The outlook for Hong Kong’s credit rating was also cut to negative from stable even after Chief Executive Carrie Lam Cheng Yuet-ngor announced last week that the controversial extradition bill would be withdrawn. Photo: Sam Tsang

Hong Kong credit rating at risk of further downgrade if protests continue, Fitch warns

  • Continued anti-government protests could further tarnish the city’s business environment, rule of law and government institutions, warn the ratings agency
  • Last Friday, Fitch cut Hong Kong’s credit rating for the first time since 1995, trimming it by one notch to AA from AA+
Topic |   Hong Kong economy

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The outlook for Hong Kong’s credit rating was also cut to negative from stable even after Chief Executive Carrie Lam Cheng Yuet-ngor announced last week that the controversial extradition bill would be withdrawn. Photo: Sam Tsang
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Total foreign reserve assets of US$432.8 billion represent about seven times the currency in circulation in Hong Kong or 45 per cent of the city’s total money supply, added the Hong Kong Monetary Authority, the city’s de facto central bank. Photo: Handout

Capital outflows amid Hong Kong’s protests could have caused record drop in forex reserves, analysts say

  • Foreign exchange reserves fell from a record high of US$448.4 billion in July to US$432.8 billion in August
  • The US$15.6 billion decline was the biggest since the data was first published in 1997, according to the Hong Kong Monetary Authority
Topic |   Hong Kong economy

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Total foreign reserve assets of US$432.8 billion represent about seven times the currency in circulation in Hong Kong or 45 per cent of the city’s total money supply, added the Hong Kong Monetary Authority, the city’s de facto central bank. Photo: Handout
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