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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
Credit: Henry Wong
Asean

How to make it in America: pressures, pitfalls for China consumer firms going global

As domestic spending falters, Chinese consumer brands are eyeing global markets, but tariffs and cultural barriers could get in their way.

AIIB

AIIB president calls for ‘fundamental reforms’ to global institutions

Bonds

Hong Kong can become multicurrency bond hub with Beijing’s support: experts

China economy

Editorial | Channelling of funds into China markets to bring needed stability

Move by Beijing aims to counter volatility from threats of Donald Trump with flow of proceeds from pensions and insurance.

Beijing’s latest round of economic stimulus follows a warning that newly inaugurated US President Donald Trump is considering further tariffs on Chinese exports. Photo: AP
Hong Kong property

Mortgage registrations hit record low as rate hikes spook market: Centaline

Owners registered 47,917 mortgages on various properties in 2024, the least since Centaline Property began tracking the data in 2000.

Financial crime

HSBC touts 50% increase in suspicious transactions halted in past year

Hong Kong’s largest lender prepares to launch a new alert system, as it works to educate consumers about potential scams.

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Digital currencies

Hong Kong bitcoin ETFs could open to some mainland investors under new measures

New rules further opening up China’s financial markets could give some mainlanders access to cryptocurrency investment products for the first time.

Hong Kong’s bitcoin exchange-traded funds have so far been off limits to mainland investors, but some see hope in new measures aimed at financial opening in the Greater Bay Area. Photo: Shutterstock
Hong Kong property

Shimao’s lender seeks private credit deal on US$1.3 billion loan

The loan, which matures on September 30, is backed by a complex in Hong Kong’s Kowloon Tong neighbourhood.

China economy

Salary caps spread in China’s finance sector amid ‘common prosperity’ drive

Some state-backed securities firms have already implemented annual pay caps for senior executives – and large banks, insurance firms and stock exchanges are next.

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Hong Kong economy

Hong Kong’s Paul Chan defends city’s currency peg to US dollar in Davos

Finance chief says important to offer stability for the business environment, as volatility expected in capital markets during Trump presidency.

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Hong Kong’s finance chief Paul Chan speaks at a panel discussion at the World Economic Forum in Davos. Photo: World Economic Forum
China stock market

China directs state capital into A shares to anchor stock market

Starting this year, 30 per cent of the annual insurance premium from new policies will be put into yuan-denominated A shares, regulator Wu Qing said.

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Wu Qing, chairman of the China Securities Regulatory Commission (third from left) announces new measures to stabilise China’s stock market in Beijing on January 23, 2025. Photo: Xinhua
Greater Bay Area

HSBC unveils 25-storey tower in Qianhai to drive cross-border collaboration

The bank says it sees ‘huge potential for economic and trade cooperation between Guangdong and Hong Kong’.

Technology

Opinion | In the global marathon for tech supremacy, Brics’ size matters

Collaborative, flexible Brics gives leading members China and Russia a significant advantage over the increasingly defensive and restrictive West.

Hong Kong Monetary Authority (HKMA)

Hong Kong’s banks gird for lean times as 9-month profit growth slows

Net interest margin narrowed to 1.5 per cent in the first nine months last year from 1.67 per cent in 2023, according to HKMA data.

ATM machines in Central on 4 August 2024. Photo: Eugene Lee
World Economic Forum

Trump’s threats will only drive countries away from US dollar, economists warn at Davos

US president’s warnings against nations exploring alternative currencies will be counterproductive in the long run, economists argue at World Economic Forum.

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US President Donald Trump speaks to journalists in the Oval Office of the White House in Washington on Monday. Trump’s threats to punish countries that move away from the US dollar has sparked criticism. Photo: AFP
Hong Kong property

More Hong Kong home buyers may lose deposits, agents say

Deposit defaults on new homes shot up by 75 per cent to 449 last year, and property agents see the trend continuing into 2025.

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China property

Country Garden shares jump on restructuring hopes as trading resumes

Stock jumps as much as 30 per cent in Hong Kong after a nine-month trading suspension.

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Bonds

China to allow foreigners to take onshore bonds offshore via repos, derivatives

China is seeking to open up its markets and support Hong Kong’s status as an offshore yuan hub.

PBOC governor Pan Gongsheng. Photo: Reuters
Bonds

Hong Kong and Macau link bond systems to create larger market

Four new bond issuances worth 3.2 billion patacas (US$401 million), plus 18 secondary-market transactions, settled on first day of linkage.

Consumers

China’s consumer sentiment nears ‘tipping point’ on stimulus: UBS

Domestic brands and private labels stand to benefit as households save less and spend more, Swiss bank says.

Hong Kong economy

My Take | The US$3.2 trillion question: how much of China’s forex reserves for Hong Kong?

The central bank’s pledge to increase reserve holdings of the Hong Kong dollar shows a commitment to the city’s financial hub status.

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China has pledged to increase its foreign exchange reserve holdings of Hong Kong dollars, but it is likely to keep around half of its portfolio in US dollars for “safety”. Photo: NurPhoto via Getty Images
Hong Kong economy

Opinion | Hong Kong’s dollar peg is an important bulwark against volatility

Scrapping it would shake confidence, jeopardise reliability and introduce currency volatility, one of the most significant risks in investment.

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General view of Hong Kong, from the Hong Kong Monetary Authority (HKMA) headquarters at the International Finance Centre in Central on October 9. Photo: May Tse
LME

Hong Kong to join LME warehouse network to serve China’s metals appetite

‘Major milestone’ enhances Hong Kong’s role as a conduit to China, the world’s biggest consumer of metals.

Artificial intelligence

China creates US$8.2 billion AI investment fund amid tightened US trade controls

The fund was established days after the US rolled out new chip export restrictions and placed more Chinese firms on its trade blacklist.

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Financial regulation

Chinese regulators show support for markets ahead of Trump’s inauguration

The move is seen by some participants as an effort to boost investor confidence in times of uncertainty.

A woman passed the headquarters of the People’s Bank of China in Beijing. Photo: Reuters
HSBC

Hongkongers can now open mainland accounts at HSBC, Standard Chartered, Bocom

Holders of the accounts can transfer funds to use in mobile payment apps while in mainland China.

Shoppers check out at a busy supermarket in Shenzhen. Photo: Shutterstock
Hong Kong property

Hong Kong gets 41% more Chinese, foreign firms with record investments

More companies set up their operations in the city last year, taking non-Hong Kong company registrations to record-high.

IPO

Chinese soda maker Dayao plans Hong Kong IPO to raise up to US$500 million

The Inner Mongolia-based maker of carbonated beverages, juices and protein drinks is working with advisers on the size and timing of the deal.

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