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…
LONDON (AP) — The Bank of England kept its main interest rate unchanged at 4% on Thursday with a majority of policymakers indicating that they need more information on how swiftly inflation will fall back towards their target. The decision by the nine-member rate-setting body to maintain Bank Rate — a benchmark for mortgages as…
Britain’s annual rate of consumer price inflation remained at 3.8% in September, below expectations, official figures showed on Wednesday. Most economists polled by Reuters and the Bank of England had forecast that the headline measure of inflation would rise to 4.0% after holding at 3.8% in August and July. British inflation will be the highest…
Britain’s economy grew by 0.1% in August after dipping by 0.1% in July, official data showed on Thursday. Economists polled by Reuters forecast that British gross domestic product would expand by 0.1% in August from July. The Bank of England last month nudged up its third quarter growth forecast to 0.4% from a previous estimate…
The global market’s AI euphoria may be hitting a critical inflection point. After two years of record-breaking gains, a growing chorus of financial heavyweights, from Goldman Sachs and JPMorgan to the IMF and Bank of England, are warning that what began as a genuine technological revolution is now flashing unmistakable signs of speculative excess that…
By David Milliken and Phoebe Seers LONDON (Reuters) -Global financial markets could tumble if investors’ mood sours on the prospects for artificial intelligence or the independence of the U.S. Federal Reserve, the Bank of England warned on Wednesday. The BoE said share price valuations on U.S. stock markets were similar to those seen near the…
The Bank of England’s (BoE) chief economist, Huw Pill, has signalled growing confidence in the UK’s disinflationary trajectory, saying he is now “more comfortable” with the inflation outlook than he was earlier this year. Speaking at an event hosted by the Pictet Research Institute, Pill, one of the Monetary Policy Committee’s (MPC) more hawkish voices,…
For people who monitor interest rates for a living, it has been a hectic week, with several major central banks making announcements. But besides finance professionals, Hong Kong people are also keenly interested. With their mortgages and business loans – and the economy in general – running on a currency pegged to the US dollar,…
British consumer price inflation increased to 3.8% in July from 3.6% in June, official data showed on Wednesday. The Bank of England had forecast headline inflation would rise to 3.8% while economists polled by Reuters had mostly expected a rate of 3.7%. The BoE lowered interest rates this month but only after a close 5-4…
The Labour Party has claimed that since it was elected to Government, the Bank of England has cut interest rates “five times in a row”. The party said: “Interest rates have now been cut five times in a row since Labour came into power.” The message was also shared in a social media graphic which…