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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
last updated:
19 September, 2024
Hong Kong banks left their prime lending rates unchanged on Monday. Photo: Shutterstock
China stock market

Dollar strength more worrying to Asian stocks than China tariffs: Hang Seng Bank

Prospects for Asian equities remain positive due to China’s stimulus measures and strong Asean trade links, Hang Seng Bank official says.

Hong Kong Monetary Authority (HKMA)

Hong Kong is well positioned to weather trade-war fallout: HKMA chief

HKEX

Hong Kong stock market seeks to maintain impetus in the Year of the Snake

Gold in Hong Kong

‘Gold corridor’: Hong Kong bullion exchange’s head envisions hub role

HKGX chairman forecasts rising gold prices and trading volume in the Year of the Snake.

Gold bricks are displayed at the Year of the Snake opening ceremony of the Hong Kong Gold Exchange in Sheung Wan on February 3, 2025. Photo: Edmond So
Standard Chartered Bank

Yuan trade finance rises in Hong Kong as firms seek cost efficiencies

The Chinese currency’s cheaper funding costs and growing offshore liquidity, coupled with a new facility, are boosting its appeal.

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Bitcoin

Bitcoin slides below US$100,000 as Trump’s tariffs rattle markets

US president imposed 25 per cent tariffs on Mexican and most Canadian imports, and 10 per cent on goods from China, starting on Tuesday.

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Family offices

Exclusive | For Hong Kong, family offices and IPOs are major growth engines: Deloitte

Hong Kong is particularly appealing to wealthy families from mainland China and Southeast Asia to set up family offices, Dennis Chow says.

Deloitte Asia-Pacific chairman Dennis Chow says his company has seen an increasing number of inquiries from wealthy families to set up family offices in Hong Kong. Photo: Edmond So

Chinese regulator looks to boost financial market stability and confidence

Wu Qing, head of the securities regulatory body, warns of series of internal and external risks while outlining main priorities for the year.

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Digital currencies

Tencent-backed WeBank eyes Web3 expansion in Hong Kong

WeBank chief information officer Henry Ma said the virtual bank will be “deeply involved” in developing Hong Kong’s Web3 infrastructure.

Hong Kong

Editorial | Clients of Hong Kong banks seek value, not misconduct

Leading city bank is fined for serious misconduct in sale of financial products to clients for more than a decade.

Hang Seng Bank has been fined by the SFC for supervisory failures and overcharging its clients. Photo: Jonathan Wong
Private banking

Asian investors play big role in megafund focused on secondary PE market

Investors are paying more attention to secondary PE market amid global volatility and liquidity crunches.

Jason Yao, head of Greater China at Ardian. Photo: Handout
Hong Kong economy

Editorial | Fortune stick offers Hong Kong financial advice it should not ignore

Hong Kong, which is still struggling economically, receives a Year of the Snake message to not be greedy and to live within its means.

Hong Kong

Hong Kong banks offer lai see, hampers, Asia Miles to returning workers

Companies have traditionally given staffers lai see packets on the first working day of the Lunar New Year.

Business of climate change

Nature investments are the way to go to tackle climate change, fund manager says

London-based fund manager Climate Asset Management touts long-term investment benefits, as such investments are about to take off.

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Frequent extreme climate events, pollution and over-exploitation are affecting natural resources such as forests, soil and water that are essential to a sustainable economy. Photo: AP Photo
Interest rates

Hong Kong holds fire on monetary policy, keeping base rate at 4.75%

HSBC and other major banks will only announce their interest-rate decisions on Monday, the first working day of the Lunar New Year.

A shop on sale at Airside in Kai Tak on January 3, 2025. Photo: Edmond So
Wealth management

From fireworks to cash, Hong Kong banks vie for mainland new year visitors

With 1.43 million mainlanders expected during the ‘golden week’, the city’s lenders prepare a slew of enticements.

HSBC

Hong Kong firms use lai see envelopes as marketing tool in digital era

HSBC and ICBC (Asia) promote milestones using lai see envelopes, while the newly rebranded Hong Kong Gold Exchange sends out 60,000 red packets.

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Hong Kong economy

Letters | How Hong Kong could take the lead in instant payments

Readers discuss the potential for the city’s fintech sector to distinguish itself, and a way to help keep recession at bay.

Hong Kong FinTech Week held in October 2024 had a greater emphasis on artificial intelligence. Photo: Matt Haldane
United States

Scott Bessent wins Senate confirmation as US Treasury Secretary

Bessent’s first challenge will be managing federal cash flows after government hit statutory debt limit on Trump’s second day in office.

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IPO

Hong Kong’s economy to benefit from capital flow, rate cut: ANZ

City’s economy is likely to grow between 2.5 and 3 per cent, ANZ chief economist Raymond Yeung says.

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Hang Seng Bank

Hong Kong’s regulator fines Hang Seng Bank US$8.5 million for misconduct

The SFC found that the bank had engaged in serious misconduct, including excessive fees and soliciting clients for frequent transactions.

Hang Seng Bank has been fined by the SFC for overcharging its clients while selling investment products. Photo: Jonathan Wong
China property

Vanke gets new chairman from its No. 1 shareholder to spur growth

New chairman’s state-linked background sends positive signals, but company’s fate still depends on a sales recovery, an analyst says.

A photo taken on March 31, 2024, shows a worker driving past residential buildings under construction by Chinese real estate developer Vanke in Hangzhou, in eastern China’s Zhejiang province. Photo: AFP
Electric & new energy vehicles

BYD resorts to forex trading strategy to counter yuan’s volatility

The world’s largest EV maker is aiming to protect its growing global operations from yuan volatility amid rising trade tensions.

Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund reports fifth-best return despite fourth-quarter loss

The fund’s return fell 3 per cent in 2024 to HK$219 billion (US$28 billion) due mainly to a loss of HK$20.1 billion in the fourth quarter.

China stock market

Beijing unveils US$7.2 billion injection of insurer capital for stocks

China Pacific, Taikang Life and Sunshine Life among the firms putting ‘patient capital’ into A shares to help stabilise the market.

A worker stands on a crane as he installs red lanterns outside a park before the Lunar New Year celebrations in Beijing on January 24, 2025. Photo: Reuters
China stock market

China stocks set for US$236 billion influx from state-owned investors: UBS

Beijing’s call for insurers, mutual funds and social-security funds to boost their A-share investments should reduce volatility, analysts say.

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A man walks past a brokerage house with a display showing stock information in Beijing. Photo: Reuters
Foreign exchange market

Standard Chartered banks on yuan assets amid US-China tensions

The lender has already seen higher demand for foreign-exchange management and hedging, and the need will only grow, an executive says.

Wealth management

Exclusive | Macau’s first local mutual fund targets mainland investors via connect scheme

A&P Macau Patacas Money Market Fund will soon be offered to mainlanders in the Greater Bay Area.

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