Enoch Yiu
Chief Reporter at South China Morning Post
Chief Reporter of Business @SCMPNews South China Morning Post
Articles
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1 day ago |
scmp.com | Enoch Yiu
Hong Kong retail lender Hang Seng Bank is carrying out lay-offs as part of its parent company HSBC Holdings’ aggressive restructuring aimed at enhancing cost-effectiveness and growth. The lender, 62.14 per cent owned by HSBC, informed staff in various departments over the past few weeks that they would lose their jobs as part of the restructuring plan, two separate sources told the Post.
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6 days ago |
scmp.com | Enoch Yiu |Salina Li
Mortgage borrowers and companies are likely to benefit from a sharp fall in the Hong Kong interbank offered rates (Hibor), with the lower cost of funding expected to boost the city’s property market and economy. The one-month Hibor, which is linked to mortgage loans, weakened to a 30-month low of 2.0945 per cent on Thursday, a drop of almost 1 percentage point from a day earlier, according to data from the Hong Kong Association of Banks.
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1 week ago |
scmp.com | Enoch Yiu
The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged in lockstep with the US Federal Reserve, as policymakers await clarity on the potential inflationary impact of President Donald Trump’s tariffs. The HKMA maintained the base rate at 4.75 per cent on Thursday after the Fed left its target in a range of 4.25 to 4.5 per cent, following the third Federal Open Market Committee (FOMC) meeting of the year.
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1 week ago |
scmp.com | Enoch Yiu
The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market over the past week to rein in the local dollar, spending a total of HK$129.4 billion to buy the equivalent US$16.7 billion worth of US currency amid an influx of capital. Hong Kong has pegged its currency at HK$7.80 per dollar since October 1983 under the Linked Exchange Rate System, and allowed it to swing between HK$7.75 and HK$7.85 since 2005.
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1 week ago |
scmp.com | Enoch Yiu
Hong Kong’s Exchange Fund, the war chest used to defend the local currency, reported an investment gain of HK$67.2 billion (US$8.7 billion) in the first quarter, thanks to stock market rallies in the city and overseas. In the year-earlier period, the fund posted a gain of HK$62.3 billion, though in the final quarter of 2024, it recorded a loss of HK$20.1 billion, according to data from the Hong Kong Monetary Authority (HKMA) on Tuesday.
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