The Hong Kong Monetary Authority (HKMA) has teamed up with banks and the police to launch a new public awareness campaign to combat rising scams that have defrauded the city’s residents to the tune of billions of dollars. The HKMA on Wednesday released the first video in the series titled “Click the Links, Fall for…
The Hong Kong Monetary Authority (HKMA) has teamed up with banks and the police to launch a new public awareness campaign to combat rising scams that have defrauded the city’s residents to the tune of billions of dollars. The HKMA on Wednesday released the first video in the series titled “Click the Links, Fall for…
The Hong Kong Monetary Authority (HKMA) has made it incumbent on banks to conduct a mandatory name-matching process on customers for real-time fund transfers, the latest step by the city’s financial regulator to tackle scams. Financial institutions have been urged to adopt “refined measures” on their instant fund transfer systems such as the Faster Payment…
The People’s Bank of China (PBOC) said it would tender central bank bills totalling 60 billion yuan (US$8.2 billion) in Hong Kong on Friday, marking the second time this year it has used the policy tool to stabilise the yuan amid tariff tensions with the US. The PBOC said it would tender 40 billion yuan…
Hongkongers are facing many economic uncertainties, with a trade war topping the list, but the city’s diversified export destinations and support from mainland China will help reduce any negative impact, according to the CEO of the Hong Kong Monetary Authority (HKMA). The city’s de facto central bank was closely monitoring the development and impact of…
Hong Kong’s six biggest lenders lowered their prime lending rates for a third time this year, trimming borrowing costs to the lowest level in more than two years. HSBC and subsidiary Hang Seng Bank said they would trim their prime rate by 12.5 basis points to 5.25 per cent from Friday, the lowest since August…
On Friday the Hong Kong government published its Stablecoins Bill in the Gazette, with plans for its first reading on December 18. The legislation covers fiat-referenced stablecoins. “We have undertaken extensive consultations and given due consideration to the views of the industry when formulating the details of the regulatory regime,” said Eddie Yue, CEO of…
China envisions Hong Kong’s capital markets as a beacon of prosperity, having lifted the city out of social chaos in June 2020. This week, Beijing backed that goal with vocal support at an investment summit attended by CEOs of global banks and money managers. Do global investors share the optimism? The question has never been…
China’s Vice-Premier He Lifeng, the government’s top man on the financial industry, is scheduled to lead a delegation of senior bankers and officials to Hong Kong next week for the third annual conference of global financiers, according to sources familiar with the plans. He is expected to lead a contingent comprising the heads of China’s…
Hong Kong banks’ unexpected prime rate cut on Friday will lower funding costs and bring more buyers into the market, with analysts expecting home prices in the city to bottom out “in the short term”. The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, lowered its base interest rate for the second…