Hong Kong slips into a technical recession as its economy shrinks 3.2 per cent in the third quarter of 2019. Photo: Roy Issa

Hong Kong slips into recession as economy shrinks 3.2 per cent in the third quarter

  • The decline between July and September followed a 0.4 per cent drop in the second quarter, marking a fall in two consecutive quarters
  • Tourist arrivals in Hong Kong also declined 50 per cent year on year in the first half of October
Topic |   Hong Kong protests

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Hong Kong slips into a technical recession as its economy shrinks 3.2 per cent in the third quarter of 2019. Photo: Roy Issa
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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)

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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
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