| Hong Kong Economy Archive: |
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HK Foreign Currency Reserve at US$152.7 B
Jan 07, 10:26 AM EDT |
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| The total foreign currency reserve assets of US$152.7 billion represent about seven times the currency in circulation or 33% of Hong Kong dollar M3. |
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| Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of December 2007 also stood at US$152.7 billion (end-November 2007: US$150.6 billion). Hong Kong is the world’s ninth largest holder of foreign currency reserves based on the latest published figures, after Mainland China, Japan, Russia, India, Taiwan, Korea, Brazil and Singapore. |
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HKMA Residential Loans Rise by 14.3%
Jan 25, 10:17 AM EDT |
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| According to the HKMA's survey of residential mortgage lending, new mortgage loans during December increased by 14.3% to HK$21.4 billion. |
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| The proportion of new loans approved at more than 2.5% below the best lending rate decreased to 87.9% from 90.9% in November, as the proportion of new approvals for HIBOR-based loans increased. |
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HKMA Base Rate Adjusted Downward
Jan 31, 10:14 AM EDT |
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| Base Rate was adjusted downward by 75 basis points to 5% with immediate effect according to a pre-set formula. |
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| The Hong Kong Monetary Authority (HKMA) announced today that the Base Rate was adjusted downward by 75 basis points to 5.00% with immediate effect according to a pre-set formula. The reduction in the Base Rate follows the 75 basis points cut in the US federal funds target rate on 22 January (US time). |
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HKMA Deposits Fall 3.8% in December
Jan 31, 10:12 AM EDT |
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| On a seasonally adjusted basis, Hong Kong dollar M1 rose by 1.2% in December and by 10.4% from a year earlier. |
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| In the fourth quarter of 2007, loans for use in Hong Kong decreased by 4.4%, mainly driven by the 86.4% decline in loans to stockbrokers. Analysed by economic uses, most types of loans expanded and lending to financial concerns registered a strong increase of 9.6%. |
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November Retail Sales Rise
Jan 03, 9:29 AM EST |
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| The volume of total retail sales in the three months ending November 2007 increase by 2.7%. |
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| The value of total retail sales in November 2007, provisionally estimated at $20.3 billion, increas by 19.5% over a year earlier. After netting out the effect of price changes over the same period, the volume of total retail sales increased by 15.3% in November 2007 over a year earlier. |
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HK Goods Exports Gain 5% in November
Jan 17, 12:47 PM EST |
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| Total exports goods increased by 5.0%, imports 9.6%. |
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| In November 2007, the volume of Hong Kong''''''''s re-exports of goods increased by 5.3% over November 2006, whereas that of domestic exports decreased by 1.3%. Taken together, the volume of total exports of goods increased by 5.0%. Concurrently, the volume of imports of goods increased by 9.6%. |
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December Unemployment Rate Declined
Jan 17, 12:48 PM EST |
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| For 2007 as a whole, the unemployment rate averaged at 4.0%, down visibly from 5.6% in 2005 and 4.8% in 2006. |
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| According to the latest labour force statistics released today by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 3.6% in September – November 2007 to 3.4% in October – December 2007, the lowest level since January – March 1998. Over the same period, the underemployment rate edged down from 2.2% to 2.1%. |
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HK CPI Rises 3.8% in December 2007
Jan 22, 6:40 AM EST |
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| Fourth quarter of 2007, the Composite CPI rose by 3.5%, annual Composite CPI increase 2.0% |
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| The Census and Statistics Department released today the Consumer Price Index(CPI)figures for December 2007. According to the Composite CPI, overall consumer prices rose by 3.8% in December 2007 over a year earlier, larger than the 3.4% increase in November. |
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Survey-Better Business Conditions
Jan 24, 1:02 PM EST |
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| For all surveyed sectors taken together, respondents expect their business situation to be better, compared to worse, in Q1 2008 over Q4 2007. |
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| The survey covers ten major sectors in Hong Kong, including the manufacturing; construction; wholesale and retail; import and export trade; restaurants and hotels; transport and related services; communications; real estate; business services; and banks, financing and insurance sectors. |
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HK Exports Rise 8.2% in December
Jan 24, 12:56 PM EST |
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| Comparing the fourth quarter of 2007 total exports of goods rose by 3.8% the value of imports of goods increased by 5.3%. |
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| The Census and Statistics Department (C&SD) released today the external merchandise trade statistics for December 2007. In December 2007, the values of Hong Kong’s total exports and imports of goods recorded year-on-year increases of 8.2% and 10.3% respectively. |
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