Hong Kong Defends Currency Peg Amid Surging Asian Currencies and U.S. Dollar Weakness
It had been reported that the Hong Kong Monetary Authority (HKMA), which serves as the territory’s de facto central bank, had been compelled to intervene once more in the foreign exchange markets. The move was made following repeated pressure on the Hong Kong dollar, which had approached the upper boundary of its trading band against […]
Northern Trust Appoints Aisling Keane as Head of Asset Servicing in Hong Kong
Northern Trust, a global leader in wealth management, asset servicing, asset management, and banking, has announced the appointment of Aisling Keane as the Head of Asset Servicing for Hong Kong, effective September 4, 2023. In this newly created role, Keane will lead Northern Trust’s asset servicing operations in Hong Kong, Macau, and Taiwan. She will […]
U.S. advisory Mintz’s officials depart city after raid
Sources claimed some employees of American consulting Mintz Group who were located in Hong Kong have departed the city after the company’s Beijing headquarters was raided by Chinese authorities in March. As Beijing gets ready to enact more stringent anti-espionage regulations in July, inquiries into Mintz, as well as the American management consulting firm Bain & […]
Hong Kong to restore reputation as a financial centre, Lee promotes the “China advantage”
In a talk to some of the top financial executives around the globe on Wednesday, Hong Kong’s leader John Lee emphasised the city’s relationship with China in an effort to repair the COVID-damaged territory’s reputation as a significant financial centre. The city will keep striving to abolish COVID restrictions, Chief Executive Lee stated at the […]
Henderson gets a complex role in resolving Hong Kong’s housing crisis
The top player among Hong Kong’s four major developers, Henderson Land Development Co (0012.HK), intends to give the government extra land so that it can construct interim housing and is eager to hasten the development of a region near the Chinese border. The vow by Hong Kong to establish the “Northern Metropolis” is an inevitable […]
City’s exposure to Evergrande is very minimal-Hong Kong finance Chief
Hong Kong’s exposure to debt-laden developer China Evergrande Group is very minimal at 0.05%. This is of banking assets, South China Morning Post reported, citing the city’s finance minister. Financial Secretary Paul Chan told the newspaper that it is very minimal and won’t cause them any systemic risks. He added that he had arrived at […]
China encourages mainland insurers to sell catastrophe bonds
A notice was released by the China’s banking and insurance regulator. That encouraged the sales of catastrophe bonds by mainland insurers in Hong Kong. According to a statement of the China Banking and Insurance Regulatory Commission (CBIRC), the mainland property, casualty insurance companies and reinsurance companies can set up special-purpose entities in Hong Kong. This is for […]
Global banks in Hong Kong push to get staff back to office
Global banks are moving faster in Hong Kong. This is to get staff back to office versus in other major centers, given fewer daily COVID-19 cases in the Asian city, and are offering incentives such as onsite vaccinations and days off to encourage inoculation. More than 70% of Morgan Stanley’s staffs are back at their […]
ZhongAn, StanChart-backed lenders take early lead in HK digital bank race
Online-only banks in Hong Kong backed by China’s ZhongAn Online P&C Insurance and Britain’s Standard Chartered moved ahead of newly launched rivals as they garnered 70% of deposits last year. The numbers give the first glimpses of the performances of Hong Kong’s eight so-called virtual banks. This is launched last year and it can offer […]