A Standard Chartered-led joint venture kicked off institutional use of Hong Kong dollar-backed stablecoins on Wednesday, a year after the city put its stablecoin law into effect as part of an effort to become a global hub for digital assets. Retail use of the regulated cryptocurrency was expected “as early as end-2026”, subject to market…
Seventy years after a group of young scholars first coined the term “artificial intelligence” at the 1956 Dartmouth Conference, the 2026 World Artificial Intelligence Conference (WAIC) concluded in Shanghai this month at what may prove an equally defining moment. In his keynote address, President Xi Jinping articulated a vision of AI developing in a direction…
The Exchange Fund, the war chest used to defend the local currency, reported a 37 per cent decline in first-half earnings as losses in Hong Kong equities and weaker bond returns weighed on performance, the Hong Kong Monetary Authority (HKMA) said on Tuesday. Earnings stood at HK$134.7 billion (US$17.17 billion), down from the record half-year…
Hong Kong’s banking sector is still in the early stages of preparing for cybersecurity risks posed by quantum computing, the city’s de facto central bank said on Monday as it unveiled a new benchmark to track the industry’s readiness. The Hong Kong Monetary Authority (HKMA) launched its first Quantum Preparedness Index (QPI), which gave the…
Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, has sold out the first batch of units at its Garden Regency project in the New Territories on Saturday, according to agents. By 3.30pm, all 138 flats the developer had launched in the Kam Tin North project in Yuen Long had found buyers,…
Hong Kong will substantially increase its yuan facilities for banks from this Friday, while the city will also introduce a new electronic fixed income and currency (FIC) trading system as part of its latest efforts to promote yuan trading, according to local market regulators on Tuesday. Hong Kong Monetary Authority (HKMA) would increase the quota…
For decades, warnings of Hong Kong’s terminal decline have arrived in periodic waves. When Stephen Roach, the former chairman of Morgan Stanley Asia, ignited a firestorm with his February 2024 assertion that “Hong Kong is over”, he pointed to a toxic cocktail of domestic and external pressures. Roach, who doubled down on his “wake-up call”…
Hong Kong has to brace for the emerging risks of an artificial intelligence (AI) bubble bursting and quantum computers capable of hacking encrypted financial systems, the city’s de facto central banker has warned. Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority (HKMA), also said on Sunday that the banking regulator would focus…
China’s crackdown on cross-border securities trading could strengthen – rather than diminish – Hong Kong’s financial role, according to economists, as Beijing steers more capital through official channels and reinforces the city’s status as an offshore yuan hub. “I would argue that these moves make the importance of Hong Kong even bigger,” Diana Choyleva, founder…
Hong Kong homebuyers showed interest in 130 flats put on sale by developers on Thursday evening, but the pace of buying was more measured after an interest-rate increase later this year became more likely. Agents said 30 of the 75 units put on sale at Phase 4B of La Montagne at the Southside project at…