The Hong Kong Monetary Authority sold HK$3.875 billion on the foreign exchange market yesterday to weaken the Hong Kong dollar as the currency repeatedly hit the strong end of its trading range. Under the peg to the US dollar, the HKMA must intervene when the Hong Kong dollar hits 7.75 or 7.85, to maintain the trading band.Wednesday, 5 December, 2012, 4:59am
Beijing is looking into setting up a deposit insurance system to promote financial stability amid mounting worries about mainland banks' deteriorating asset quality.
Song Xiangyan, a deputy director with the international department at the People's Bank of China, said yesterday that the central bank would establish the system when the time was right.15 Jun 2012 - 12:00am
Second-tier banks followed major lenders in offering higher deposit rates than the benchmark, boosting competition in the finance sector after a recent move towards interest rate deregulation.12 Jun 2012 - 12:00am
Pulling in deposits continued to be a struggle for mainland banks in the first two months of the year, according to bankers and analysts.4 Apr 2012 - 12:00am
Hong Kong banks have withstood the credit crisis well compared with their European and American counterparts.
But a survey conducted by an accounting firm shows there are some concerns that the local banking sector faces a knock-on effect from the European debt crisis.11 Oct 2011 - 12:00am
New loans extended by banks on the mainland are expected to fall to between 6.5 trillion yuan (HK$7.76 trillion) and 7 trillion yuan next year, a further slowdown from this year, according to brokerage CLSA.19 May 2011 - 12:00am
Customers of US lender United Commercial Bank have been assured it will be business as usual at its Hong Kong branch following the bank's takeover by East West Bancorp yesterday.
A spokeswoman for the branch, in The Landmark in Queen's Road, Central, said all deposits would continue to be covered by the Deposit Protection Scheme, which guarantees deposits in the city.8 Nov 2009 - 12:00am
Bank depositors are likely to join a clamour for an increase in the HK$100,000 ceiling in Hong Kong's deposit insurance scheme following last month's run on the Bank of East Asia, said analysts.6 Oct 2008 - 12:00am
Surging mortgage defaults whacked US banks and building societies in the second quarter. Profits fell 3.4 per cent to US$36.7 billion and reserves to cover loan losses soared 75 per cent from a year ago, data released yesterday showed.23 Aug 2007 - 12:00am
China's banking regulator plans to introduce a bankruptcy system for financial institutions at the same time it prepares the new national commercial bankruptcy law which could be considered by China's rubber stamp parliament as early as March.15 Dec 2006 - 12:00am