QE ‘relief’ no substitute for deleveraging, says HKMA’s Chan

Norman Chan at HKMA

There is growing concern about the effect of continued quantitative easing (QE) by central banks around the world on asset prices, with some senior officials also speaking more publicly about the thorny issue of how monetary easing programmes can be exited.

Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), warned on December 10 of the dangers of asset price increases driven by easing and not by economic fundamentals.

Chan said he fears economy recovery could be derailed if

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