The Hong Kong Monetary Authority announced that the total quota for the RMB business funding arrangement will be raised from RMB100 billion to RMB200 billion, with the new quota effective from 2 February. The original quota has been fully allocated to 40 participating banks, with individual banks' usage having reached or approached their caps. Under the new arrangement, the scope of financing will be extended to corporate clients of overseas banking institutions within the same group, and the use of funds will be expanded to include term loans for capital expenditure and working capital.
Why read this: The effective date of the new quota and the expanded scope of financing are set out, allowing verification of how many banks and what types of loans the arrangement covers.
The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced on 30 December that all retail banks, including digital banks, must fully launch the "Smart Safe Deposit" service to personal customers on or before 31 December. Customers can set the protected deposit amount themselves, and must first complete the bank's face-to-face anti-fraud verification procedure before making withdrawals. The Hong Kong Monetary Authority will work with the banking industry to launch advertisements and various promotional programmes.
Why read this: The announcement specifies the launch deadline and the face-to-face verification procedure for accessing protected deposits, allowing readers to check whether their own bank is on the list.
Dec 23Tue
Tue
Translation is not available yet. Showing the Traditional Chinese version.
Financial Secretary says in his blog that Hong Kong's economy has picked up speed, with GDP growing 3.8% in real terms year-on-year in the third quarter, and the full-year growth forecast raised to 3.2%. Merchandise exports grew 11.3% in real terms year-on-year in the first three quarters, while average daily turnover in the first ten months reached $258 billion. Residential property prices rose a further 2% in the third quarter, turning from a year-to-date decline to a rise of 1.1%.
Why read this: Financial Secretary sets out the basis for raising the full-year economic growth forecast to 3.2%, and lists verifiable figures such as exports, the property market and turnover, enabling readers to assess actual performance across each area.
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.
The Insurance Authority has introduced a classification framework for "domestically systemically important insurers" (D-SII), with AIA Group Limited and Prudential plc Asia Limited classified as D-SIIs. The Insurance Authority will recommend to the Financial Secretary that all D-SIIs be brought within the scope of the Financial Institutions (Resolution) Ordinance (Cap. 628), with classifications assessed once a year.
Why read this: The announcement names the two insurance groups classified and sets out the enhanced supervisory requirements they must meet, as well as the proposed direction for bringing them within the scope of the resolution mechanism ordinance.
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.
Sept 30Tue
Tue
Translation is not available yet. Showing the Traditional Chinese version.
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.
Aug 30Fri
Fri
Translation is not available yet. Showing the Traditional Chinese version.
The Insurance Authority announced on 26 July 2024 that it had appointed joint and several managers to take over the affairs and property of Thai Ho Life in full, while the Securities and Futures Commission and the Insurance Authority simultaneously joined forces to tackle suspected breaches in its investment portfolio. The Insurance Authority sought assistance from the Securities and Futures Commission in May 2020, and following an inspection the Securities and Futures Commission found that assets held by Thai Ho Life had been transferred into financial instruments connected with its mainland associated companies. In June 2021, the two took joint action against a licensed fund management company, the first such action since the signing of the Memorandum of Understanding in September 2020.
Why read this: The announcement sets out the timeline from seeking assistance in 2020 to joint action in 2021, allowing verification of when the two regulators began collaborating and when the Memorandum of Understanding was signed.
Jul 6Thu
Thu
Translation is not available yet. Showing the Traditional Chinese version.