The Hong Kong Monetary Authority (HKMA), Hong Kong’s de-facto central bank, raised its benchmark interest rate for a tenth time this year, following the US Federal Reserve, by 25 basis points to 5.55% on Thursday. The latest move brought borrowing costs in the city to the highest level since January 2008. Hong Kong raises rates in line with the Fed due to the Hong Kong Dollar’s peg to the US Dollar. The weakness in the HKD forced the bank to … Continue reading “Hong Kong’s Monetary Authority Raised Interest Rates 25bps Despite Banking Liquidity at 2008 Lows”
Hong Kong’s Monetary Authority Raised Interest Rates 25bps Lockstep with US Federal Reserve
The Hong Kong Monetary Authority (HKMA), Hong Kong’s de-facto central bank, raised its benchmark interest rate for a ninth time this year, following the US Federal Reserve, by 25 basis points to 5.25% on Thursday. The latest move brought borrowing costs in the city to the highest level since January 2008. Hong Kong raises rates in line with the Fed due to the Hong Kong Dollar’s peg to the US Dollar. The city’s top leader John Lee recently said that … Continue reading “Hong Kong’s Monetary Authority Raised Interest Rates 25bps Lockstep with US Federal Reserve”
Hong Kong’s Monetary Authority Raised Interest Rates 25bps Lockstep with US Federal Reserve
The Hong Kong Monetary Authority (HKMA), Hong Kong’s de-facto central bank, raised its benchmark interest rate for an eighth time this year, following the US Federal Reserve, by 25 basis points to 5.00% on Thursday. The latest move brought borrowing costs in the city to the highest level since January 2008. Hong Kong raises rates in line with the Fed due to the Hong Kong Dollar’s peg to the US Dollar. Hong Kong’s economy is not a strong position with … Continue reading “Hong Kong’s Monetary Authority Raised Interest Rates 25bps Lockstep with US Federal Reserve”
2023 Year of the Rabbit, What Does it Mean for You and Financial Markets
The lunar new year typically falls on the second new moon after the winter solstice and is celebrated in countries across East and Southeast Asia, including China, Korea, Japan, Vietnam, Singapore, and Taiwan. The year of the rabbit in the Chinese zodiac occurs every 12 years and the next one begins Sunday January 22, 2023. Lunar New Year is also known as the Chinese New Year or the Spring Festival when Asian communities around the world this year will say … Continue reading “2023 Year of the Rabbit, What Does it Mean for You and Financial Markets”
Hong Kong Hang Seng Closes Down 14.4% in Worse Year Since 2011
Hong Kong’s blue chip Hang Seng stock market ended down 14.4% to 19,781.4 in 2022, marking the worst year since 2011 with only South Korea’s Kospi down more out of the major Asian stock markets. On the last day of the trading year the Hang Seng was up +0.2% and +1.0% for the week. It has been a tumultuous year for Hong Kong investments and the third straight year of losses for the index. The damage from the implosion of … Continue reading “Hong Kong Hang Seng Closes Down 14.4% in Worse Year Since 2011”
Hong Kong’s Monetary Authority Raised Interest Rates in Lockstep with US Federal Reserve
The Hong Kong Monetary Authority (HKMA), Hong Kong’s de-facto central bank, raised its benchmark interest rate for a seventh time this year, following the US Federal Reserve, by 50 basis points to 4.75% on Thursday. Hong Kong raises rates in line with the Fed due to the Hong Kong Dollar’s peg to the US Dollar. Hong Kong’s economy is not a strong position with the government forecasting a 3.2% gross domestic product contraction for 2022 on weak global demand and … Continue reading “Hong Kong’s Monetary Authority Raised Interest Rates in Lockstep with US Federal Reserve”
Hong Kong’s Mandatory Provident Fund Hit By China Evergrande Contagion Has Worse Performance Since 2018
Hong Kong’s compulsory pension scheme MPF lost each member HK$10,800 (US$1,387) in the third quarter as China regulatory and Evergrande debt crisis converged in a perfect storm to crack markets lower.
Hong Kong Hands Out $10,000 To Boost Consumption After Protests and Virus
Desperate times call for desperate measures. Hong Kong has announced handouts to its population to turn around sentiment. The country says that registration for cash handout to start in early July. The move is likely a blue print for greater China.
Coronavirus Highest Risk International Cities Bangkok, Hong Kong and Taipei
Bangkok, Hong Kong and Taipai are currently the cities most at risk from a global spread of the 2019 Novel Coronavirus (2019-nCoV) in a study based on the number of air travelers predicted to arrive there from the worst affected cities in mainland China.
Violent Hong Kong Pro-Democracy Protests Ahead of China National Day
Protesters and police continue to clash with no end in sight in Hong Kong. Protests turned violent over the weekend as the city braces for worse heading into China’s National Day this week. Riot police fired multiple volleys of tear gas while demonstrators hurled Molotov cocktails.