The People's Bank of China, Hong Kong Monetary Authority, and Bank Indonesia have established a framework for direct bilateral transactions, facilitating the exchange of Indonesian rupiah and Chinese yuan to boost regional currency use and Hong Kong's role as an offshore renminbi hub.
Xia Baolong, Beijing's top official for Hong Kong and Macau, visited the Hengqin cooperation zone to promote alignment with China's 15th five-year plan. The visit aimed to deepen integration into the Greater Bay Area and support Hong Kong and Macau in serving national development.
Hong Kong's Exchange Fund saw its smallest investment gain in five quarters, reporting HK$34.5 billion in Q1, a 56% decrease year-on-year, as the Middle East crisis impacted stock markets.
Hong Kong's monetary authority warned on April 28 that tokens bearing the tickers 'HKDAP' and 'HSBC' appeared in the market without being issued by licensed stablecoin issuers. Both HSBC and Anchorpoint, which received the HKMA's first stablecoin licenses on April 10, confirmed they haven't launched any regulated stablecoins yet. The scam exploits institutional trust built over generations rather than promising unrealistic returns.
Hong Kong’s monetary authority held its base rate at 4% following the US Federal Reserve’s decision to keep its target rate in the 3.5-3.75% range. Fed chairman Jerome Powell said he would remain on the Fed board after his term ends on May 15 due to President Donald Trump’s legal battle against him. Analysts said the inflationary impact of the US-Israel war with Iran had reduced chances of a rate cut this year.
The Hong Kong Monetary Authority has increased its SME lending support to HK$450 billion, offering flexible repayment and faster loan approvals to businesses struggling with fuel price volatility and Middle East geopolitical tensions.
HSBC and a Standard Chartered-led joint venture have secured Hong Kong's first stablecoin issuer licenses, aiming to integrate digital currency into traditional finance and boost the city's status as a digital asset hub.
