The official non-manufacturing PMI, which covers services and construction, fell to 50.0 in September, its lowest reading since November. The composite PMI, which combines manufacturing and non-manufacturing data, edged up slightly to 50.6 from 50.5 in August. Overall, the data points to slow economic momentum across multiple sectors. Source link
Hong Kong note-issuing banks HSBC and Standard Chartered on Monday completed trades at the launch of the city’s cross-boundary bond repurchase (repo) scheme, according to the two lenders. The cross-boundary bond repo business was launched by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China, alongside other mainland authorities, as the latest…
Hong Kong stocks fell on Tuesday after a high-level briefing on Monday failed to deliver the easing measures some investors had anticipated. The Hang Seng Index lost 0.5 per cent to 26,221.67 as of 9.45am. The Hang Seng Tech Index dropped 1 per cent. On the mainland, the CSI 300 Index gained 0.4 per cent…
Companies in Hong Kong moved swiftly on Monday to take advantage of a new Swap Connect rule that lets them hedge using China’s onshore loan prime rate (LPR), as demand rises to manage yuan interest-rate risks. The measure, which was introduced by mainland China and Hong Kong regulators in May and went live on Monday,…
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,…
China’s stock markets have surged to their highest levels in a decade, but the rally risks creating a bubble while offering little support to the slowing economy, according to historical lessons, Nomura has warned. The Japanese investment bank cautioned that the rally may have even less impact on growth than the 2014-15 boom, which ended…
Hong Kong dollar stablecoins could become a key link between China’s digital yuan and top global digital assets, potentially transforming cross-border investment and accelerating yuan internationalisation, according to Morgan Stanley. Local currency-backed stablecoins could provide a pathway for mainland China’s e-CNY – the country’s only legal digital currency backed by the government – to gain…
Issuing a stablecoin pegged to the offshore yuan in Hong Kong may be more feasible than in mainland China due to the latter’s capital controls, a central bank adviser has said. The comments from Huang Yiping, also dean of Peking University’s National School of Development, came as worries arise in Beijing’s policy circles that Washington…
The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts…
China’s financial authorities have granted Hong Kong residents a new daily remittance quota for the yuan, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland. Starting from noon on Sunday, the 17 million registered users of Hong Kong’s Faster Payment System (FPS) will be…