Banking system sound, HKMA assures

Business | 12 Jun 2019 5:02 pm

A Hong Kong Monetary Authority spokesperson told Reuters today "the banking system of Hong Kong is safe and sound. Local banks are well capitalized and highly liquid. Their asset quality is good and their operations are strong." 
Both the Hong Kong dollar currency market and the money markets were operating in an orderly manner, the spokesperson said in an emailed statement. 
As a result of the higher interbank rates, the Hong Kong dollar gained by 0.2 percent to its strongest since last December. It was last seen at 7.8250 per U.S. dollar. 
The Hong Kong dollar is pegged to the U.S. dollar at a range of 7.75-7.85. Official interest rates in Hong Kong usually move in lockstep with the Federral Reserve. 
Interest rates are usually higher and liquidity tight during the mid-year dividend season and when there are large listings in the local stock market. 

The aggregate balance, a gauge of interbank liquidity, stood at HK$54.4 billion, compared with 
over HK$239 billion in September 2014. 

 

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