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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
A worker takes a coin from a gold tree consisting of 2,024 Vienna Philharmonic coins displayed in Munich on December 3. Based on the current gold price, the tree, which is almost 3 metres tall, has a value of about 5.3 million euros (US$5.5 million). Photo: EPA-EFE
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

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Gold in Hong Kong

Local bullion bourse restructures to become Hong Kong Gold Exchange

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.

Kelly Cheung (third right) at the event’s opening ceremony with (from left) Wallace Lam, Stephen Leung, Wang Ke, Josephine Lee and Michelle Chiu of OCBC Hong Kong.
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.

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.

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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.

An Ant Group building in Hangzhou, China. Photo: Shutterstock
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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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.

Hong Kong customs officers lead away a suspect in a HK$1.6 billion money laundering case in October. Hong Kong is hard at work combating money laundering, which relies on international cooperation to be effective. Photo: Handout
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.

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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China’s 10-year bond yield has continued its extended slump, hitting a record low this month as investors scramble for safe-haven options such as ultra-long-term bonds. Photo: AFP
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.

Hong Kong property

New World Development takes more beating in market as debt crisis lingers

Stock price slumps further as debt issues threaten to spiral into a crisis of confidence.

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Financial regulation

Hong Kong set to host global heavyweights at Asian Financial Forum

The event on January 13 and 14 will bring together 100 global policymakers, business leaders, investors and experts.

Paul Chan Mo-po, Hong Kong’s financial secretary, welcomes attendees to the 17th Asian Financial Forum 2024 at the Hong Kong Convention and Exhibition Centre in Wan Chai on January 24, 2024. Photo: May Tse
IPO

Chinese IPOs surge in Hong Kong as Minieye and Guming line up

The maker of autonomous-driving technology aims to raise US$100 million and the bubble-tea purveyor seeks up to US$500 million.

China economy

Exclusive | China-UAE ties evolve as Gulf nation acts as global ‘superconnector’

China’s growing heft in innovative industries is driving partnerships with the UAE, HSBC’s country head says.

US Politics

US congressional negotiators aim to fund government until March 14, source says

Measure needed to avert partial government shutdown that would otherwise begin Saturday.

The US Capitol Christmas Tree in Washington. Photo: AFP
HKEX

Foreign investors gain new collateral options for China bond trades in January

The move provides flexibility to international investors and promotes yuan internationalisation, says bourse operator HKEX.

Exchange Square in Central, home of bourse operator Hong Kong Exchanges and Clearing. Photo: Xiaomei Chen
Singapore

Allianz withdraws offer to acquire Singapore’s Income Insurance

The decision comes after public outcry and government scrutiny over the importance of balancing commercial interests with social responsibility.

Hong Kong

Chinese money fuels hiring spree among private banks in Hong Kong

Wealth managers like UBS, Bank of Singapore and Julius Baer are expanding teams to cater to surging mainland Chinese money.

HSBC

HSBC’s unit sued in Australia for laxity in preventing online scams

The Australian Securities and Investment Commission (ASIC) lodged a claim against HSBC Bank Australia in relation to 950 reports totalling A$23 million.

Image of the HSBC Headquarters in Hong Kong’s Central district on 29 October 2018. Photo: Sam Tsang
Commodities

Exclusive | Hong Kong’s potential as commodities hub draws expansion by Marex Group

The establishment of London Metal Exchange warehouses in Hong Kong will be a key enabler, Marex CEO says.

A collection of 100-gram gold bars sits on a table. Photo: DPA
China's economic recovery

China’s finance industry urged to better support tech innovation

Tsinghua University academic says country is lagging behind the US and calls for more funding for hi-tech firms to boost innovation.

Interest rates

US Federal Reserve set to cut rates as Trump prepares for second term

Analysts expect a slower path of rate cuts next year as they have concerns about some of Trump’s key policy initiatives.

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