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.