In October, the PMI of Hong Kong's "Economy" rose to 52.2, indicating a regained growth in the business environment.
S&P Global announced that the Hong Kong Purchasing Managers' Index (PMI) for October, adjusted for seasonality, recorded 52.2, higher than September's 50, marking the first improvement since May and reflecting a positive turnaround in the business environment at the beginning of the fourth quarter this year, breaking free from the stagnation in September. During the period, the increasing demand is a key pillar supporting the improvement of the business environment. The overall growth in new orders reached the highest level in a year and a half, with interviewees often citing the mainland's introduction of stimulus policies and a resurgence in tourism as reasons. Business from the mainland and overseas also rebounded after shrinking at the end of the third quarter, with industry data showing a significant increase in orders in the service sector in October. Due to the new initiatives.
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Eddie Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority: The Hong Kong dollar interest rates are still at a relatively high level in the short term.
On November 4th, Eddie Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority, stated at a meeting of the Financial Committee that the future pace of rate cuts by the Federal Reserve still faces many uncertainties. It is expected that the market is highly sensitive to various economic data and political risks. Investors should pay attention to the risk of market fluctuations under the linked exchange rate system. The rate cut by the Fed may provide room for Hong Kong rates to fall, but short-term HKD interbank rates will be affected by seasonal factors and activities in the capital markets. He further mentioned that the Fed's rate cuts and mainland measures to boost the economy have a positive impact on the local economy. However, the economic outlook of Hong Kong still faces uncertainties such as geopolitical situations. He also mentioned that HKD interest rates will still
Hong Kong Inland Revenue Department: Reducing the tax reserve certificate interest rate to 0.7167%, effective from November 4th.
The Hong Kong Inland Revenue Department announced today that starting from November 4, 2024, the new annual rate for interest on tax reserve certificates will change from the current 0.8000% to 0.7167%, which means that under the new rate, 0.0597 yuan of interest can be earned per 100 yuan per month.