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…
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,…
Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. China to strengthen strategic ties with neighbours, Xi Jinping says Chinese President Xi Jinping has pledged to strengthen strategic bonds with neighbouring nations by “appropriately” managing differences and enhanced…
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…
On Thursday, 200 Chinese nationals rescued from online scam centres in Myanmar were repatriated to China, while hundreds more are expected to arrive in China in the coming days, according to Beijing’s Ministry of Public Security. The repatriation operation came after a flurry of visits to Thailand and Myanmar by Liu Zhongyi, China’s assistant minister…
Catch up on some of SCMP’s biggest China and economy stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. China’s central bank vows to enhance yuan amid risks from strong US dollar China’s central bank has pledged to advance the cross-border use of the yuan and…