Hong Kong is expected to play a bigger role in the internationalisation of the yuan as liquidity increases and uses for businesses and individuals broaden significantly, according to officials and market participants. The city was already the world’s biggest offshore yuan business centre, with the largest offshore liquidity pool, foreign-exchange market and over-the-counter market for…
A dozen banks have joined six major lenders in Hong Kong to provide financial support for small and medium-sized enterprises (SME), which account for 98 per cent of the enterprises in the city, to help resolve cash-flow issues. The Hong Kong Association of Banks (HKAB) said on Monday that a total of 18 banks on…
The arrival of one of the biggest Web3 industry events in Hong Kong is testing the city’s resolve in becoming a virtual asset hub, while the organisers look to expand their footprint in Asia. Consensus Hong Kong, a three-day cryptocurrency- and blockchain-focused event that kicks off on Tuesday, is leaning heavily into the city’s reputation…
This screenshot taken on March 17, 2023 shows the official website of the Securities and Futures Commission of Hong Kong. The Hong Kong securities watchdog has launched a consultation group for licensed digital-asset trading platforms and will develop a road map covering market access, compliance requirements and the potential relaxation of certain rules in the…
(Bloomberg) — China is resuming issuance of 30-year government bonds in Hong Kong after a long hiatus, a move that will help set a benchmark for offshore issuers joining a boom in yuan borrowing. Most Read from Bloomberg The finance ministry plans to sell a total 12.5 billion yuan ($1.7 billion) of yuan-denominated notes next…
Hong Kong’s largest banks are likely to offer new mortgages to ease the burden on homebuyers amid elevated interest rates, but experts doubt that the trend would overcome the factors weighing down the struggling property market. HSBC, one of the city’s three currency-issuing lenders, unveiled on Wednesday new mortgage plans offering a fixed rate of…
Hong Kong’s capital market is living up to its role as a “superconnector” between global fund managers and mainland China’s financial markets, with Alibaba Group Holding’s upgraded listing status benefiting investors on both sides of the playing field. Since joining the Stock Connect scheme on September 10, onshore investors have collected 4 per cent of…
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…
Tencent Holdings-backed online lender WeBank is leveraging its new Hong Kong subsidiary to tap the city’s expanding Web3 market, according to a company executive, as the financial hub continues its pursuit to establish itself as a virtual asset hub. WeBank Technology Services, launched this month, plans to be “deeply involved” in developing the city’s Web3…
Tencent Holdings-backed online lender WeBank is leveraging its new Hong Kong subsidiary to tap the city’s expanding Web3 market, according to a company executive, as the financial hub continues its pursuit to establish itself as a virtual asset hub. WeBank Technology Services, launched this month, plans to be “deeply involved” in developing the city’s Web3…