HKMA press releases and inSight: mortgages, reserves, the base rate and official views on the financial system.
Translation is not available yet. Showing the Traditional Chinese version.
金管局公布2025年10月住宅按揭統計，新申請個案按月減少0.7%至8,255宗，新批出貸款額313億港元與9月相若。二手市場批出貸款增3.4%至160億港元，一手市場減2.1%至124億港元。未償還按揭貸款總額按月增0.8%至19,074億港元，拖欠比率0.13%。
Why read this: 逐項列出10月份新申請、批出及取用按揭金額的按月變化，並附上拖欠比率，方便讀者核對按揭市場走向。
The Hong Kong Monetary Authority announced the launch of Ensemble TX, formally moving the Ensemble Project into the pilot phase to support real transaction settlement of tokenised deposits and digital assets. The initial focus is on transactions in tokenised money market funds, with cross-bank settlement conducted initially through the Hong Kong dollar Real-Time Gross Settlement (RTGS) system, and it will continue to operate throughout 2026, progressively upgrading to 24/7 settlement in tokenised central bank money. The Hong Kong Monetary Authority and the Securities and Futures Commission said they will continue to work together to promote practical applications of tokenisation technology.
Why read this: Results from the sandbox launched in August 2024 have now been upgraded to real transactions, allowing readers to understand the settlement methods and 2026 timetable of the pilot phase.
Translation is not available yet. Showing the Traditional Chinese version.
金管局公布外匯基金截至2025年9月底未經審計的財務狀況，首三季錄得2,740億港元投資收入。其中債券投資收益1,126億港元、香港股票收益401億港元、其他股票收益595億港元。9月底總資產41,522億港元，較2024年底增加712億港元，累計盈餘9,163億港元。
Why read this: 新聞稿逐項列出首三季2,740億港元投資收入的來源，讀者可核對債券與各類股票各自的分項貢獻。
Translation is not available yet. Showing the Traditional Chinese version.
金管局宣布旗下迅清結算控股引入香港交易所為策略性股東，港交所將以認購新股形式持有20%股權，交易完成後外匯基金仍持股80%。迅清結算控股由外匯基金於2025年10月成立，全資擁有負責債務工具中央結算系統（CMU）營運的迅清結算；截至2025年9月底，CMU債券託管總額約5萬億港元等值。
Why read this: 交易完成後外匯基金與港交所將分別持有迅清結算控股80%和20%股權，並列出CMU截至9月底約5萬億港元的債券託管規模。
Translation is not available yet. Showing the Traditional Chinese version.
金管局公布2025年第3季末負資產住宅按揭貸款調查，宗數為31,449宗，較第2季末的37,806宗減少。涉及金額由1,902億港元降至1,568億港元，無抵押部分由143億港元降至109億港元。拖欠3個月以上比率为0.24%，高於第2季末的0.21%，仍維持低水平。
Why read this: 本季數字與第2季末逐項對比，讀者可核對負資產宗數、貸款金額的按季降幅，以及拖欠比率微升至0.24%的走勢。
The Hong Kong Monetary Authority released the residential mortgage survey for September 2025. New mortgage approvals rose 9.4% month-on-month to HK$31.4 billion, while newly utilised mortgage loans increased 9.7% to HK$20.9 billion. New loan applications fell 1.1% month-on-month to 8,316 cases, and outstanding mortgage loans rose 0.2% to HK$1,891.4 billion. The mortgage delinquency ratio stood at 0.13%, while the ratio of restructured loans remained close to 0%.
Why read this: The release lists month-on-month changes in new applications, new approvals and new mortgage utilisation, together with the delinquency ratio, allowing readers to check mortgage performance in the property market in September.
Translation is not available yet. Showing the Traditional Chinese version.
金管局10月30日宣布基本利率根據預設公式定於4.25厘，即時生效。因應美國10月29日調低聯邦基金利率目標區間25基點，公式取目標區間下限加50基點的4.25%與隔夜及1個月香港銀行同業拆息5天移動平均數平均值3.21%的較高者。
Why read this: 公布列出預設公式的兩個組成部分與具體數值，可核對4.25厘與香港銀行同業拆息5天移動平均數3.21%之間的差距。
Translation is not available yet. Showing the Traditional Chinese version.
金管局發布《「數碼港元」先導計劃第二階段報告》，介紹11組試驗成果與最新政策立場，試驗涵蓋代幣化資產結算、可編程性及離線支付三大主題。金管局認為現階段需求集中於零售場景以外，將優先發展批發層面應用，相關準備工作預計於2026年上半年完成，並將公布一套共用代幣化標準。
Why read this: 報告列出第二階段11組試驗涵蓋的三大主題，並寫明相關準備工作預計於2026年上半年完成。
The Government announced the subscription and allotment results for the new Silver Bond issue, receiving a total of 371,821 valid applications with a total subscription principal of HK$98,227,300,000 and an issue size of HK$55 billion. All valid applications will be allotted up to 17 lots; applications for 16 lots or fewer were allotted in full, while after balloting, 113,918 of the remaining applications were able to receive one additional lot.
Why read this: The announcement sets out the number of applications, total subscription principal and final issue size, and explains the allotment cap and balloting arrangements, allowing readers to check how many lots they have been allotted.
Translation is not available yet. Showing the Traditional Chinese version.
國際結算銀行公布2025年外匯與場外衍生工具成交額調查，香港維持全球第四大外匯中心及最大離岸人民幣業務樞紐。香港外匯平均每日成交金額由2022年4月的6,944億美元增27.2%至2025年4月的8,831億美元，人民幣外匯由1,912億美元增64.8%至3,151億美元。
Why read this: 調查以2022年4月與2025年4月對照，列出香港外匯、離岸人民幣及場外利率衍生工具的增幅與排名，方便核對具體數字。
Translation is not available yet. Showing the Traditional Chinese version.
金管局10月9日起推出人民幣業務資金安排，取代人民幣貿易融資流動資金安排，維持1,000億元人民幣規模並分三階段擴大用途。首階段免去25基點溢價、增加1年期選項，人民幣流動資金安排日間額度同日增至300億元。有興趣銀行須於10月31日或之前申請。
Why read this: 文中列出新安排分三個階段推行的日期與利率調整，並對照銀行業人民幣貸存比率由2022年9月約20%升至2025年6月逾90%的背景。
Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen said the authority has begun consulting retail banks on a proposed framework for losses from customer-authorised payments, providing guidance on clarifying and sharing responsibility. The framework will weigh banks' monitoring systems and control measures, customers' own responsibilities, and case-specific background factors such as whether the customer is elderly, while stressing that neither banks nor customers should bear full responsibility across the board.
Why read this: The article uses two extreme examples to illustrate the boundary of responsibility between banks and customers, and sets out the factors the proposed framework will weigh, making it easy for readers to compare against their own situations.
The Financial Secretary discussed Hong Kong's response to the US tariff war, saying the Hong Kong dollar exchange rate remained firm, with the Hang Seng Index closing at 20,914 points last Friday, while average daily turnover last week was HK$427.6 billion, up about 68 per cent from the previous week. The Hong Kong Monetary Authority, together with the banking sector, launched support measures for small and medium-sized enterprises, with the dedicated funds reserved by participating banks under the "SME Financing Dedicated Committee" increased to more than HK$390 billion.
Why read this: The blog post lists specific figures on the Hong Kong dollar exchange rate, the Hang Seng Index and turnover, and sets out support measures from the Hong Kong Monetary Authority and the Export Credit Insurance Corporation, making it convenient to verify Hong Kong's response to the tariff shock.
The Insurance Authority and the Hong Kong Monetary Authority each issued a circular on 1 April 2022, clarifying regulatory standards for the use of premium financing to take out life insurance policies, and introduced the Important Facts Statement — Premium Financing, requiring customers to complete and sign it for each new policy application using premium financing. The circulars also cover affordability assessment, additional measures for customers whose borrowing may be excessively leveraged, sales practices and training, with all regulatory standards and requirements taking effect on 1 January 2023.
Why read this: The circulars state an effective date of 1 January 2023 and set out areas including affordability assessment, allowing compliance timelines for insurers and intermediaries to be checked.
The Insurance Authority, the Mandatory Provident Fund Schemes Authority and the Hong Kong Monetary Authority announced the joint launch of a mystery shopping inspection scheme to understand intermediaries' practices in selling qualifying deferred annuity policies (QDAP) and tax-deductible voluntary contributions (TVC) under the Mandatory Provident Fund in Hong Kong, marking the first time the three financial regulators have collaborated on such a scheme. The scheme is expected to commence in January 2022 and will target intermediaries regulated by the three bodies that sell or promote these two tax-deductible products in Hong Kong. Results will be used to complement each body's regulatory work, and relevant issues and good practices will be shared with the industry.
Why read this: The press release specifies that the scheme covers three categories of regulated intermediaries and states when it will commence, allowing readers to verify what sales practices will be inspected.
The Insurance Authority and the Hong Kong Monetary Authority issued a joint circular on 30 September 2021, setting out the key findings of their joint inspections of the premium financing business of long-term business insurers and licensed insurance intermediaries. The inspections were conducted in the second half of 2020, and the two regulators will contact the industry to clarify the standards to be met when conducting premium financing activities. Chief Executive Clement Cheung reminded that premium financing involves the risks of leveraged borrowing and rising interest rates.
Why read this: The inspections were conducted in the second half of 2020, and the circular highlights the leverage and interest rate risks of premium financing, allowing readers to check the policy arrangements they hold.
Translation is not available yet. Showing the Traditional Chinese version.
立法會財務委員會通過第二輪防疫抗疫基金1375億元撥款，百分百擔保特惠低息貸款計劃明天起接受申請，承擔額由200億元增至500億元，實際利息2.75%、每宗最高貸款額為四百萬港元或六個月僱員薪金及租金總和。金管局「預先批核還息不還本」安排在5月1日至10月31日期間自動延期本金還款，估計覆蓋全港銀行八成以上的企業借款人。
Why read this: 文章列出百分百擔保貸款實際利息2.75%、每宗上限四百萬港元等申請條款，以及失業率由2.8%升至3.7%的背景。
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌宣布在這一輪經濟預測覆檢維持今年3至4%的增長預測不變。本港第二季經濟按年增長3.5%，較首季4.6%放緩，但仍連續第七個季度高於過去十年平均2.7%的趨勢增長率。下半年主要不明朗因素為國際貿易磨擦及美國加息步伐。
Why read this: 文章對比首季4.6%與第二季3.5%的增速差異，並列出家庭負債佔GDP約七成、銀行資本充足率逾百分之十九等可核對數字。