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Banking & finance

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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
Elderly residents in a stretching group exercise on November 15, 2024. Photo: Dickson Lee
China

Banks, insurers rush for gold in Hong Kong’s ‘silver-hair economy’

Residents older than 65 years made up about 22 per cent of Hong Kong’s population of 7.5 million people in 2023, according to government data.

Mandatory Provident Fund (MPF)

Hong Kong’s pension nest egg is on course for best return in 4 years

Digital currencies

As stablecoin bill advances in Hong Kong legislature, advocates trumpet it

China jobs

Hong Kong employers seek more relationship managers and data analysts next year

Human resource professionals also say customer due diligence officers are in demand.

Hong Kong’s bustling Central district. Photo: Jelly Tse
Hong Kong economy

Opinion | Weakest link in Hong Kong’s tech ecosystem? Scale-up funding

With venture capital and IPO growth weak globally, start-ups should aggressively seek international commercialisation, leverage marketing strategies and connect with power players overseas.

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Hong Kong property

Shimao slashes Hong Kong hotel price by 25% to speed up restructuring

Mainland Chinese developer is asking HK$4.5 billion (US$579 million) for the asset, down from HK$6 billion in March 2023, according to a source.

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Hong Kong stock market

Hong Kong derivatives trading hits record high amid market volatility

More than 377 million futures and options have changed hands on the exchange this year, an increase of 14 per cent from a year earlier.

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China’s stimulus bazooka helped spur Hong Kong’s derivatives market. Photo: Edmond So
Mergers & Acquisitions

MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push

New York-based insurer’s arm will pay US$800 million for PineBridge, which manages about US$100 billion in assets.

Hong Kong stock market

Ex-Citigroup stock trader wins unfair dismissal case in Hong Kong

Citigroup was also sued by traders it fired in London and Tokyo before being fined by the SFC in 2022.

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Hong Kong transport

HSBC’s PayMe now accepted by 27,000 Hong Kong taxi drivers

New channel launched after ‘significant uptick’ in electronic payment adoption by both riders and drivers, Octopus says.

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Hong Kong is home to 18,163 taxis, of which 15,250 are red urban taxis. Photo: Jelly Tse
Cryptocurrency

Bitcoin records first weekly decline since Donald Trump’s US election victory

The original cryptocurrency was down more than 7 per cent for the seven-day period through 9:27am on Monday in Singapore.

The US Federal Reserve’s third straight interest-rate cut dampened the speculative spirits unleashed in the cryptocurrency market by Donald Trump’s pledge of friendly regulations. Photo: EPA-EFE
IPO

SPAC backed by Hong Kong investors readies US$150 million NYSE IPO

The SPAC is managed and backed by executives from Pacific Aegis Capital Management, Gobi Partners and Hermitage Capital.

Commodities

Macroscope | Cryptocurrency craze no match for gold’s enduring allure

Leaders and policymakers should not be swayed by calls to pivot to cryptocurrencies when gold is as strong as ever.

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US-China relations

Opinion | In a world fraught with risk, Trump will add to the bumps

Amid increasing geopolitical uncertainty and trade tensions, investors are counting on the US central bank to keep printing money.

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Passengers at Hong Kong International Airport on July 20, a day after a global IT service shortage affected air travel. Cybersecurity threats and extreme weather events are among the global risks that could become more severe in the coming years, contributing to financial woes across borders. Photo: Xiaomei Chen
Gold in Hong Kong

Local bullion bourse restructures to become Hong Kong Gold Exchange

Friday vote will turn Chinese Gold & Silver Exchange Society into a corporation called Hong Kong Gold Exchange.

Members of the Chinese Gold & Silver Exchange Society voted to turn the city’s 114-year-old gold bourse into a corporation. Photo: Shutterstock
Celebrating twin-hub success

OCBC celebrates success with ‘Christmas Festival’ for customers in Hong Kong and Singapore

The bank, which has reported record net profits of S$5.90 billion for the first nine months of 2024, hands out authentic Singaporean pandan cakes.

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OCBC
Hong Kong

Editorial | Hong Kong interest rates volatility price to pay as spectre of Trump tariffs looms

Uncertainty over when next US cuts will come in 2025 prompts Hong Kong Monetary Authority chief to send out warning.

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ChatGPT and other generative AIs

HKMA picks 10 banks, 4 tech firms to test GenAI usage in financial sector

Participants will be onboarded to a platform of an AI supercomputing centre operated by Cyberport, with technical trials expected to begin early next year.

Technical trials og GenAI applicaitons are expected to begin early next year.Photo: Xinhua
Ant Group

Chinese fintech giant Ant denies imminent restart of IPO process

Amid rife speculation, the company says it has no current plans to go public or pursue a back-door listing.

HKEX

HKEX unveils reforms to boost Hong Kong’s IPO market so it can reclaim top spot

Changes to board representation and listing rules are aimed at making Hong Kong a more attractive listing destination, HKEX says.

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Yuan

US Fed’s hawkish rate-cut forecast slams China’s yuan

China’s currency, hammered since Trump’s re-election, has depreciated further against the US dollar, despite the yuan’s share among global payments rising.

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The Chinese yuan’s latest decline was driven by the US Fed’s fresh projection of only two quarter-point rate cuts in 2025. Photo: Reuters
Hong Kong Monetary Authority (HKMA)

Hong Kong banks cut lending rates, but HKMA warns of volatility ahead

The latest rate cuts by lenders such as HSBC and Bank of China will lighten the monthly burden on mortgage borrowers by about HK$351 to HK$22,452.

The HKMA’s interest-rate cut has given Hong Kong business owners and mortgage holders a reprieve. Photo: Shutterstock
Hong Kong

Editorial | Cooperate to tackle Hong Kong money laundering

US allegations against Hong Kong are not only misguided but also counterproductive to battling a crime that recognises no borders.

New World Development

NWD to focus on corporate strategy as stock slides amid debt crisis

The company’s shares slipped 6.7 per cent to HK$5.27 on Wednesday, bringing the slide this year to 55 per cent.

Digital currencies

Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge

The approvals bring the total number of licenced virtual asset firms to seven, as Hong Kong moves to revive its crypto industry.

People stand next to bitcoin ATMs outside a cryptocurrency exchange in Hong Kong on November 14. Photo: AFP
China economy

China needs to harness the power of AI to transform its finance sector, former central banker says

The call comes amid a Chinese government drive to revitalise the economy by cultivating “new quality productive forces”.

China has launched a campaign to inject new dynamism into the economy by integrating AI into traditional industries. Image: Shutterstock
Bonds

China’s record-low government bond yields spark fresh warning from central bank

Institutions are being warned as bearish investor sentiment, and an expectation of lower interest rates, continue to make the bond market a sought-after haven.

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Hong Kong stock market

Hong Kong stock exchange to reduce minimum price changes to boost liquidity

The reform aims to lower overall transaction costs and support a more efficient price-discovery process, says HKEX deputy CEO.

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