An employee counts Hong Kong one-thousand dollar banknotes at the Hang Seng Bank headquarters in Hong Kong on Tuesday, April 16, 2019. Photo: Bloomberg
Hong Kong’s September dollar deposits and financial war chest expand, defying months of street protests and year-long trade war
- Local currency deposits grew 0.6 per cent in September to HK$6.88 trillion, reversing a dip in August, as investors converted capital into Hong Kong dollars ahead of several blockbuster stock offerings
- The financial war chest used to defend Hong Kong’s dollar grew 1.6 per cent to a five-month high of HK$4.229 trillion, the HKMA’s data show
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Hong Kong Monetary Authority (HKMA)
An employee counts Hong Kong one-thousand dollar banknotes at the Hang Seng Bank headquarters in Hong Kong on Tuesday, April 16, 2019. Photo: Bloomberg
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
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Hong Kong Monetary Authority (HKMA)
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