Hong Kong authorities expect the mainland China’s coming five-day Labour Day “golden week” holiday to boost the average number of visitor arrivals heading to the city from across the border each day by 10 per cent. But local business leaders have set their expectations low after the retail and catering sectors performed poorly over the…
Hong Kong business leaders have set their expectations low for the Labour Day “golden week” holiday after the retail and catering sectors performed poorly over the Easter break. Their worries also stemmed from Labour Day landing on a Thursday this year, which encouraged residents to secure a five-day break for travelling outside the city by…
Hong Kong’s currency has strengthened to its strongest level in four years against the US dollar, driven by the demand from mainland China’s stock buyers who are dipping into one of the world’s cheapest major capital markets through the Stock Connect scheme. The local dollar changed hands at 7.7595 for every US$1 on Thursday morning,…
China’s political system – where state power and social control are dominated by the ruling Communist Party – could give Beijing an edge in a new trade war with the United States compared with other countries, experts and insiders have said. But they warned that Chinese companies and local governments may lack the creativity to…
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…
Hong Kong retained its status as Asia’s top financial centre and was the third globally, distancing itself from regional rival Singapore and also closing the gap with top-ranked New York, according to the latest edition of the Global Financial Centres Index. Hong Kong’s overall rating increased 11 points, while Singapore gained three points to stay…
The former Communist Party chief in the province where the Covid-19 outbreak first emerged has been placed under investigation on suspicion of corruption. Jiang, 67, has since been made deputy head of the national legislature’s agricultural and social affairs committees, but on Friday two leading anti-corruption watchdogs announced he had been placed under investigation for…
The US and China held what could be their last working-group meetings on economics and finance, a month before Donald Trump’s return to the White House amid an anticipated revival of the two superpowers’ trade war. The US Treasury on Monday announced that senior officials from Washington and Beijing discussed economic and financial issues in…
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…