Yuan repo sees sudden surge in demand

Business | Kevin Xu and Stella Zhai 11 Aug 2020

Banks at one point almost used up the Hong Kong Monetary Authority's 10-billion-yuan intraday repo yesterday, and analysts believed banks may want to hold more of the currency for future deployment.

As of 2pm yesterday, the outstanding amount borrowed under intraday repo was 9.5 billion yuan.

In the currency market, the yuan weakened 103 basis points to 6.9701 per US dollar.

Meanwhile, the HKMA said the Faster Payment System turnover almost quadrupled year-on-year last month.

Separately, Invest Hong Kong has launched a fast track program, through which companies engaging in the fintech sector can apply and pitch their solutions to the HKMA and partner companies.

Charles Ng Kwok-choi, Associate Director-General of InvestHK, expects the program will provide fintech enterprises with the ideal test ground and launchpad for growth in the post-pandemic era.

King Leung, the head of Fintech at InvestHK, added that in addition to potential deals and investment, each eligible company can also apply for the government's landing support of between US$111,000 (HK$865,800) and US$2.6 million, regardless of the pitching outcome.

Companies from nine fintech verticals can submit applications until August 31.

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