Benjamin Hung News
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American and European financial companies with units in Hong Kong can use yuan raised offshore to invest in China’s capital markets as part of a recently expanded program, according to the central bank.
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Hong Kong banks may increase the interest rates they charge on mortgages as the city’s new risk rule pushes up funding costs, said Benjamin Hung, chief executive officer for the city at Standard Chartered Plc.
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Chinese regulators expanded a program allowing institutions to raise yuan offshore for investment in the mainland, a step that moves the nation closer to a freely traded currency and may bolster confidence in the stock market.
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Yuan-denominated lending in Hong Kong may jump fivefold to 100 billion yuan ($16 billion) next year because of tighter funding in other currencies, Standard Chartered Plc said.
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Hong Kong home prices, which rose the most globally in the past year, may need to fall as much as 10 percent in 2012 before buyers are lured back, according to Standard Chartered Plc.
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Hong Kong mortgage rates may rise on increasing capital costs, the Hong Kong Economic Journal reported today, citing Benjamin Hung, chief executive officer of Standard Chartered Plc’s Hong Kong unit.
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The Year of the Dragon, representing wealth and power in China, is shaping up to be the opposite for the world’s costliest housing market, Hong Kong.
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Yuan loans in Hong Kong may triple this year as the currency becomes more globally accepted in trade and finance, according to Bank of Communications Ltd., China’s fifth-largest lender by market value.
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The euro remained stronger against the majority of its most-traded counterparts as lawmakers in Slovakia, the only member of the euro area that hasn’t ratified a retooled bailout fund, may pass it this week.
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South Korea’s won rose to a two-week high after German and French leaders pledged to stem a European debt crisis that’s bolstered the dollar and curbed demand for higher-yielding assets. Government bonds advanced.
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