https://www.scmp.com/rss/33147/feed The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar.<br /> en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Hong Kong’s monetary authority warned of interest-rate uncertainty amid ongoing tensions in the Middle East, after leaving its base rate unchanged on Thursday in tandem with the US Federal Reserve. The Hong Kong Monetary Authority (HKMA) said US interest-rate movements were affected by the Middle East tensions, which had led to higher oil prices and affected US inflation. Analysts said the inflationary impact of the US-Israel war with Iran had reduced the chances of a rate cut this year. “The... https://www.scmp.com/business/banking-finance/article/3351921/hkma-holds-base-interest-rate-4-following-fed-war-inflation-worries-persist?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3351921/hkma-holds-base-interest-rate-4-following-fed-war-inflation-worries-persist?utm_source=rss_feed Wed, 29 Apr 2026 23:27:32 +0000 Emily Hung Emily Hung Hong Kong authorities have rolled out fresh measures to support small and medium-sized enterprises (SMEs) reeling from the global fuel crisis and geopolitical tensions in the Middle East, including a 21 per cent rise in available bank lending to HK$450 billion (US$78.43 billion). The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said on Wednesday that the measures for SMEs were designed to improve access to financing, strengthen their business resilience and accelerate... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3351880/hong-kong-throws-smes-lifeline-raft-measures-hk450-billion-loans?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3351880/hong-kong-throws-smes-lifeline-raft-measures-hk450-billion-loans?utm_source=rss_feed Wed, 29 Apr 2026 11:17:50 +0000 Enoch Yiu Enoch Yiu Financial officials from Hong Kong and mainland China met on Tuesday to discuss strengthening cross-border connect schemes, according to a statement from the State Administration of Foreign Exchange (SAFE). The meeting between Hong Kong Monetary Authority (HKMA) chief executive Eddie Yue Wai-man and People’s Bank of China (PBOC) deputy governor Zhu Hexin, who is also SAFE administrator, touched on ways to bolster the city’s role as an international financial centre, the statement said. SAFE... https://www.scmp.com/business/banking-finance/article/3351828/hong-kong-mainland-china-officials-meet-bolster-cross-border-connect-schemes?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3351828/hong-kong-mainland-china-officials-meet-bolster-cross-border-connect-schemes?utm_source=rss_feed Wed, 29 Apr 2026 08:33:05 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers released nearly 300 new flats to the market amid enthusiastic demand from potential homebuyers as the latest official data show completion of private residential units is set to decline this year and next. By 6pm, all 218 units at the One Victoria Cove Phase I in Hung Hom, jointly developed by Henderson Land Development, Hysan Development and Empire Group, were sold, while at the Pavilia Farm III atop Tai Wai station in Sha Tin by New World Development (NWD) and MTR... https://www.scmp.com/business/article/3351421/hong-kong-developers-clear-stock-amid-strong-demand-and-shrinking-supply?utm_source=rss_feed https://www.scmp.com/business/article/3351421/hong-kong-developers-clear-stock-amid-strong-demand-and-shrinking-supply?utm_source=rss_feed Sat, 25 Apr 2026 09:40:29 +0000 Kun Tian Kun Tian The most revealing fact about Hong Kong’s stablecoin launch is not that licences were issued. It is who got them, and who did not. By handing the first approvals to HSBC and the Standard Chartered-led joint venture Anchorpoint Financial, regulators made clear from the start that digital money in Hong Kong will be bank-led. That choice matters because Hong Kong is not trying to become Asia’s easiest venue for cryptocurrency experimentation. Rather, it is trying to become the most credible place... https://www.scmp.com/opinion/hong-kong-opinion/article/3350356/what-hong-kongs-conservative-stablecoin-licence-roll-out-reveals?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3350356/what-hong-kongs-conservative-stablecoin-licence-roll-out-reveals?utm_source=rss_feed Wed, 22 Apr 2026 22:30:08 +0000 Zhu Wenqian Zhu Wenqian The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced on Wednesday the joint establishment of the Northern Metropolis Financial Advisory Taskforce, which will explore financing solutions for the development of the city’s flagship project. The Northern Metropolis, a megaproject designed to bolster Hong Kong’s economic base and advance its integration with the Greater Bay Area, will transform 30,000 hectares (74,132 acres) of land near the city’s border... https://www.scmp.com/business/banking-finance/article/3351034/hkma-and-hkab-launch-task-force-hong-kongs-northern-metropolis-financing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3351034/hkma-and-hkab-launch-task-force-hong-kongs-northern-metropolis-financing?utm_source=rss_feed Wed, 22 Apr 2026 11:52:46 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers’ strong demand for new flats extended a streak of brisk sales for developers with one project selling out in a single day, underscoring the city’s broader recovery in housing prices. All 88 units at the Pavilia Farm III project by New World Development and MTR Corporation in Sha Tin were sold on Saturday, prompting the developers to put 75 more flats on sale later that night. Elsewhere in Kai Tak, 133 units of KT Marina II were snapped up over the weekend, according to... https://www.scmp.com/property/hong-kong-china/article/3350638/hong-kong-homebuyers-extend-sell-out-streak-amid-renewed-confidence-market?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3350638/hong-kong-homebuyers-extend-sell-out-streak-amid-renewed-confidence-market?utm_source=rss_feed Sun, 19 Apr 2026 13:10:25 +0000 Yeon Woo Lee Yeon Woo Lee Hong Kong is better placed than many of its Asian peers to turn stablecoins into commercially viable products at scale, underpinned by its early lead in tokenisation and growing experience in moving financial infrastructure on-chain, according to HSBC’s head of digital assets research. “Hong Kong already has examples of deploying the technology and can now look towards commercial applications and scaling,” said Daragh Maher, HSBC’s head of digital assets research, in an interview on the... https://www.scmp.com/tech/blockchain/article/3350498/hong-kong-seen-leading-asia-push-scale-stablecoins-hsbc-says?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3350498/hong-kong-seen-leading-asia-push-scale-stablecoins-hsbc-says?utm_source=rss_feed Sat, 18 Apr 2026 02:30:11 +0000 Enoch Yiu Enoch Yiu For Hong Kong’s 3.3 million PayMe users, everyday transactions such as buying coffee or splitting bills with friends could soon involve stablecoins, with HSBC preparing to introduce the digital currency in the second half of this year. That comes after HSBC Holdings, together with a Standard Chartered-led joint venture, became the first to obtain a stablecoin issuer licence from the Hong Kong Monetary Authority on Friday, marking a breakthrough in the city’s digital finance development. HSBC,... https://www.scmp.com/business/banking-finance/article/3350089/how-paymes-33-million-users-and-hong-kong-firms-could-start-using-stablecoins?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3350089/how-paymes-33-million-users-and-hong-kong-firms-could-start-using-stablecoins?utm_source=rss_feed Wed, 15 Apr 2026 00:00:37 +0000 Denise Tsang Denise Tsang Hong Kong has struck a balance between financial security and innovation in its strategic roles as a “testing ground” and “firewall” for the nation’s reform and opening up, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po said on Sunday that security was core to the goal of achieving high-quality development as geopolitical tensions created risks in global financial markets and energy supplies. As Hong Kong rolled out the first batch of stablecoin licences last week, the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3349786/hong-kong-balancing-financial-security-innovation-nations-firewall-paul-chan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3349786/hong-kong-balancing-financial-security-innovation-nations-firewall-paul-chan?utm_source=rss_feed Sun, 12 Apr 2026 07:41:09 +0000 Daniel Ren,Enoch Yiu Daniel Ren,Enoch Yiu The Hong Kong Monetary Authority (HKMA) is being urged to go further in loosening restrictions on stablecoins, after granting the city’s first two licences to banks to issue the digital currency. Bankers, venture capitalists and analysts said the long-awaited approvals – awarded to HSBC and a joint venture led by Standard Chartered – fell short of market expectations, underscoring the regulator’s cautious stance amid lingering risk concerns. “It came as a surprise that only two licences were... https://www.scmp.com/business/banking-finance/article/3349742/hong-kong-regulator-urged-expand-stablecoin-rules-after-cautious-roll-out?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3349742/hong-kong-regulator-urged-expand-stablecoin-rules-after-cautious-roll-out?utm_source=rss_feed Sat, 11 Apr 2026 09:10:21 +0000 Enoch Yiu Enoch Yiu HSBC and a joint venture led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub. Eight months after Hong Kong’s Stablecoin Ordinance, one of the world’s first such laws, took effect, HSBC and Anchorpoint Financial, the Standard Chartered-led group, received the green light from the Hong Kong Monetary Authority (HKMA) on... https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed Fri, 10 Apr 2026 09:09:55 +0000 Matthew Cheng Matthew Cheng A proposed increase in the Hong Kong government’s borrowing cap for its bond programmes to HK$900 billion (US$115 billion) will be sufficient to finance infrastructure projects over the next three years, officials have said, while leaving the door open to further rises in the long run if needed. Andrew Lai Chi-wah, permanent secretary for financial services and the treasury, made the remarks on Thursday during a Legislative Council subcommittee meeting scrutinising the plan to lift the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3349561/hong-kong-seeks-raise-bond-issuance-ceiling-hk900-billion?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3349561/hong-kong-seeks-raise-bond-issuance-ceiling-hk900-billion?utm_source=rss_feed Thu, 09 Apr 2026 15:22:46 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers are raising prices of new homes this week following sold-out launches in recent days, further testing the appetite of homebuyers amid geopolitical and interest rate uncertainties. Henderson Land Development put another 39 units at its Chester project in Hung Hom on sale on Monday, with 25 homes finding buyers, according to agents. With an average discounted price of HK$22,198 (US$2,831) per square foot, the units were priced 4.57 per cent higher than the 123 units that sold... https://www.scmp.com/business/article/3349172/hong-kong-developers-test-homebuyers-modest-price-increases-after-sell-outs?utm_source=rss_feed https://www.scmp.com/business/article/3349172/hong-kong-developers-test-homebuyers-modest-price-increases-after-sell-outs?utm_source=rss_feed Mon, 06 Apr 2026 10:30:44 +0000 SCMP Editorial SCMP Editorial Better safe than sorry – that seems to be why authorities have delayed the stablecoin roll-out. Industry players had expected the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, to announce the granting of a small number of stablecoin licences at the end of March. But the date came and went. The regulatory review process appears to be taking longer, given the regulators’ well-known cautious stance. But the policy – to make Hong Kong a digital-asset hub with stablecoins... https://www.scmp.com/opinion/comment/article/3348924/stablecoin-launch-delay-shows-hong-kong-would-rather-be-safe-sorry?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3348924/stablecoin-launch-delay-shows-hong-kong-would-rather-be-safe-sorry?utm_source=rss_feed Sun, 05 Apr 2026 23:15:16 +0000 Julie Zhang,Enoch Yiu Julie Zhang,Enoch Yiu Hong Kong’s highly anticipated first batch of stablecoin licences did not materialise as expected by the end of March. Industry players said the delay may be caused by a slower-than-expected review process, adding that it could also be due to the regulators’ cautious stance towards launching the first batch of regulated stablecoin licences as the city seeks to cement its status as a digital-asset hub. “I don’t think [the delay] is caused by the market,” said Jack Poon, a member of the task force... https://www.scmp.com/business/banking-finance/article/3348492/hong-kongs-anticipated-stablecoin-licence-end-march-does-not-materialise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348492/hong-kongs-anticipated-stablecoin-licence-end-march-does-not-materialise?utm_source=rss_feed Wed, 01 Apr 2026 00:30:08 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers snapped up new launches on Tuesday as developers accelerated sales amid concerns over slower rate cuts and geopolitical tensions in the Middle East. By about 3.50pm, all 254 flats released at the La Mirabelle project in Tseung Kwan O had been sold, according to market agents. “Today’s positive sales results at La Mirabelle is a vote of confidence for the Hong Kong residential market,” said Daryl Ng, chairman of Sino Group. “The Hong Kong residential market fundamentals are... https://www.scmp.com/business/article/3348547/hong-kong-homebuyers-pile-new-launches-despite-rate-jitters-and-middle-east-tensions?utm_source=rss_feed https://www.scmp.com/business/article/3348547/hong-kong-homebuyers-pile-new-launches-despite-rate-jitters-and-middle-east-tensions?utm_source=rss_feed Tue, 31 Mar 2026 09:49:52 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers on Friday released 222 new flats in Kowloon, the city’s largest batch of units on a single day since buyers were warned about the uncertain direction of interest rates. K&K Property launched 122 one-bedroom units at foto+, a single residential tower in Mong Kok close to Olympic station, while Wang On Properties put 100 units up for sale at the Connext project in Wong Tai Sin. By 7pm Friday, 103 of the foto+ units had found buyers. Sales at Connext, meanwhile, kicked off at... https://www.scmp.com/business/article/3348175/hong-kong-developers-test-market-222-units-released-amid-interest-rate-uncertainty?utm_source=rss_feed https://www.scmp.com/business/article/3348175/hong-kong-developers-test-market-222-units-released-amid-interest-rate-uncertainty?utm_source=rss_feed Fri, 27 Mar 2026 11:30:11 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s lived-in home prices rose 1.6 per cent in February, marking the 11th straight month of positive movement for the residential property segment, as the city’s rents scaled another peak, according to official data. Since reversing a downward trend in April, second-hand home prices had climbed nearly 8 per cent so far, bringing the official index to a 22-month high, according to data released on Friday by the Rating and Valuation Department. The latest monthly increment was also larger... https://www.scmp.com/business/article/3348081/hong-kong-home-prices-surge-near-two-year-high-iran-war-clouds-outlook?utm_source=rss_feed https://www.scmp.com/business/article/3348081/hong-kong-home-prices-surge-near-two-year-high-iran-war-clouds-outlook?utm_source=rss_feed Fri, 27 Mar 2026 04:04:50 +0000 Kevin Li Kevin Li In the summer of 1998, the usually placid air at the Hong Kong Monetary Authority’s headquarters in Citibank Tower suddenly evaporated as regional currencies collapsed like dominoes. Rapacious speculators had shorted currencies such as the Thai baht, the Indonesian rupiah and the Korean won and had profited handsomely. The contagion looked like it would also bring the Hong Kong dollar to its knees. As storytellers from the era have recalled, that sweltering month of August, the wolves were at... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3348050/should-hong-kong-be-using-war-chest-firepower-northern-metropolis?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3348050/should-hong-kong-be-using-war-chest-firepower-northern-metropolis?utm_source=rss_feed Fri, 27 Mar 2026 00:30:07 +0000 Peggy Ye Peggy Ye Turkey’s largest private bank plans to set up a Hong Kong office, according to sources familiar with the matter, in a move that underscores the city’s role as a gateway for lenders seeking to connect China and Asian markets with the Middle East. Turkiye Is Bankasi’s board approved the Hong Kong expansion plan two months ago and the lender was awaiting clearance from Turkish authorities before formally approaching the Hong Kong Monetary Authority for a banking licence, the sources said. If... https://www.scmp.com/business/banking-finance/article/3347700/turkeys-biggest-private-bank-plans-hong-kong-entry-amid-middle-east-tensions-sources?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347700/turkeys-biggest-private-bank-plans-hong-kong-entry-amid-middle-east-tensions-sources?utm_source=rss_feed Wed, 25 Mar 2026 02:30:09 +0000 Cheryl Arcibal Cheryl Arcibal Hongkonger Katie Chan was hoping to buy a flat to live in, and although the 37-year-old accountant was in no rush, the potential longer pause in interest rate cuts could delay her decision. For Chan, the ideal mortgage would be if the one-month Hong Kong interbank offered rate (Hibor) fell below 1.95 per cent, but this year the key driver for local mortgage costs and corporate borrowing rates had only dropped to as low as 2.02 per cent, according to data tracked by the Hong Kong Association of... https://www.scmp.com/business/article/3347469/potential-rate-cut-pause-geopolitical-tensions-may-cloud-hong-kong-property-recovery?utm_source=rss_feed https://www.scmp.com/business/article/3347469/potential-rate-cut-pause-geopolitical-tensions-may-cloud-hong-kong-property-recovery?utm_source=rss_feed Sun, 22 Mar 2026 23:30:16 +0000 Oscar Liu Oscar Liu A Hong Kong mother has been asked to pay more than HK$126,000 (US$16,100) in charges racked up by thieves who stole her credit card last November after HSBC said she failed to report the loss immediately. But 42-year-old Janice Choi* accused the bank of double standards, saying a friend who also had her credit card stolen on the same day reported the case to HSBC the next day and had the fraudulent charges waived. Choi told the South China Morning Post that she was notified in February that her... https://www.scmp.com/news/hong-kong/law-and-crime/article/3347406/hsbc-asks-victim-credit-card-theft-pay-hk126580-racked-criminals?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3347406/hsbc-asks-victim-credit-card-theft-pay-hk126580-racked-criminals?utm_source=rss_feed Sun, 22 Mar 2026 01:00:17 +0000 Eunice Xu Eunice Xu In late 2022, Syed Musheer Ahmed packed his bags and departed Hong Kong. The founder of fintech advisory firm FinStep Asia headed for Dubai, where he joined the founding team of the Gulf city’s new digital-asset regulator, Virtual Assets Regulatory Authority (VARA). Like many in Hong Kong’s crypto scene at the time, Ahmed was drawn by the Middle East’s regulatory clarity – a stark contrast to the uncertainty and Covid-19 restrictions still lingering in his adopted home. “Dubai came up as a good... https://www.scmp.com/tech/blockchain/article/3347286/will-hong-kongs-regulatory-clarity-crypto-forge-path-global-hub-status?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3347286/will-hong-kongs-regulatory-clarity-crypto-forge-path-global-hub-status?utm_source=rss_feed Sat, 21 Mar 2026 04:00:08 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) has warned the public to beware of interest rate risks after it kept its base rate unchanged, following a similar move by the US Federal Reserve, as the city’s de facto central bank said the Middle East conflict has added to the uncertainty over the pace of rate cuts this year. HKMA maintained the city’s base rate at 4 per cent on Thursday. Hours earlier, the Fed kept its target rate in the range of 3.5 per cent to 3.75 per cent, after the second meeting... https://www.scmp.com/business/banking-finance/article/3347088/hong-kong-follows-federal-reserve-keep-base-rate-unchanged-amid-middle-east-war?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347088/hong-kong-follows-federal-reserve-keep-base-rate-unchanged-amid-middle-east-war?utm_source=rss_feed Wed, 18 Mar 2026 23:16:04 +0000 Aileen Chuang Aileen Chuang HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter. The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted... https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed Thu, 12 Mar 2026 09:00:08 +0000 Julie Zhang Julie Zhang Hong Kong family offices are showing rising demand for risk-management products, services and advisory support amid growing geopolitical and market uncertainty, according to an affiliate of the Hong Kong Monetary Authority (HKMA). “We see a general trend that demand for risk-management products and services has been rising, and family offices are strengthening these functions year after year,” said Enoch Fung, CEO of the Hong Kong Academy of Finance and executive director of the Hong Kong... https://www.scmp.com/business/banking-finance/article/3346124/hong-kong-family-offices-take-long-view-despite-iran-tensions-hkma-affiliate-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346124/hong-kong-family-offices-take-long-view-despite-iran-tensions-hkma-affiliate-says?utm_source=rss_feed Tue, 10 Mar 2026 11:45:08 +0000 Connor Mycroft Connor Mycroft Hong Kong has adequate safeguards to prevent any misuse of the Exchange Fund, according to the economist known as the “father of the city’s dollar peg”, who called concerns over the government’s decision to draw from the de facto sovereign wealth fund “a little overblown”. John Greenwood said the government’s plan to transfer HK$150 billion (US$19.1 billion) from the fund – which plays an essential role in defending the Hong Kong dollar’s peg to the US dollar – would have no effect on the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345886/fears-over-exchange-fund-discipline-overblown-hong-kongs-dollar-peg-architect?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345886/fears-over-exchange-fund-discipline-overblown-hong-kongs-dollar-peg-architect?utm_source=rss_feed Mon, 09 Mar 2026 00:00:28 +0000 Enoch Yiu Enoch Yiu Hong Kong and Shanghai have signed an accord deepening their collaboration in promoting digitised cargo trade finance and strengthening mainland China’s connection to the global data ecosystem. The Hong Kong Monetary Authority (HKMA) on Monday signed a memorandum of understanding (MOU) with the Shanghai Data Bureau and the National Technology Innovation Centre for Blockchain, according to a statement from Hong Kong’s de facto central bank. “This marks an important milestone in the collaboration... https://www.scmp.com/business/banking-finance/article/3345160/hong-kong-shanghai-sign-pact-digital-trade-finance-cross-border-data-link?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345160/hong-kong-shanghai-sign-pact-digital-trade-finance-cross-border-data-link?utm_source=rss_feed Mon, 02 Mar 2026 10:55:30 +0000 Enoch Yiu Enoch Yiu HSBC, the largest lender in Europe and Hong Kong by assets, has signalled for the first time its intent to engage with the city’s forthcoming stablecoin regime, citing Hong Kong’s sound regulatory environment and its potential to drive innovation in the digital asset space. “We are interested in every part of Hong Kong’s innovation landscape, and we want to play a role in all of it,” CEO Georges Elhedery said in a small-group interview – in response to a question whether the bank had applied for... https://www.scmp.com/business/banking-finance/article/3345047/hsbc-signals-intent-join-hong-kongs-stablecoin-regime-amid-digital-innovation-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345047/hsbc-signals-intent-join-hong-kongs-stablecoin-regime-amid-digital-innovation-push?utm_source=rss_feed Sun, 01 Mar 2026 23:30:13 +0000 Lam Ka-sing Lam Ka-sing The Hong Kong government has produced a consolidated surplus earlier than expected, its first in four years, ahead of a rare transfer into coffers from the Exchange Fund and other sources. Wednesday’s budget pointed to fund transfers of HK$127.83 billion (US$16.35 billion) and an 11.1 per cent jump in government revenues contributing to another surplus for 2026-27, on top of the one for the 2025-26 financial year. “We will bring back about HK$15.8 billion from funds established outside the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344651/rare-move-take-income-out-exchange-fund-pay-northern-metropolis-other-big-projects?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344651/rare-move-take-income-out-exchange-fund-pay-northern-metropolis-other-big-projects?utm_source=rss_feed Wed, 25 Feb 2026 17:12:55 +0000 Enoch Yiu Enoch Yiu When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan only started in 2009,” recalled Chan, who has worked for various Chinese banks. Beijing’s decision that year to promote its currency for wider use in trade,... https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed Tue, 24 Feb 2026 15:00:09 +0000 Letters Letters Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words The 2026 Forbes Hong Kong rich list offers a snapshot of the city’s economic elite and it looks remarkably like that from a decade ago. Li Ka-shing retains his crown via a conglomerate rooted in ports and property. The Lee, Kwok and Cheng families follow close behind, their... https://www.scmp.com/opinion/letters/article/3344306/can-hong-kongs-exchange-fund-capture-growth-tomorrow?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3344306/can-hong-kongs-exchange-fund-capture-growth-tomorrow?utm_source=rss_feed Tue, 24 Feb 2026 03:30:07 +0000 Sylvia Ma Sylvia Ma With Hong Kong set to unveil its annual budget, economists have said the city should strengthen its role in pushing the internationalisation of the Chinese yuan as Beijing presses ahead with financial opening while keeping stability firmly in view. From expanding offshore yuan products to using its stablecoin regulations as a sandbox for potential cross-border payment channels, the experts said that Hong Kong could help realise the nation’s vision of becoming a “financial powerhouse”, especially... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344264/should-hong-kongs-next-budget-make-room-taking-yuan-global-experts-weigh?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344264/should-hong-kongs-next-budget-make-room-taking-yuan-global-experts-weigh?utm_source=rss_feed Mon, 23 Feb 2026 00:00:30 +0000 Enoch Yiu Enoch Yiu Hong Kong’s retail banks posted 7.3 per cent pre-tax profit growth last year, as rising bad debts and a narrower net interest margin offset growing income from wealth-management services. The city’s 30 retail banks recorded lower growth in aggregated pre-tax profit than in 2024, when profits increased 8.4 per cent, according to data from the Hong Kong Monetary Authority (HKMA). The annual growth was much slower than the 62 per cent jump in 2023, when the city had just reopened the border with... https://www.scmp.com/business/banking-finance/article/3343311/hong-kong-banks-profit-growth-slows-rising-bad-debts-offset-wealth-management-income?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343311/hong-kong-banks-profit-growth-slows-rising-bad-debts-offset-wealth-management-income?utm_source=rss_feed Thu, 12 Feb 2026 08:31:24 +0000 Xinmei Shen Xinmei Shen US Treasury Secretary Scott Bessent said he “would not be surprised” if China is already looking into ways to challenge the US’ pre-eminence in digital assets, given Hong Kong's efforts to develop the industry. When testifying before the Senate Banking Committee on Thursday, Bessent said that there are “lots of rumours of Chinese digital assets” possibly being backed by something other than its currency yuan, such as gold, but that the US could not confirm such claims. “We don’t know that for... https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed Thu, 05 Feb 2026 20:12:01 +0000 Peggy Ye Peggy Ye Hong Kong’s de facto central bank said on Thursday it will allow most second-hand residential property transactions to be settled through direct bank transfers, giving homebuyers and sellers a faster and safer alternative to cheque-based payments. The Hong Kong Monetary Authority said the expanded Payment Arrangements for Property Transactions (PAPT) scheme would take effect on February 28, covering the bulk of resale home deals in the city. The announcement was made jointly with the Hong Kong... https://www.scmp.com/business/article/3342543/faster-and-safer-hong-kong-allow-resale-home-payments-through-direct-bank-transfers?utm_source=rss_feed https://www.scmp.com/business/article/3342543/faster-and-safer-hong-kong-allow-resale-home-payments-through-direct-bank-transfers?utm_source=rss_feed Thu, 05 Feb 2026 11:46:03 +0000 Themis Qi Themis Qi Hong Kong’s banking regulator has unveiled four flagship projects, including a quantum computing readiness index, to help the city’s lenders stay competitive and secure in the artificial intelligence era. The Hong Kong Monetary Authority (HKMA) said the initiatives formed part of its new Fintech Promotion Blueprint, aimed at guiding responsible innovation and preparing the city’s banking sector for rapid technological change. The blueprint was announced on Tuesday in response to industry... https://www.scmp.com/business/banking-finance/article/3342268/hkma-launches-quantum-readiness-and-cybersecurity-projects-banks-ai-era?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342268/hkma-launches-quantum-readiness-and-cybersecurity-projects-banks-ai-era?utm_source=rss_feed Tue, 03 Feb 2026 12:31:41 +0000 Enoch Yiu Enoch Yiu HSBC’s widespread system outage on Friday was caused by an internal computer failure rather than a cyberattack, according to the head of the Hong Kong Monetary Authority (HKMA). “HSBC informed the HKMA immediately after identifying problems with its online banking services,” said Eddie Yue Wai-man, chief executive of the HKMA, at a media briefing on Monday following a Legislative Council meeting. “Fortunately, the issue was resolved within a few hours and all banking services have since... https://www.scmp.com/business/article/3342045/no-hack-behind-hsbc-banking-outage-hkma-rules-out-cyberattack?utm_source=rss_feed https://www.scmp.com/business/article/3342045/no-hack-behind-hsbc-banking-outage-hkma-rules-out-cyberattack?utm_source=rss_feed Mon, 02 Feb 2026 04:40:50 +0000 Letters Letters Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words The Chinese yuan-US dollar exchange rate currently has the yuan trading at just below the 7.0 mark, on the back of the US currency’s weakness. The Hong Kong dollar was linked to the US dollar at HK$7.80 since October 1983, just over 40 years ago. The link was inspired; it was put... https://www.scmp.com/opinion/letters/article/3341807/us-dollar-weakens-time-rethink-hong-kong-dollar-peg?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3341807/us-dollar-weakens-time-rethink-hong-kong-dollar-peg?utm_source=rss_feed Mon, 02 Feb 2026 03:30:08 +0000 Aileen Chuang Aileen Chuang China’s yuan is gaining traction as a go-to fundraising currency for companies expanding overseas, bolstered by favourable conditions, including a larger central-bank quota that offers cheaper, stable funding in Hong Kong, according to market participants. The mainland currency’s renewed momentum comes amid its recent appreciation, a broader shift away from US assets and the decision by Beijing and Hong Kong authorities to double the RMB Business Facility (RBF) to 200 billion yuan (US$28.8... https://www.scmp.com/business/banking-finance/article/3341981/yuan-finds-footing-corporate-finance-bolstering-beijings-internationalisation-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341981/yuan-finds-footing-corporate-finance-bolstering-beijings-internationalisation-push?utm_source=rss_feed Sun, 01 Feb 2026 09:00:09 +0000 SCMP Editorial SCMP Editorial Hong Kong’s Exchange Fund had a stellar year in 2025, having posted its best annual gain since the Hong Kong Monetary Authority was set up more than three decades ago. The HKMA could have celebrated. Instead, its chief executive, Eddie Yue Wai-man, sounded a cautious note about economic uncertainties facing the city going forward. He is right to be cautious as the challenges are both domestic and external. Quite simply, given the high volatility of global capital markets, such outperformance... https://www.scmp.com/opinion/comment/article/3341808/hong-kong-cannot-take-its-exchange-funds-stellar-year-granted?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3341808/hong-kong-cannot-take-its-exchange-funds-stellar-year-granted?utm_source=rss_feed Fri, 30 Jan 2026 22:46:08 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma Hong Kong’s financial war chest increased its earnings by 51 per cent to a record last year, fuelled by a rally in local and global stocks as well as bonds. The Exchange Fund’s investment income surged to HK$331 billion (US$42 billion), the most since its creation in 1993, the Hong Kong Monetary Authority (HKMA) said on Wednesday. Hong Kong’s de facto central bank uses the fund’s holdings to help defend the city’s currency peg to the US dollar. All of the fund’s main investment categories were... https://www.scmp.com/plus/business/banking-finance/article/3341679/hong-kong-regains-lustre-stocks-rally-property-picks?utm_source=rss_feed https://www.scmp.com/plus/business/banking-finance/article/3341679/hong-kong-regains-lustre-stocks-rally-property-picks?utm_source=rss_feed Thu, 29 Jan 2026 09:11:02 +0000 Enoch Yiu Enoch Yiu Hong Kong’s de facto central bank has warned the public to beware of interest rate uncertainties this year after leaving its base rate unchanged, following a similar move overnight by the US Federal Reserve, leaving borrowers in the city with a longer wait for funding costs to fall. The Hong Kong Monetary Authority (HKMA) announced its decision to keep the city’s base rate at 4 per cent on Thursday morning. Hours earlier, the Fed also kept its target rate in the range of 3.5 per cent to 3.75 per... https://www.scmp.com/business/banking-finance/article/3341602/hkma-follows-federal-reserve-keep-interest-rate-unchanged?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341602/hkma-follows-federal-reserve-keep-interest-rate-unchanged?utm_source=rss_feed Wed, 28 Jan 2026 23:07:07 +0000 SCMP Reporter SCMP Reporter Are your loved ones in luck this year? See our predictions for all the zodiac signs in the Year of the Horse. As the city prepares to welcome the Year of the Horse, the Hong Kong Monetary Authority (HKMA) has coordinated with the three local note-issuing banks to ensure residents have access to crisp banknotes for the traditional exchanging of red packets. From February 3 to February 16, specific branches of HSBC, Standard Chartered and Bank of China (Hong Kong) will provide both brand-new and... https://www.scmp.com/lifestyle/chinese-culture/article/3341478/reservations-now-open-new-banknotes-year-horse-2026-red-packets?utm_source=rss_feed https://www.scmp.com/lifestyle/chinese-culture/article/3341478/reservations-now-open-new-banknotes-year-horse-2026-red-packets?utm_source=rss_feed Wed, 28 Jan 2026 10:15:07 +0000 Enoch Yiu Enoch Yiu The Exchange Fund posted its best annual gain since the Hong Kong Monetary Authority (HKMA) was set up in 1993, as solid stock and bond market returns boosted the city’s financial war chest used to defend the local currency. The Exchange Fund’s full-year earnings for 2025 jumped 51 per cent to HK$331 billion (US$42 billion), compared with HK$218.8 billion in 2024, the HKMA said on Wednesday. The returns surpassed the previous record of HK$264 billion set in 2017. “Overall, the global financial... https://www.scmp.com/business/banking-finance/article/3341540/exchange-fund-reports-record-earnings-2025?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341540/exchange-fund-reports-record-earnings-2025?utm_source=rss_feed Wed, 28 Jan 2026 08:50:25 +0000 Cao Li Cao Li The use of technology in trade finance is advancing from digitising existing paperwork to re-engineering entire processes with artificial intelligence and shared data, according to bank executives at the Development & Innovation of AI for Digital Finance forum on Monday in Hong Kong. “When we are talking about digitalisation, we are actually making the current process digital,” said Raluca Popa, head of global trade solutions, commercial banking, Hong Kong, HSBC. “The future will require a... https://www.scmp.com/business/article/3341285/digital-finance-forum-ai-data-must-link-digital-islands-smooth-trade-finance?utm_source=rss_feed https://www.scmp.com/business/article/3341285/digital-finance-forum-ai-data-must-link-digital-islands-smooth-trade-finance?utm_source=rss_feed Mon, 26 Jan 2026 11:46:29 +0000 Enoch Yiu Enoch Yiu China’s central bank will support Hong Kong’s monetary authority to double the amount of yuan liquidity available to local banks, helping them increase yuan lending and enhancing the city’s role as an international offshore centre for the mainland currency. People’s Bank of China (PBOC) deputy governor Zou Lan said at the Asian Financial Forum (AFF) in Hong Kong on Monday that the central bank would provide more funding to allow the Hong Kong Monetary Authority (HKMA) to double the yuan... https://www.scmp.com/business/article/3341220/chinas-central-bank-support-hkma-doubling-yuan-liquidity-hong-kong-lenders?utm_source=rss_feed https://www.scmp.com/business/article/3341220/chinas-central-bank-support-hkma-doubling-yuan-liquidity-hong-kong-lenders?utm_source=rss_feed Mon, 26 Jan 2026 05:18:24 +0000 Enoch Yiu Enoch Yiu Hong Kong banks may not cut their prime rates this year, but local interbank rates will still follow US rates lower, benefiting a majority of borrowers, according to a senior executive of the Hong Kong Monetary Authority (HKMA). Analysts widely expect the US Federal Reserve to cut its key rate by three-quarters of a point this year, but Hong Kong commercial banks are unlikely to cut their prime lending rates more than they already have. “It would be hard for banks to cut their prime rate any... https://www.scmp.com/business/banking-finance/article/3341150/how-lower-us-interest-rates-will-help-hongkongers-even-if-local-prime-rates-dont-drop?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341150/how-lower-us-interest-rates-will-help-hongkongers-even-if-local-prime-rates-dont-drop?utm_source=rss_feed Mon, 26 Jan 2026 03:30:14 +0000 SCMP Editorial SCMP Editorial To stay competitive in an increasingly complex global landscape, Hong Kong must continue to develop and adapt to new technologies and trends. Nowhere is this more needed than in trade and finance, the lifeblood of the city’s economy. While we are lucky to have the world’s second-largest economy as our financial backbone, maintaining our position as a key hub requires consistent upgrading and improvement with a robust, globally connected digital trade infrastructure. The city has emerged as a... https://www.scmp.com/opinion/comment/article/3340992/trade-finance-hong-kong-set-competitive-tech-upgrade?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3340992/trade-finance-hong-kong-set-competitive-tech-upgrade?utm_source=rss_feed Sun, 25 Jan 2026 22:45:10 +0000