Avoid short-term ‘euphoria’ of excessive leveraging: HKMA’s Chan

norman

Norman Chan, the chief executive of the Hong Kong Monetary Authority on Friday said excessive leveraging was the "root cause" of the financial crisis.

Speaking at The Economic Summit 2012: Roadmap to Hong Kong Success on Friday, Chan said households, companies and governments alike must avoid excessive leverage or borrowing. "This may be easier said than done as leveraging can bring transient prosperity and euphoria to everyone," he said. Nevertheless, to avoid the "pains" of de-leveraging in th

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