Empty shops at the Times Square shopping centre in Hong Kong’s Causeway Bay district on 9 September 2019, as the city’s street protests – in their third month then – drive visitors and shoppers away. Photo: Sam Tsang

Hong Kong eases monetary policy as economy slips into recession, prompting city’s banks to cut rates for the first time in 11 years

  • The Hong Kong Monetary Authority has cut its key interest rate by 25 basis points, in lockstep with a similar cut overnight by the US Federal Reserve
  • The third cut in the cost of money in as many months prompted the city’s three currency issuing banks to ease lending rates for the first time since 2008
Topic |   Hong Kong Monetary Authority (HKMA)

TOP PICKS

Empty shops at the Times Square shopping centre in Hong Kong’s Causeway Bay district on 9 September 2019, as the city’s street protests – in their third month then – drive visitors and shoppers away. Photo: Sam Tsang
READ FULL ARTICLE
An employee counts HK$1,000 banknotes at the Hang Seng Bank in Hong Kong on Wednesday, February 18, 2015. Photo: Bloomberg

Hong Kong’s dollar returns to form as world’s most ‘boring’ currency as it marks 36th peg anniversary with little fuss

  • Peg was introduced by then financial secretary John Bremridge on October 17, 1983
  • Analysts and businessmen say the peg is one of the main reasons for Hong Kong’s rise as a major international financial centre
Topic |   Hong Kong economy

TOP PICKS

An employee counts HK$1,000 banknotes at the Hang Seng Bank in Hong Kong on Wednesday, February 18, 2015. Photo: Bloomberg
READ FULL ARTICLE