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BUSINESS DIGEST

Business Digest, November 2, 2012

PUBLISHED : Friday, 02 November, 2012, 12:00am
UPDATED : Friday, 02 November, 2012, 5:30am

HKMA intervenes for 8th time against HK$

The Hong Kong Monetary Authority stepped into the currency market twice yesterday, selling HK$2.3 billion each time as the Hong Kong dollar repeatedly hit the strong end of its trading range against the US dollar. Under the currency peg, the HKMA is obliged to intervene when the US dollar reaches HK$7.75 or HK$7.85, to keep the band intact. The latest intervention was the eighth in two weeks. Reuters

 

Foreign banks could be mutual fund custodians

Beijing plans to allow foreign banks to act as custodians in the mainland's US$380 billion mutual fund industry for the first time, the latest move amid a raft of government reforms that seek to develop the country's financial system. The securities regulator posted draft rules on its website and is seeking opinions from the public. Reuters

 

US manufacturing picks up, ISM says

The pace of growth in the US manufacturing sector rose to 51.7 from 51.5 in September as new orders improved, a report released by the Institute for Supply Management showed. A reading above 50 indicates expansion in the manufacturing sector. It was the second month in a row the sector has grown after contracting during the summer. Reuters

 

Rents jump at offices owned by Swire

Rents at offices owned by Swire Properties rose between 20 per cent and 51 per cent for new leases in the year's first nine months. At Taikoo Place in Quarry Bay, rents rose 30 per cent and ranged from the low to mid-HK$40s per sq ft. Rents in Pacific Place in Admiralty jumped 34 per cent to about HK$100 per sq ft. Yvonne Liu

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