China Construction Bank head foresees stable HK rates

Business | 3 May 2019 5:54 pm

Miranda Kwok Pui-fong, president and executive director of China Construction Bank (Asia), predicted in a radio show that interest rates in Hong Kong will remain steady over the next three to six months.

She said that the US Federal Reserve is nearing the end of the rate increase cycle for this year, and there is little chance for another interest increase.

She also believes that there is little pressure for local banks to raise interest rates given deposits of HK$13.56 trillion and HK$9.95 trillion loans.

When asked about the recent rise in Hibor, she said that most of the time Hibor would go up at the end of a quarter, and tends to be stable after the short-term fluctuations.

Regarding the Hong Kong Monetary Authority's announcement that there is currently no plan to discontinue Hibor, Kwok said that it was still in the research stage, and that CCB Asia would be ready for replacement of Hibor in the future.

 

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