HKMA chief deems macro-prudential measures a success

Norman Chan at HKMA
Norman Chan, Hong Kong Monetary Authority

The Hong Kong Monetary Authority's (HKMA) macro-prudential measures helped to cool the country's housing market in 2013, according to the central bank's chief executive, Norman Chan.

In February last year, the HKMA employed a range of macro-prudential tools – including restrictions on the loan-to-value rations on mortgages – to protect the economy against rising interest rates in the United States.

Chan feared borrowers would face "much heavier" repayment burdens on their mortgages when interest

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