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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
Iranians walk past an anti-Trump billboard on a street in Tehran on September 23. In a speech at the UN General Assembly, US President Donald Trump asked aloud whether he should “annihilate the Islamic Republic and do it quickly”. Photo: EPA
United States

My Take | How Beijing is neutralising Washington’s sanctions machine

As alternative networks like China’s CIPS gain traction, the multilateral pushback is steadily eroding US financial dominance.

Hong Kong property

Buyers snap up new Hong Kong flats ahead of likely interest rate rises

China property

Global property investors see signs of recovery in China: JLL

Hong Kong economy

Letters | Is Hong Kong efficient enough to deploy long-term mainland Chinese capital?

Readers discuss the role Hong Kong can play as the national pension fund diversifies its asset allocation, how ordinary Hongkongers can contribute to poverty alleviation, and flight costs.

Visitors walk inside Hong Kong Convention and Exhibition Centre in Wan Chai with Victoria Harbour in the background on June 8. Photo: Sam Tsang
China travel

Before Apec meeting, China’s mobile-payment overhaul is helping foreigners spend

Smartphone apps such as Alipay and WeChat Pay now link foreign cards and wallets, easing a cashless barrier that has long frustrated international visitors.

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HSBC

Why Hong Kong banks have shut down 40% of branches in recent years

With the ability to transfer funds at 2am and AI to help plan investments, branches on every corner no longer make sense, local bankers say.

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HSBC

HSBC, Hang Seng to unify staff benefits in Hong Kong from January, memos reveal

Move follows HSBC’s US$14 billion buyout of remaining Hang Seng shares, with the overhaul targeting US$900 billion in combined synergies by 2028.

HSBC Hong Kong CEO Maggie Ng is pictured in March at the HSBC headquarters. Photo: Jonathan Wong
Morgan Stanley

Rivals move to poach Morgan Stanley clients after accidental deal leak

The affected clients have not taken legal action against Morgan Stanley or requested a replacement sponsor, according to a source.

Commodities

Shanghai Gold Exchange pushes more Chinese banks to end retail leverage trading

Lenders in China are redirecting retail clients to fixed-price accumulation plans and physical purchases of precious metals, moving away from margin-based speculation.

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United States

US 30-year mortgage rates top 7%, highest in Trump presidency

It is the highest average level since January 2025, with affordability a concern for US voters weeks ahead of November’s midterm elections.

Residential homes in Florida. Photo: Shutterstock Images
India

What can Asia, Global South learn from India’s new digital payment fee?

The roll-out is a good test of whether the system can generate enough revenue to pay for its own maintenance and expansion, experts say.

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A customer makes a payment through the Unified Payments Interface at a shop in Srinagar, Indian Kashmir, on September 16. Photo: EPA
IPO

China’s humanoid robot IPO slowdown no threat to firms with ‘genuine strength’

The market is shifting from a ‘blind rush’ to ‘fine screening’, but funding is still there for firms with clear strategies, Deloitte China says.

Bonds

Macroscope | Who has the upper hand in financial markets, the US or China?

Against the rising resilience of Chinese markets, the sharp reappraisal of US debt and dollar risks makes the answer far from clear-cut.

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ETFs

ChinaAMC launches 3 Hong Kong ETFs as demand for targeted strategies grows

Funds eye potential mainland investor participation and could join ETF Connect within six months, asset manager says.

The ETFs aim to capture opportunities across income, growth and cross-market investment themes. Photo: Dickson Lee
IPO

Morgan Stanley leak of confidential deal pipeline alarms Hong Kong market

Morgan Stanley says it ‘promptly took steps to address this inadvertent sharing of information’ and that it is engaged with relevant parties.

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The US investment bank was the second largest bookrunner in IPOs and other equity fundraising in Hong Kong in the first half of this year. Photo: Shutterstock
China property

What is tempting foreign investors back to China’s commercial property market?

Cross-border capital remains thin, but cheaper yuan financing and an expanding Reit market are opening pathways for global funds, analysts say.

Mainland China

US$365 trillion and counting: the world’s total debt hits record high, IIF finds

Debt climbs US$10 trillion in six months as fiscal strains deepen, exposing cracks in household and corporate balance sheets.

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United States

Opinion | Bad money decisions are coming home to roost for the US and Japan

For major economies that have relied on debt to maintain living standards since 2007, high inflation might be one way out.

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US Treasury Secretary Scott Bessent speaks during a press conference as finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, on September 1. Photo: Reuters
Yuan

Hong Kong aims to add yuan trading counter to southbound Stock Connect by July 1

Move marks the latest step in Hong Kong’s efforts to advance internationalisation of the Chinese currency.

Gold in Hong Kong

Hong Kong maps out gold, bond and liquidity push to deepen offshore yuan use

HKEX to launch yuan gold futures as HKMA eyes new products and platforms to expand offshore market activity.

Hong Kong

Will Hong Kong property market benefit as online financial firms get physical?

Online brokerages and digital banks are opening branches across city after a sharp drop in shop rents in prime locations.

A Futu Securities International branch in Causeway Bay. Photo: Sam Tsang
Yuan

Digital yuan push quickens as Ant International spurs instant cross-border flows

The Shanghai-to-Hong Kong settlements worth hundreds of millions of yuan bypassed traditional channels and could accelerate Beijing’s broader yuan strategy.

China is scaling up adoption of the digital yuan as it seeks to embed it more deeply into the country’s financial system. Photo: dpa
IPO

Chinese robot-sensor maker launches Hong Kong IPO amid US vacuum ban

Camsense Technologies aims to raise about US$87 million in a Hong Kong listing backed by carmaker BYD.

China stock market

As Buffett exits, China embraces his investment legacy. Will Wall Street buy it?

Chinese regulators push patient capital, reshape US$4.5 trillion mutual fund industry towards long-term holdings as foreign investors weigh risks against thin IPO pipelines.

Africa

Some family offices eyeing Chinese investments as US-China tensions ease: report

European, Middle Eastern and African family offices are increasing their exposure to China as they diversify their portfolios, report finds.

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Some family offices are planning to increase their exposure to the Chinese market this year, according to a new report. Photo: AFP
Hong Kong Monetary Authority (HKMA)

Hong Kong regulators to unveil next steps in new offshore yuan push

HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing.

The exchanges between policymakers and regulators are expected to pave the way for additional measures aimed at strengthening Hong Kong’s role as an offshore yuan trading centre, according to analysts. Photo: Shutterstock
United States

China grants BlackRock QDII status in US$149b cross-border market

The qualification allows firms to raise funds in China and deploy them in overseas asset portfolios.

Hong Kong environmental issues

Opinion | Hong Kong lacks a climate narrative to unify its efforts

Hong Kong does not mention ‘climate change’ in its five-year plan, yet it already has many ingredients of climate leadership.

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