKMA Chief Executive Eddie Yue said on Thursday the final guidelines for those attending the summit were still being finalised.

☆ Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules
▼ + stars: | 2022-09-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. Under the current rules, travelers are free to move around, although they may not be allowed into restaurants or bars during the first three days of their stay. The summit was announced by Hong Kong Financial Secretary Paul Chan in February. Hong Kong is the base for JPMorgan’s Asia Pacific headquarters, as well as those of many other financial firms. Now, the conference will be an important part of the city’s efforts to show that it’s truly reopened for global business.

☆ Hong Kong lowers buyer stress test requirement for mortgages
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterHONG KONG, Sept 23 (Reuters) - Hong Kong's de facto central bank has relaxed a mortgage stress test requirement for property buyers, it said on Friday, in response to rising interest rates and a softening market. The Hong Kong Monetary Authority (HKMA) said it had told banks to lower the interest rate stress testing requirement to 200 basis points from 300 basis points, with immediate effect. Under the new requirement, the stress test aims to ensure borrowers have sufficient repayment capability if interest rates rise by 200 basis points. The decision came after Hong Kong banks raised their best lending rate by 12.5 basis points on Thursday, the first rate hike in four years. "It will offset part of the impact from the interest rate hike yesterday and allow homebuyers to borrow more."

☆ HSBC to raise best lending rate to 5.125% after HK rate hike
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022. REUTERS/Lam YikHONG KONG, Sept 22 (Reuters) - HSBC Holdings (0005.HK), said on Thursday it raised its best lending rate in Hong Kong by 12.5 basis points to 5.125% effective Sept. 23 after the city's central bank raised the base rate charged through its overnight discount window by 75 basis points. The Hong Kong Monetary Authority earlier on Thursday raised the base rate charged through its overnight discount to 3.50% from 2.75%. read moreHong Kong tracks U.S. interest rate moves because its currency is pegged to the U.S. dollar, although local banks have some leeway to lag U.S. moves when setting prime rates. Register now for FREE unlimited access to Reuters.com RegisterReporting by Donny Kwok and Selena Li; Editing by Christian SchmollingerOur 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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