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.
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.
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.
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.
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.
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.
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.
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.
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.
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.