In just the past month, stablecoin has moved from the fringes of cryptocurrency into the heart of mainstream finance. Hong Kong enacted its stablecoin ordinance, creating a regulatory framework to legitimise and support the issuance of stablecoins, while US lawmakers discuss similar legislation aimed at fostering large-scale stablecoin adoption. Meanwhile, stablecoin issuer Circle Internet Group…
Hong Kong can be a crucial partner in the continued and orderly opening of mainland China’s capital markets, particularly in advancing the internationalisation of its currency, according to HSBC’s co-CEO. As a financial hub connecting East and West, Hong Kong “can play a key role in promoting the yuan’s internationalisation by expanding its offshore liquidity…
A robber who triggered a manhunt after he held a woman at knifepoint and stole HK$370,000 (US$47,180) from a Hang Seng Bank branch is a Hongkonger and has fled to mainland China, the Post has learned. A source said on Tuesday that police’s elite tactical unit, the Flying Tigers, was searching for the local man,…
China is not a fan of cryptocurrencies. Over the past decade, the Chinese government has built up one of the world’s most hostile regulatory frameworks against cryptocurrency-related activities, including trading and mining. Beijing views digital assets like bitcoin as a threat to the country’s financial stability and capital account controls, and even a challenge to…
Hong Kong’s corporate activity and yuan-driven business have been revitalised as global market participants strengthen ties to China’s economy amid tariffs and geopolitical tensions, according to a senior executive at Deutsche Bank. Companies and investors have increased their exposure to China and hedged against the US dollar as they adjusted their supply chains and portfolios…
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…
The US-China trade war and its pressure on the weakening yuan may impair Hong Kong’s private housing demand and market sentiment, even as the city expects a stable supply in the coming decade, a local think tank has warned. Our Hong Kong Foundation, the city’s largest think tank, on Thursday revealed its 10-year forecast for…
The US dollar plunged to a three-year low on Monday following a fresh wave of criticism from President Donald Trump targeting Federal Reserve Chair Jerome Powell, raising concerns over the central bank’s independence and denting investor confidence in the US economy. The dollar index, which measures the greenback against a basket of major currencies, fell…
China’s depreciating yuan against the US dollar is music to the ears of Hong Kong shoppers heading over the border, but economists have warned that the move will exacerbate the downturn in the city’s retail, food and drink consumption and hammer the economy. The People’s Bank of China allowed the yuan to further weaken against…