What does an interest rate hike mean for Hong Kong homeowners?
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HSBC, Standard Chartered and several other Hong Kong banks have raised their prime lending rates for the first time in 12 years. The move comes after the Hong Kong Monetary Authority raised the base lending rate in lockstep with a move by the US Federal Reserve. Here’s what the rate hike means for people who have mortgages in the city.
UK: HONG KONG MONETARY AUTHORITY CHIEF JOSEPH YAM SPEECH
English/Nat
People in Hong Kong will likely keep feeling the pain of higher interest rates until economic troubles ease in Indonesia and Japan, the chief executive of the
Hong Kong Monetary Authority told a city seminar in London on Wednesday.
But Joseph Yam would not predict how long what he called an Asian premium would compel Hong Kong bankers to charge the high rates.
And Yam warned that the exchange rate link between the Hong Kong and US dollar must be maintained if another economic crisis in Asia is to be avoided.
In his seminar speech which he chose to title 'Eye of the Storm', Hong Kong Monetary Authority's chief executive Joseph Yam explained to his audience how Hong Kong had managed to survive the financial storm which has swept through Asia.
Hong Kong had to raise interest rates late last year to preserve a tight link between the Hong Kong dollar and the U.S. dollar.
Yam said that although this had been economically painful to individuals and businesses in Hong Kong, the link had proved to be sound monetary policy for Hong Kong.
SOUNDBITE: (English)
The bitter experience of others in the region is perhaps a sharp reminder to Hong Kong that the exchange rate link must be kept. This is obviously for our own good, but I imagine also for the good of the region and possibly beyond, for if the Hong Kong dollar's fixed link with the US dollar were to be broken, the likelihood of yet another shock wave of gigantic dimensions sweeping across financial markets worldwide cannot be dismissed.
SUPER CAPTION:Joseph Yam, Chief Executive, Hong Kong Monetary Authority.
And Yam insisted that there was no need for the Hong Kong dollar to break its link with the US dollar and instead be pegged to the renminbi, the currency of Mainland China.
SOUNDBITE: (English)
But this does not necessarily mean that the Hong Kong dollar will need to move in sync with the RMB, in the highly unlikely event that the RMB is devalued. The Hong Kong dollar is linked to the US dollar and not to the RMB. The economic relationship has always been very close between Hong Kong and the Mainland of China. There has always been separate currencies for Hong Kong and the Mainland, and 'one country, two currencies' is further enshrined in the Basic Law governing Hong Kong for 50 years after the resumption of sovereignty. The many differences between Hong Kong and the Mainland of China argue for monetary segregation and not monetary union.
SUPER CAPTION:Joseph Yam, Chief Executive, Hong Kong Monetary Authority.
And Yam added that while most countries in Asia had weathered the financial storm, it remained to be seen whether Indonesia could overcome its problems.
SOUNDBITE: (English)
I think the problems in Asia are being resolved, other than in Indonesia where perhaps it will take a little more time. Thailand, for example is turned around, Korea is turned around, and their currencies have actually rebound. So I think, I hope, Asian financial turmoil will settle down within this year, that is my hope. As to China, its economy continues to quite robustly. In 1998 there is a forecast of growth rate of 8 per cent in real terms, of course that would be beneficial to Hong Kong because Hong Kong does provide quite a lot of services, including financial services to the Mainland of China.
SUPER CAPTION:Joseph Yam, Chief Executive, Hong Kong Monetary Authority.
Yam said only time could tell whether serious economic mistakes could be rectified in the near future.
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Why Hong Kong pegs its currency to the US dollar
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Since 1983, Hong Kong authorities have pegged the value of the city's currency to that of the US dollar at an exchange rate of roughly 7.8 to 1. We explain the reasoning for the peg.
Kyle Bass Warns on Hong Kong's Currency Peg Reserves
May.21 -- Kyle Bass, chief investment officer at Hayman Capital Management, discusses his argument that Hong Kong's Monetary Authority has insufficient reserves to protect its currency. He speaks on Bloomberg Markets.
How the HKMA handles banking complaints
HK Monetary Authority launches IFFO
The Hong Kong Monetary Authority has launched the Infrastructure Financing Facilitation Office to promote the development of Hong Kong as an infrastructure financing hub.
SOUNDBITE1(ENGLISH) JOHN TSANG, Hong Kong's Financial Secretary
With our unparalleled ties with the Mainland, our ready access to Asian markets, as well as our wide-ranging prowess as the regional international financial center, I believe that no economy is better placed than Hong Kong to serve as the center for fundraising, for project financing and asset management for these big-ticket items.
HK launched the Infrastructure Financing Facilitation Office for regional development.
Is Hong Kong China’s global “super connector”? | World Finance Videos
A renminbi depreciation threatens Hong Kong from its “super connector” status. Norman Cha, Chief Executive of the Hong Kong Monetary Authority, challenges this assertion.
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China sign agreement with Hong Kong Central Bank
Thank he Hong Kong Monetary Authority (HKMA)
China sign agreement with Hong Kong Central Bank
Thank he Hong Kong Monetary Authority (HKMA) confirmed it had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China.
The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform.
The two central banks will be represented by subsidiaries of Hong Kong Interbank Clearing Limited and the Institute of Digital Currency of the PBoC.
“Once the connection has successfully been established, it will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business,” the post adds. Chinese regional government has pledged blockchain funds worth $5.7 Billion for further development and support .
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Hong Kong's financial system 'stable': Monetary authority chief
Hong Kong Monetary Authority's CEO Norman Chan offered reassuring comments about the city's financial system. He was speaking at a media conference on Sept 30 before he stepped down from his position.
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Hong Kong Monetary Authority - Coin Cart builiding
As part of the coin collection programme, the Hong Kong Monetary Authority ordered two trucks especially designed to collect loose change in various districts of Hong Kong.
HKMA Deputy Chief: Dollar Peg Remains Strong Amid Unrest
Nov.28 -- Howard Lee, deputy chief executive of the Hong Kong Monetary Authority, the city's de facto central bank, said confidence in the local currency peg to the U.S. dollar remains strong and the banking sector is robust, despite almost six months of pro-democracy protests that have roiled the financial hub’s economy. Lee spoke exclusively with Bloomberg's Yvonne Man shortly after President Donald Trump signed legislation expressing U.S. support for the Hong Kong protesters, prompting China to threaten retaliation just as the two nations get close to signing a phase one trade deal.
Think FinTech, Think Hong Kong
Known as a city with pulse, speed and efficiency, Hong Kong embraces fintech and is ramping up to be a world-class fintech hub. Hear from leading industry players on why Hong Kong is an ideal place for fintechs!
HK Monetary Authority chief details city's economic outlook
Eddie Yue, chief executive of the Hong Kong Monetary Authority, detailed the economic outlook for the city at a recent luncheon. He said the city should expect more negative spillover if global economy continues to lose momentum. #HK
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Hong Kong unveils new measures to cool property market
Norman Chan, Chief Executive of Hong Kong Monetary Authority(HKMA), said Friday that HKMA issued three additional countercyclical measures to banks on a new round of supervisory measures on property mortgage to strengthen banks' risk management and resilience.
BANK OF CHINA AND HONG KONG CENTRAL BANK WORKING ON JOINT BLOCKCHAIN PROJECT
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In recent days the Hong Kong Monetary Authority (HKMA) confirmed it had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC). The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the Hong Kong Monetary Authority's eTrade Connect and the People’s Bank of Chinas Trade Finance Platform.
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HK banks resist global woes (18.1.2012)
Hong Kong's banking sector remains resilient despite global economic uncertainty.
Delivering the Monetary Authority's year-end review today, its Deputy Chief Executive Arthur Yuen said the banking sector's total loans rose 20.2% and residential mortgage loans increased 8% last year.
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China Signs Agreement With Hong Kong Central Bank for Blockchain Push
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Blockchain has received fresh endorsement from China in the form of a development pact with the de facto central bank of Hong Kong. In a news post on Nov. 6, the Hong Kong Monetary Authority (HKMA) confirmed it had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC). The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform. The two central banks will be represented by subsidiaries of Hong Kong Interbank Clearing Limited and the Institute of Digital Currency of the PBoC.“Once the connection has successfully been established, it will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business,” the post adds. The news follows sudden endorsement of blockchain technology from Beijing, with president Xi Jinping personally appealing for its use to expand across the domestic economy. As a direct response to the events, Chinese regional governments and other entities have pledged blockchain funds worth $5.7 billion to further support, local financial media outlet China Money Network reported on Wednesday. Among them is a 100 million yuan ($14.3 million) fund from 1911 Group, the publication wrote citing another outlet, PE Daily. “To lift Hong Kong’s fintech development to a new height, we must take a holistic ‘HK Inc.’ approach,” HKMA chief executive Eddie Yue commented as part of the MoU signing.
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China Signs Agreement With Hong Kong Central Bank for Blockchain Push:
The Future of Digital Finance at the Hong Kong FinTech Week 2018
Panel discussion exploring on the future of digital finance
Speakers:
Stephen Bird, CEO, Global Consumer Banking, Citi
Ben Hung, Regional CEO, Standard Chartered Bank
Eric Jing, CEO, Ant Financial
Jessica Tan, Deputy Group CEO, Ping An
Moderated by:
Norman T.L. Chan, Chief Executive, Hong Kong Monetary Authority
$51b spent to back HK dollar (19.4.2018)
The Monetary Authority has conducted foreign exchange transactions to buy $51 billion worth of Hong Kong dollars to support the local currency since April 12.
Speaking to the media today, the authority's Deputy Chief Executive Howard Lee said the move was in accordance with the Linked Exchange Rate System.
We see that the operation of the market has been smooth and orderly and the market confidence in the ability of the Hong Kong Monetary Authority to maintain stability of the Hong Kong dollar is very strong and also, there is very strong confidence in the Linked Exchange Rate System.
The amount and the extent of the outflow would depend very much on market sentiments and also market views on a number of issues including the path of the US dollar interest rate, the demand for Hong Kong dollar in Hong Kong and a number of other issues.
He noted the amount and the pace of the capital outflow are consistent with the authority's analysis and expectation.
The authority will remain vigilant and watch the market carefully, he added.(