Norman Chan News
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South Korea’s central bank chief said a U.S. pullback from monetary easing would spur risks worldwide from rising bond yields, adding to a global debate over how to manage costs from exiting record stimulus.
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Hong Kong’s economy grew a less-than- estimated 0.2 percent in the first three months of this year, the slowest pace in three quarters, as China’s expansion cooled.
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Hong Kong’s economy is at risk of overheating after household debt rose to a record 61 percent of gross domestic product, said Norman Chan, chief executive of the Hong Kong Monetary Authority.
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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 Treasury Markets Association will start compiling an interbank interest rate fixing for offshore yuan in June amid rising demand for loans in the currency outside of China.
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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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Hong Kong’s banking regulator told chief executives of lenders in the city in a letter today to strengthen their anti-money laundering controls and systems.
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China’s yuan advanced to a 19-year high after the central bank set a record reference rate for the currency amid signs capital inflows are gathering pace.
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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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Hong Kong monetary chief Norman Chan said more measures are possible to cool the city’s housing market as elevated household debt adds to risks from property- price gains over the past four years.
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