Chan blames QE as HKMA raises macro-prudential defences

Hong Kong

Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), has blamed signs the property market in Hong Kong may be overheating on quantitative easing, as the central bank moved to restrict mortgage lending.

"Hong Kong is facing an extremely unusual macro-monetary environment," Chan said. "The ongoing quantitative easing by advanced economies is unprecedented in both scale and duration. Interest rates have been artificially maintained at extremely low levels, and we see huge volume

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