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HKMA

The Hong Kong Monetary Authority oversees Hong Kong’s monetary system. It was founded in 1993 when the Office of the Exchange Fund merged with the Office of the Commissioner of Banking. Its responsibilities include maintaining currency stability, monitoring Hong Kong’s banking system and managing the Exchange Fund.

last updated:

9 September, 2024

Hong Kong is considered a leading regional tech hub - survey. Photo: Shutterstock

Fintech

City still seen as top regional fintech hub but more work needed on regulations: survey

The city is considered an attractive location to build an AI or big data business because of its role as a financial hub, according to survey, but more work is needed on regualtions.

24 May 2022 - 6:30PM

Bonds

Hong Kong’s first retail green bond marks lacklustre trading debut

19 May 2022 - 12:07PM

Banking & finance

Hong Kong sells US$1.5 billion to defend currency peg as capital heads for US

14 May 2022 - 12:49PMvideocam

Green bonds

Hong Kong’s first Retail Green Bond sells out as small investors piled in

The government’s inaugural green bond aimed at retail investors has been oversubscribed by 1.2 times, underlining the city’s potential as a major fundraising hub for environmentally friendly projects.

6 May 2022 - 10:00PMvideocam

A haze of pollution covers the Central district skyline. Photo: Felix Wong

Interest rates

Hong Kong raises rate by half point, in biggest one-time move since 2000

The US economy had not seen a 50-basis point rate increase since Alan Greenspan was Fed chairman, and “irrational exuberance” was the catchphrase that defined the easy money and mood of the Dotcom era.

5 May 2022 - 9:30PM

Hong Kong economy

Hong Kong’s Exchange Fund posts third-biggest loss from ‘triple whammy’ hit

The Exchange Fund will have to sail through rough seas ahead, as the US Federal Reserve has flagged 10 increase in its benchmark rate through the end of 2023 to tamp down rising inflation in the US economy.

3 May 2022 - 6:34PM

Banking & finance

Hong Kong deposits, mortgage loans rise in first quarter

Hong Kong’s financial market held up well amid the fifth wave of Covid outbreak, as deposits and loans increased during the first quarter, according to data from the Hong Kong Monetary Authority.

30 Apr 2022 - 7:49AMvideocam

The amount of Hong Kong dollars deposited into the city’s banks swelled to HK$7.58 trillion (US$965 billion) by the end of March, HKMA said. Photo: Bloomberg

Banking & finance

HKMA nudges e-HKD with consultation on merits of digital currency

The Hong Kong Monetary Authority is seeking feedback on the potential benefits and pitfalls of a digital form of the local dollar for general use.

27 Apr 2022 - 6:50PMvideocam

Banking & finance

HKMA chief warns Exchange Fund earnings face ‘triple-whammy’

Hong Kong Monetary Authority CEO in a rare profit warning said that the Exchange Fund could face a challenging situation with equities, bonds and foreign exchange valuation falling at the same time.

25 Apr 2022 - 5:46PM

US sanctions on China

US sanctions are ‘stupid and crazy’, former Hong Kong finance chief says

Joseph Yam, former head of the Hong Kong Monetary Authority, came out swinging against the US in a fiery webinar that set a strident tone against the economy with which the city’s currency and monetary policy are linked.

12 Apr 2022 - 9:27PMvideocam

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The eminence grise of Hong Kong’s banking circles has come out swinging against the United States. Photo: Edmond So

Banking & finance

Tracker Fund may replace State Street as manager to forestall risks

The plan would end State Street’s mandate in one of the city’s most popular investment funds after it flip-flopped over its compliance with Donald Trump’s ban on US ownership of Chinese state-owned companies.

29 Mar 2022 - 6:56PMvideocam

People queue outside a Hong Kong bank to get application forms for the new Tracker Fund of Hong Kong (TraHK) at the launch of the initial public offering in October 1999. Photo: AFP

Banking & finance

Hong Kong raises base rate by 25 basis points, first move since 2018

The Hong Kong Monetary Authority on Thursday morning raised the city’s official base lending rate by 25 basis point to 0.75 per cent, the first rate rise since December 2018 which is expected to add upwards pressure to mortgage payments linked to interbank rates.

17 Mar 2022 - 7:31PM

Financial regulation

HKMA instructs Hong Kong’s banks to admit only vaccinated staff

The stepped-up rule followed a record number of new infections in the city, which has sickened about 40,000 people, including dozens of bank employees, forcing lenders to shut one in every three branches in the city.

18 Feb 2022 - 9:38PM

Hong Kong Monetary Authority (HKMA)

Hong Kong to launch e-CNY pilot ‘soon after Spring Festival’

Under the pilot, the HKMA and the People’s Bank of China will select certain mainland visitors and other individuals to use e-CNY at select shops and restaurants in Hong Kong, while Hongkongers living in mainland Chinese Greater Bay Area cities will also be able to use the digital currency.

7 Feb 2022 - 5:42PMvideocam

China’s official app for the digital yuan. Photo: Reuters

Hong Kong Monetary Authority (HKMA)

Hong Kong Exchange Fund’s gains slump 28 per cent in 2021 on market rout

Hong Kong’s Exchange Fund, the war chest used to defend the local currency, gained HK$170.5 billion (US$21.9 billion) in 2021 as it was hit by a slump in the local stock market.

27 Jan 2022 - 6:00PM

The returns of Hong Kong’s Exchange Fund, the war chest used to defend the local currency, fell last year. Photo: Shutterstock

Digital Transformation

Hong Kong banks halt their digital embrace to cater to technophobes

Over the next six months, banks have to make sure they can serve customers who cannot or do not want to use online services, according to the new code of conduct.

10 Dec 2021 - 9:27PMvideocam

ESG investing

Hong Kong’s ESG bonds quadruple as city’s green credentials take shape

ESG-related debt, also called sustainable bonds, are fixed-income financial products that raise capital for the purpose of financing projects that have environmental or social benefits.

6 Dec 2021 - 6:05PM

Banking & finance

Hong Kong prices first yuan-denominated green bonds, raising US$783 million

Hong Kong wants to position itself as Asia’s hub for sustainable finance as it seeks to reach carbon neutrality by 2050.

24 Nov 2021 - 4:30PMvideocam

View point picture taken at Tsim Sha Tsui. 04OCT21 SCMP / K. Y. Cheng

Banking & finance

Hong Kong dollar deposits plunged as new year break cooled IPO frenzy

The Lunar New Year holiday in February interrupted stock market listings, which caused deposits in Hong Kong’s banking system to fall sharply during the month, official data showed.

31 Mar 2021 - 8:16PMvideocam

Hong Kong Monetary Authority (HKMA)

HKMA sees mega IPOs stemming currency slide as Kyle Bass tweets peg demise

The Hong Kong currency’s weakness in recent weeks is a blip as sentiment on markets soured, the HKMA says. In due time, several large stock offerings could spur capital inflows and reverse the mini-slump. There’s still the US$579 billion war chest to defend the dollar peg.

15 Mar 2021 - 11:29AMvideocam

Hong Kong economy

What is the Hong Kong Dollar Peg?

9 Dec 2019 - 4:22PM

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