ZARHKD ZAR/HKD
- 0.4421
- -0.0069-1.54%
ZAR/HKD News
Hong Kong Foreign Currency Reserves Slide in End-October
HKMA: Interest rates may remain at relatively high levels for a period of time.
The Federal Reserve in the USA cut interest rates by 0.25 basis points. The Hong Kong Monetary Authority stated that as expected by the market, the Fed further lowered interest rates, implementing a looser monetary policy. However, the future pace of rate cuts depends on the economic data in the USA, which will be affected by fiscal and economic trade policies, thus there are still many variables. Additionally, since the monetary policy environments of major economies are not necessarily fully synchronized, the risk of global market volatility is worth noting. The Hong Kong Monetary Authority mentioned that the financial and monetary markets in Hong Kong are operating smoothly, with stable market liquidity and a stable exchange rate of the Hong Kong dollar. The Hong Kong dollar's interbank interest rates are generally approaching the US dollar rates under the linked exchange rate system, while shorter-term interbank rates.
The Hong Kong Monetary Authority has lowered the basic interest rate by 25 basis points to 0.5%.
After the usa Federal Reserve cut interest rates by 0.25 percentage points again, the Hong Kong Monetary Authority lowered the discount window base rate by 25 basis points to 5 percent. (wl/w)~
Hong Kong Monetary Authority cuts benchmark interest rate to 5.00%.
November 8th, Kwong Wah ｜ The Hong Kong Monetary Authority lowered the benchmark interest rate to 5.00%, down from 5.25% previously. Overnight, the Fed announced a 25 basis point rate cut.
HKMA: Official forex reserves slightly decreased to $421.4 billion by the end of October.
The Hong Kong Monetary Authority announced that the official forex reserves at the end of October this year were $421.4 billion, a slight decrease of 0.3% from the $422.8 billion at the end of the previous month. There were no outstanding forex contracts at the end of October or September. The total forex reserves of $421.4 billion is equivalent to more than five times the circulating currency of Hong Kong, or about 39% of the mmf supply M3 in Hong Kong.
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.
Goldman More Upbeat on South Africa Than Its Finance Minister
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.
Hong Kong's third-quarter local gross domestic product is estimated to increase by 1.8% year-on-year.
The Census and Statistics Department of the Hong Kong government released the preliminary estimate of the Gross Domestic Product for the third quarter of 2024.
Hong Kong's GDP grew by 1.8% year-on-year in the third quarter, exceeding expectations.
Great Wall News October 31st｜Hong Kong's third quarter GDP annual rate initial value 1.8%, expected 3.1%, previous value 3.30%; quarterly initial value -1.1%, expected 0%, previous value 0.40%.
What to Watch in South Africa Budget: GDP, Debt, Infrastructure
Singapore's Monetary Authority expects this year's GDP growth to reach the upper limit of 2% to 3%.
In its latest macroeconomic assessment report released by the Monetary Authority of Singapore, the local economy is expected to achieve a GDP growth of 2% to 3% this year, reaching the upper limit. The GDP growth in 2025 is expected to meet expectations, while core inflation this year is projected to be between 2.5% and 3%, dropping to 1.5% to 2.5% next year. The report also indicates that core inflation will continue to ease for the remainder of this year and extend until 2025. The bank expects core inflation to decrease to around 2% by the end of this year and remain at that level in 2025. Both external and internal cost conditions should remain moderate, and government efforts to strengthen subsidies to alleviate the pressure of living costs will also help to suppress inflation.
Monetary Authority of Singapore: It is expected that the GDP growth in 2025 will remain similar to this year's growth rate.
On October 28, Singapore's Monetary Authority of Singapore: It is expected that the GDP growth in 2025 will maintain a similar growth rate to that of 2024, and the recent economic growth momentum is stronger than expected. Downside risks in 2025 include geopolitical and trade tensions, as well as adjustments in the AI-led recovery.
ZAR Setback Likely to Be Temporary – Commerzbank
Hong Kong Inflation Cools in September
South Africa Inflation Seen Edging Below 4% Fuels Rate Cut Bets
In September, Hong Kong's CPI rose by 2.2% year-on-year, and increased by 2.5% month-on-month.
According to the comprehensive consumer price index, in September 2024, the overall consumer price in Hong Kong rose by 2.2% compared to the same month a year earlier, which is lower than the corresponding increase in August 2024 (2.5%).
Hong Kong's CPI in September increased by 2.2% year-on-year.
October 22nd, Gray Guide | Hong Kong's September composite CPI annual rate was 2.2%, expected 2.4%, and the previous value was 2.5%.
Hong Kong Unemployment Fixed at 3% in Third Quarter