The Hong Kong Monetary Authority (HKMA) stepped into the foreign-exchange market on Friday for the fifth time in two weeks, scooping up the local currency and increasing overnight lending costs to drive away carry traders who have sought to take advantage of the city’s rate gap with the US dollar. The city’s de facto central…
Hong Kong’s major social media, messaging platform providers and telecoms firms have pledged to strengthen checks on advertisers’ identities and remove fraudulent advertisements embedded with phishing links. Seven social media or messaging platforms and six telecommunications companies have joined the Hong Kong Monetary Authority’s (HKMA) Anti-scam Consumer Protection Charter 3.0. The initiative commits them to…
Hongkongers and mainland residents jumped at the chance to send money across the border via a new electronic payment service on its first day of operation on Sunday. The so-called Payment Connect was operating smoothly, with 6,900 Northbound and 19,000 Southbound transactions as of 6pm, according to a spokesperson for the Hong Kong Monetary Authority…
In financial markets, the Hong Kong dollar is known as a “widow-maker”, a ruinous trade that inflicts painful losses on successive generations of investors. While betting against Japanese government bonds has been the most notorious widow-maker trade, challenges to Hong Kong’s currency peg to the US dollar date back to the 1997-98 Asian financial crisis…
Small and medium-sized enterprises (SMEs) say they have been generating new business by leveraging their carbon-tracking technologies, despite some financial uncertainties facing the broader sector. For Hong Kong start-ups like Urban Spring, which supplies smart water refilling stations, and EzyGreenPak, which makes sustainable packaging, using technologies that measure climate-related data throughout their production chains has…
Christopher Hui Ching-yu, secretary for financial services and the Treasury delivers speech at press conferences at the Central Government Offices in Admiralty on Feb 27, 2025. (ADAM LAM / CHINA DAILY) The government of the Hong Kong Special Administrative Region has welcomed the passing of the Stablecoins Bill by the Legislative Council (LegCo) on Wednesday….
Hong Kong lawmakers passed a law on Wednesday that establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. A stablecoin is a type of cryptocurrency that is pegged to a specific reserve asset, such as the US dollar or any fiat currency….
Hong Kong lawmakers passed a law on Wednesday that establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. A stablecoin is a type of cryptocurrency that is pegged to a specific reserve asset, such as the US dollar or any fiat currency….
Hong Kong faces an unprecedented opportunity as an offshore hub for the currency, despite what is broadly seen as short-term pressure on the yuan, according to investment bank China International Capital Corporation (CICC). In the past, depreciation was largely driven by a wide interest rate differential between the US dollar and the yuan, which prompted…
The Hong Kong Monetary Authority (HKMA) is preparing to kickstart “Wealth Connect 3.0”, an enhancement of the cross-border mechanism for wealth-management products that would raise quotas and expand the product menu, according to its chief executive Eddie Yue Wai-man. The upgrade would also potentially expand the scheme to investors in regions of mainland China beyond…