Hong Kong’s struggling businesses and markets are bracing for an interest rate rise next week for the first time this year. Exporters and the property sector are set to lose out, while analysts believe that financial services firms will benefit.
The Hong Kong Monetary Authority oversees Hong Kong’s monetary system. It was founded in 1993 when the Office of the Exchange Fund merged with the Office of the Commissioner of Banking. Its responsibilities include maintaining currency stability, monitoring Hong Kong’s banking system and managing the Exchange Fund.