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HONG KONG: Hong Kong commercial banks raised their benchmark lending rates on Thursday for the first time in 12 years, increasing the cost of home mortgage repayments in one of the world’s most expensive property markets.
HONG KONG: Banks began closing the chapter on a decade of ultra-low borrowing costs, casting a pall over a property rally that made the city one of the world’s most expensive places to buy a home.
The property market in Hong Kong is known to be among the most expensive in the world, with prices continuing to soar over the years despite various cooling measures by the authorities. It is also seen to have among the world’s worst housing bubble risks.
HONG KONG: The Hong Kong Monetary Authority (HKMA) could be even busier with currency buying in September.
HONG KONG: Hong Kong intervened to defend its currency peg for the fourth day this month, as the local dollar fell to the weak end of its trading band with the greenback.
HONG KONG: Hong Kong intervened again to defend its currency peg as the greenback rallied after US-China trade talks yielded no progress.
HONG KONG: Hong Kong’s currency interventions continued overnight, taking this week’s total to HK$16.8 billion ($2.1 billion).
HONG KONG: Hong Kong intervened to defend its peg to the dollar for the first time in three months after the local currency fell to the weak end of its trading band.