The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks mu...
HONG KONG - The Hong Kong Monetary Authority has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion into the broader economy which has been hit by months-long protests and the Sino-U.S. trade war.
“Economic indicators and other relevant evidence have signaled that the economic environment in Hong Kong has deteriorated significantly since June 2019,” HKMA chief executive Eddie Yue said in the statement. The economy shrank 0.4% in April-June from the previous quarter, and conditions have sharply deteriorated since then.
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