Hong Kong
HKMA primed for mobile payments surge
The Hong Kong Monetary Authority is enhancing the legal and supervisory framework needed for the safe development of retail payments for its echnology-savvy population
HKMA deputy says QE taper to bring ‘immense shocks' to markets
Eddie Yue slams advanced economies' ‘unprecedented' accommodative monetary policy for creating global imbalances and fuelling Hong Kong asset prices
Thailand and Hong Kong launch cross-border settlement scheme
Bank of Thailand and Hong Kong Monetary Authority look to eliminate cross-border settlement risk through establishment of Asia's third PvP link between different currencies
Asian central bank FX reserves not properly recognised by rating agencies, says Sheng
CBRC adviser and former Hong Kong SFC chief Andrew Sheng points to inconsistent approach in sovereign debt ratings; doubts international crisis co-ordination is possible
Hong Kong launches renminbi Hibor fixing
New offshore benchmark rates to be produced starting next week; HKMA to provide oversight and surveillance of contributing banks' internal systems to ensure 'integrity' of submissions
HKMA's Chan identifies inherent flaws in risk models
HKMA chief questions the use of financial models in risk management; argues the inability of models to account for irrationality is a major defect
HKMA deputy looks to eurodollar model for offshore RMB development
Eddie Yue says offshore RMB market is facing ‘historic transition'; calls for more offshore intermediation and ‘continued relaxation' of RMB flows in and out of China
Hong Kong consolidates dominance as offshore RMB hub
HKMA annual report shows continued rapid rise in renminbi trade flowing through Hong Kong; new Hibor fixing seen as latest manoeuvre to stay ahead of competition
Hong Kong to launch offshore renminbi benchmark rates
Treasury Markets Association plans to introduce a range of offshore renminbi interbank rates, to ‘spearhead’ development of offshore renminbi markets
HKMA report tells investors to brace for volatile financial cycle
Financial stability report says risks from property market volatility have continued to mount; central bank says macro-prudential policy is doing its job but there could be a sudden price reversal
Chan blames QE as HKMA raises macro-prudential defences
HKMA tightens macro-prudential rules applied to mortgage lending in face of emerging property market risks; Norman Chan says quantitative easing has created ‘extremely unusual’ conditions
HKMA shores up Hibor-setting mechanisms
Package of measures aims to improve the transparency and robustness of the benchmark rate; UK bank fined $612 million by US and UK regulators over Libor rigging
People: Egypt deputy resigns; HKMA shuffles pack
Egypt's first female deputy governor follows her boss to the exit; HKMA assigns three executive director portfolios
HKMA’s Yue on consumer education and protection
Market players, regulator and consumers all have roles to play to ensure that trust remains in financial services, says Hong Kong deputy chief executive
QE ‘relief’ no substitute for deleveraging, says HKMA’s Chan
HKMA chief executive warns asset price growth must be supported by structural developments
HKMA will honour Basel III deadline, says executive director
Karen Kemp says Hong Kong’s banks will not be put at a competitive disadvantage by implementing new capital standards before US and EU
Stronger governance recommended for Hibor
Review of Hong Kong interbank offered rate finds no abuse in fixing process, but new code of conduct put forward to fortify governance
Local trade repositories are necessary, say HKMA’s Lee
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
Hong Kong set to meet Basel III deadline as others struggle
Hong Kong to put final Basel capital requirements legislation in place by January 1 deadline, as most other countries struggle to hit G-20 deadline
‘Soft power’ is key to international success, says HKMA’s Chan
HKMA chief executive says soft power is central to improving international financial centres; institutions’ culture is integral in this
HKMA seconds director-general for enforcement
Division head of banking supervision promoted to executive director for enforcement after announcement that Raymond Li will be seconded to the Hong Kong Mortgage Corporation
HKMA imposes tighter property loan guidelines
The HKMA details new guidelines aimed at borrowers with multiple property mortgages; seeks to restrict the amount of debt individuals can acquire
HKMA deputy dismisses yuan competition fears
Competition in the offshore renminbi market offers opportunities that can be exploited to increase Hong Kong’s share of the market, says Eddie Yue
Tributes to the governor that never was (Andrew Crockett, 1943-2012)
Bank of England, BIS and IMF heads pay respects to policymaker Andrew Crockett, who died this week. Crockett described as the governor ‘that never was’ and the ‘midwife’ to the HKMA