Market Chatter: Higher Interest Rates Push Hong Kong Companies to Borrow from Mainland China

MT Newswires Live12-10

Higher interest rates in Hong Kong have driven companies in the city to borrow money from mainland Chinese banks, The Standard reported, citing Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen Kwok-hang.

Total loans granted by banks in the city fell 3.2% in the 10 months through October, according to data from the city's de facto central bank released Nov. 29.

Cross-border trade settlements fell to 1.22 billion yuan in October from 1.27 billion yuan in September, the HKMA said.

The difference in interest rates between Hong Kong and mainland China is between 1.5% to 2%, leading to a 5.8% rise in savings and abundant liquidity, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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