| Hong Kong Economy Archive: |
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HK Currency Reserve Assets Rise
Feb 11, 10:09 AM EDT |
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| HKMA announced today that the official foreign currency reserve assets of Hong Kong amounted to US$159.9 billion at the end of January 2008. |
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| The US$7.2 billion increase in settled foreign currency assets in the month of January was due mainly to the purchase of foreign currencies with Hong Kong dollars and an increase in Certificates of Indebtedness, the latter reflecting the seasonal demand for banknotes around the Lunar New Year. |
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HK Interest Rate Falls 1.68% in January
Feb 15, 10:07 AM EDT |
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| The composite interest rate, fell by 61 basis points to 1.68% at the end of January 2008, from 2.29% at the end of December 2007. |
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| """"Looking ahead, the composite interest rate will continue to be influenced by changes in US interest rates and short-term variations in domestic liquidity conditions, given that a number of initial public offerings are in the pipeline,"""" said Mr Peter Pang, Deputy Chief Executive of the HKMA. |
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HK Residential Mortgage Loans Advance in January
Feb 26, 10:00 AM EDT |
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| According to HKMA's monthly survey of residential mortgage lending, new mortgage loans drawndown during January 2008 rose by 10.5% to HK$23.6 billion. |
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| New loans approved increased by 29.2% to HK$29.4 billion. The increase was due to increases in approvals for all types of property transaction. Approvals for primary market transactions increased by HK$0.9 billion or 52.7%, secondary market transactions by HK$5 billion or 27%, and refinancing loans by HK$0.7 billion or 28.9%. |
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HK Monetary Base Gains 5.7% in January
Feb 29, 9:54 AM EDT |
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| Monetary Base at the end of January 2008 was HK$338.4 billion, an increase of HK$18.1 billion from the end of December 2007. |
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| At the end of January 2008 the total assets of the Exchange Fund, at HK$1,451.1 billion, were HK$34.1 billion higher than at the end of December 2007. Foreign currency assets increased by HK$63.8 billion while Hong Kong dollar assets decreased by HK$29.7 billion. |
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HK Dollar Deposits Fall 1.8% in January
Feb 29, 9:50 AM EDT |
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| Total deposits with authorized institutions decreased by 1.6% in January 2008. |
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| Total loans and advances rose by 3.3% in January, with both Hong Kong dollar and foreign currency loans increasing. Loans for use in Hong Kong expanded by 3.1% and loans for use outside Hong Kong grew by 4.5%. The Hong Kong dollar loan-to-deposit ratio rebounded to 74% at the end of January 2008, compared with 71% at the end of December 2007. |
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Hong Kong's GDP Rises 6.7% in Q4
Feb 27, 12:14 PM EST |
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| On a seasonally adjusted quarter-to-quarter comparison basis, GDP recorded an increase of 1.6% in real terms in the fourth quarter of 2007. |
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| In the fourth quarter of 2007, the Gross Domestic Product increased by 6.7% in real terms over a year earlier, compared with the 6.3% increase in the third quarter. For 2007 as a whole, GDP recorded a growth of 6.3% in real terms over 2006. |
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Hong Kong's Unemployment Rate Remains at 3.4%
Feb 20, 3:15 PM EST |
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| In January 2008, the Labour Department netted 48 142 vacancies from the private sector, a substantial increase of 27.1% over the same period last year |
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| According to the latest labour force statistics released today by the Census and Statistics Department, the seasonally adjusted unemployment rate stood at 3.4% in November 2007 – January 2008, same as that in October – December 2007. |
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Hong Kong’s Interest Rate Drops to 1.68%
Feb 20, 3:15 PM EST |
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| The Hong Kong Monetary Authority announced today the composite interest rate at the end of January 2008. |
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| The composite interest rate, which reflects the average cost of funds of banks, fell by 61 basis points to 1.68% at the end of January 2008, from 2.29% at the end of December 2007. This followed an increase of 7 basis points in December 2007. The fall in the composite interest rate in January 2008 reflected downward adjustments across-the-board of local interest rates, including savings and time deposit rates, as well as interbank interest rates. |
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Hong Kong Trade Surplus Hits $ 277B in 2006
Feb 04, 12:02 PM EST |
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| An invisible trade surplus at $277.2 billion, equivalent to 96.3% of the value of total imports of services, was recorded in 2006. |
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| In 2006, the value of total exports of services rose by 14.1% over 2005 to $565.1 billion, and that of total imports of services grew by 9.0% over the same period to $287.9 billion. Analysed by major service group, merchanting and other trade-related services was the largest group of exports of services, accounting for 31.5% of the total value in 2006. This was followed by transportation services 30.8%, travel services 16.0%, financial services 12.7%, and insurance services 0.6%. |
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