Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar.
Business Digest, November 28, 2012
HKMA sells HK$3.1b to weaken HK dollar
The Hong Kong Monetary Authority sold HK$3.1 billion in the currency markets to weaken the local dollar, preventing it from strengthening past its trading peg with the US dollar, after the US dollar hit HK$7.75, the lower end of the trading band between the local unit and the greenback.
StanChart gets yuan loan quota for client
Standard Chartered said it became the first foreign bank in China to be granted a yuan-denominated loan quota on behalf of a client. An unidentified American multinational company was approved by the People's Bank of China's Shanghai branch to lend 3.3 billion yuan (HK$4.1 billion) to its overseas affiliates directly to fund their yuan-denominated activities abroad, the bank said. Bloomberg
US orders, confidence and home prices rise
Non-defence capital goods orders excluding aircraft, a gauge of planned US business spending, rebounded 1.7 per cent last month. Meanwhile, the S&P/Case-Shiller index of home prices in 20 cities climbed 3 per cent in September from a year earlier. And the Conference Board's consumer confidence index climbed this month to 73.7, the highest since February 2008. Bloomberg, Reuters
UAE mulls full foreign ownership of firms
The United Arab Emirates government is reviewing a draft commercial law allowing full foreign ownership of some companies, Mohamed Omar Abdulla, undersecretary of the Abu Dhabi Department of Economic Development, said in Dubai. The measure applies to some industries outside free zones, he said. The law now allows foreigners to own a maximum of 49 per cent of companies registered outside free zones. Bloomberg