Hong Kong and Australia see risks in low interest rates and Chinese NPLs


Though Hong Kong avoided the capital flight that hit several Asian economies this summer when markets mistakenly expected the Federal Reserve to begin tapering its purchases this month, the Hong Kong Monetary Authority (HKMA) fears it may feel the heat when the Federal Reserve does start to wind down its asset purchasing programme and global interest rates return to normal.

HKMA's latest half-yearly Monetary and Financial Stability Report, published today, warns that "in the process of the likel

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