- Hong Kong Monetary Authority
“As far as the HKMA is concerned, we have introduced some measures that tightened [loan] underwriting standards.”
“Chinese authorities will make some revisions on rules and regulations regarding the yuan foreign direct investment plan in the coming months, and the framework should be in place by the end of this year, HKMA Deputy Chief Executive Peter Pang said in a press briefing Monday.”
“As of late June, according to the HKMA, yuan loans in Hong Kong totaled 10.98 billion yuan US$1.72 billion, a fraction of the 553.6 billion yuan in yuan deposits in the city.”
“Issuance of the so-called dim sum bonds, or offshore yuan bonds, totaled 70 billion yuan so far this year, already double the issuance for all of last year, and is likely to exceed 100 billion yuan by the end of 2011, HKMA's Mr. Pang said.”
“An HKMA spokeswoman said the government agency doesn't have a plan to launch a benchmark yuan-lending rate at the moment.”
“The HKMA will continue to closely monitor the effects of this downgrade on global markets.”
“HKMA Chief Executive Norman Chan said on Wednesday that Hong Kong saw a net outflow of 19.5 billion yuan via cross-border trade in September, as yuan payments into China exceeded those into the territory.”
“Norman Chan, the HKMA's chief executive said he doesn't expect the S&P downgrade to place significant pressure on the U.S. dollar, as the new double-A-plus rating is still "very high.”
“The HKMA on Monday confirmed that the China Securities Regulatory Commission had approved its QFII license, saying the Exchange Fund "has always been interested in the yuan market.”
“The HKMA uses the fund to maintain the Hong Kong dollar's peg to the U.S. dollar and ensure financial stability in the territory.”
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