Hong Kong Monetary Authority

Capital / Liquidity

Capital Has Not Left Hong Kong’s Financial System: HKMA

By Manesh Samtani | 04/05/2023

Deposits at Hong Kong banks grew by 1.4% in the year ending March 2023, despite some outflows from HKD assets in response to interest rate differentials.

Hong Kong Mandatory Reference Checking Regime Now in Force

By Editors | 04/05/2023

The regime requires banks to conduct mandatory reference checks to fill specified positions, to address the issue of ‘rolling bad apples’.

HKMA Set to Implement New Rules for Trust Business

By Editors | 03/05/2023

Banks must report by 15 May on whether they and/or their subsidiaries carry on trust business in Hong Kong. The new rules commence on 1 June.

Market Infrastructure

PBOC Issues Rules to Facilitate Introduction of Swap Connect

By Editors | 01/05/2023

Initially, centrally-cleared interest rate swap products will be eligible for trading under the northbound scheme. A southbound leg will be considered later.

Hong Kong Further Extends Repayment Period for Trade Loans

By Editors | 30/04/2023

Existing trade facilities falling due between May and July 2023 can be extended by a further 90 days, the HKMA said.

AML / KYC

HKMA Offers Guidance on VASP Account Opening

By Manesh Samtani | 28/04/2023

Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

Crypto / Digital Assets

China to Start Using CBDC in Cross-Border Trade

By Sanday Chongo Kabange | 28/04/2023

Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.

HK to Guarantee Loans to Travel, Transport Industries

By Editors | 27/04/2023

New scheme will provide guarantees on loans to cross-boundary passenger transport operators and licensed travel agents.

AML / KYC

HK Bank-to-bank Information Sharing Platform to Launch in June

By Manesh Samtani | 26/04/2023

Authorities are also considering co-locating bank staff at the ADCC, as this has helped to reduce stop payment response times and enhance loss recoveries in other jurisdictions like Singapore.