Demonstrators throw cardboard on a fire during a protest in the Central district of Hong Kong on Tuesday, October 1, 2019. Photo: Bloomberg

Nine banks to meet Hong Kong’s monetary authority on ways to ease business loans and stave off city’s economic downturn

  • Special meeting comes two days after the HKMA cut banks’ countercyclical capital buffer (CCB) for the first time since 2015, a reduction that unleashes up to HK$300 billion into the economy
  • Banks may be asked to cut loan applicants some slack, and ignore any short-term sales slumps caused by the city’s four-month long civic unrest, as long as they are creditworthy in the long term, bankers said
Topic |   Banking & Finance

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Demonstrators throw cardboard on a fire during a protest in the Central district of Hong Kong on Tuesday, October 1, 2019. Photo: Bloomberg
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Anti-government protesters set fire to barricades in Mong Kok following a rally in defiance of the anti-mask law issued by the government on October 5, 2019. Photo: Edmond So

Hong Kong releases up to HK$300 billion in city’s version of quantitative easing to bolster economy against downturn

  • Hong Kong’s monetary authority will cut its countercyclical capital buffer (CCB) by 50 basis points to 2 per cent, the first reduction since 2015
  • The move will release between HK$200 billion and HK$300 billion into the financial system, the HKMAs chief executive Eddie Yue said
Topic |   Hong Kong Monetary Authority (HKMA)

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Anti-government protesters set fire to barricades in Mong Kok following a rally in defiance of the anti-mask law issued by the government on October 5, 2019. Photo: Edmond So
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