News Analysis Amid low investor confidence due to recent bank failures in the United States and Switzerland, Chinese state-owned media reported that many wealthy American and Swiss investors closed their onshore accounts and rushed to move their funds to Hong Kong. Financial analysts suggest that Hong Kong remains “an unsafe place” for asset holding and…
Chinese Media Claim Hong Kong is a Safe Place to Invest Amid Global Banking Crisis, Expert Disagrees
Bill Ackman Bets Big Against Hong Kong Dollar, Says Currency Peg Doomed to Break
November 24, 2022
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bill ackmanBusiness & MarketsChinaChina Business & Economychina-hong kongCompanieseconomic policieseconomyHK BusinessHKMAHong Konghong kong dollar peg to US dollarHong Kong Economyinflation
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Billionaire Bill Ackman said that his hedge fund Pershing Square Capital Management has taken a significant short position against the Hong Kong dollar and expects the currency’s peg to the U.S. dollar to break soon. Ackman shared Richard Cookson’s article, “Pressure on the Honk Kong Dollar Peg Keeps Building,” published on Bloomberg that talked about…
Hedge Fund Mogul Questions Peg of Hong Kong Dollar to US Dollar
November 24, 2022
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bill ackmanBusiness & MarketsChinaChina Business & EconomyeconomyFederal ReserveHK BusinessHKMAHong KongUS-China relations
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Bill Ackman, billionaire founder of hedge fund Pershing Square Holdings Ltd., wrote on Twitter Nov. 24, “By holding put options, we have a large nominal short position on the Hong Kong dollar.” He said that the linked exchange rate system no longer makes sense for Hong Kong. It is just a matter of time before…
Four CEOs Confirm Not Attending Global Financial Leaders’ Investment Summit in HK
The “Global Financial Leaders Investment Summit” being held Wednesday (Nov. 2) claimed to have about 200 financial leaders on its list of participants. But just a few days before the event, two of them informed the organizer that they were not coming, one due to work arrangements and the other due to physical discomfort. There…
Hong Kong’s Central Bank Pours In Cash to Stabilize Its Pegged Currency, Higher Mortgage Rates Ensued
On Aug. 5, Hong Kong’s central bank bought the largest amount of its currency in one day since May 12—HK$14.161 billion (about $1.80 billion)—to stop it from weakening further and breaking its peg to the U.S. dollar. On July 28, after the U.S. Federal Reserve announced a rate hike of 75 basis points, the Hong…
Stabilizing Currency Peg to US Dollar May Be Too Costly for Hong Kong This Time: Expert
July 31, 2022
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Asia & PacificBusiness & MarketsChinaeconomyFederal Reserveforeign currency reservesHK BusinessHK Current AffairsHKMAHong KongHong Kong Monetary Authorityinterest rateMarketsmonetary policyUSDWorld
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Hong Kong’s central bank has spent over $22 billion in ten weeks to stabilize the exchange rate of the Hong Kong dollar (HKD) amid weakening market confidence in the city’s currency. Since May 2022, the Hong Kong Monetary Authority (HKMA), the city’s central bank, has bought HKDs at its fastest pace to keep the U.S….
Hong Kong and China Upgrade Currency Swap Line, Allowing Beijing Access to Foreign Currency Reserves
July 13, 2022
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central banksChinaChina Business & Economycurrency swap lineforeign currency reservesHK BusinessHKMAHong KongHong Kong Monetary Authoritythe people's bank of chinayuan
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Nearly 30 percent of Hong Kong’s foreign currency reserves are now accessible to Beijing after the People’s Bank of China (PBC) and Hong Kong Monetary Authority (HKMA) upgraded their currency swap line on July 4. Upgrading the currency swap line to a standing arrangement was one of two new policies announced by the PBC and…
Behind China and Hong Kong’s Different Responses to US Interest Rate Hikes
July 3, 2022
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AnalysisBusiness & Marketscentral banksChinaChina Business & EconomyChina's central bankchina's property marketeconomic policieseconomyexchange rateHKMAHong Konginflationinterest rate hikemonetary policyOpinionproperty marketsoaring inflation
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News analysis Amid soaring inflation, mainland China and Hong Kong central banks chose to respond in opposing ways to the U.S. Federal Reserve’s aggressive interest rate hikes, with China loosening its monetary policy, and Hong Kong raising interest rates. On June 15, the Fed raised the primary credit rate by 75 basis points, the largest increase…
Hong Kong Fund Managers Lobby Group Urges City Government to Lift Quarantine Rules
Hong Kong’s continued adherence to Beijing’s strict COVID-19 containment policy has severely damaged the city’s financial industry. Last week, a lobby group forHong Kong’s fund managers called on the incoming Chief Executive John Lee to lift the entry quarantine rules for travelers and reopen Hong Kong to the rest of the world, restoring the city’s…
HKMA Participates in China Central Bank’s Preparation of Countermeasures for US Sanctions
The Hong Kong Monetary Authority (HKMA) recently admitted that it’s been collaborating with China’s Central Bank on countermeasures for potential U.S. sanctions, a mutual geopolitical risk for both Hong Kong and mainland China. At a May 3 meeting in the Hong Kong Legislative Council, questions were raised about the geopolitical risks and the overall financial…
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