Hong Kong Dollar News
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The gap between Hong Kong home prices and sales is the widest on record as new taxes, rising supply and the prospect of higher mortgage costs deter buyers in the world’s most expensive housing market.
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Hong Kong’s Dim Sum loans will top 100 billion yuan ($16.2 billion) this year after the city’s monetary chief Norman Chan relaxed capital rules, Citigroup Inc. said.
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Hong Kong’s dollar peg shields the local economy from external shocks and it will be “many years” before a switch to a yuan link can be considered, according to John Greenwood, architect of the city’s exchange-rate system.
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The weakening yen has turned Japan’s annual Golden Week, a string of springtime holidays, into a boon for domestic tourism.
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The yuan climbed to a 19-year high as the central bank set a record reference rate amid growing usage of the currency for worldwide trade and investment.
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Qatar National Bank SAQ plans to sell dollar bonds as the first Arab lender with assets exceeding $100 billion pursues acquisitions.
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Mapletree Greater China Commercial Trust, which debuted in Asia’s biggest share sale this year, is ready for a further depreciation of the Hong Kong dollar against the Singapore currency, Chief Executive Officer Cindy Chow said.
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Hong Kong Monetary Authority can manage inflation risks caused by an appreciating yuan and is committed to its currency’s dollar peg in place since 1983, Chief Executive Norman Chan said.
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China praised Margaret Thatcher, the former U.K. prime minister who died yesterday, as an “outstanding statesman” for agreeing the 1997 return of Hong Kong to Chinese rule.
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The Hong Kong dollar touched HK$7.75 versus the greenback in New York trading hours, a move that may trigger intervention by the Hong Kong Monetary Authority.
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