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Hong Kong's CPI in May increased by 1.2% year-on-year.
On June 21st, Guo Lianhui reported that Hong Kong's May comprehensive CPI was at an annual rate of 1.2%, with an expected value of 1.30% and a previous value of 1.10%.
Hong Kong's unemployment rate remains at 3%.
On June 20th, Gelunhui reported that the seasonally adjusted unemployment rate in Hong Kong from March to May of this year remained at 3%. The underemployment rate rose from 1.1% to 1.2%. The changes in the unemployment rate in various industries were different, but the amplitude was generally small. In terms of the underemployment rate, the increase was mainly in the building decoration, repair and maintenance industry, the cleaning and similar activities industry, as well as the arts, entertainment and leisure activities industry. The total number of employed persons was 3.6969 million, an increase of about 2,800; the total labor force was 3.8131 million, an increase of about 5,300; the number of unemployed was 116,200, an increase of about 2,500, and underemployment.
In the first quarter of this year, the total value-added of all service activities in this region increased by 3.1% year-on-year.
The government statistics department released preliminary figures today for the first quarter of this year's local gross domestic product calculated on a quarter-on-quarter basis according to economic activity classification.
The governor of the central bank stated that the MLF can dilute the policy interest rate color. Will the LPR be independently lowered in the future? Industry insiders: it is very likely in the third quarter, with many precedents before this.
On June 19th, Pan Gongsheng said that in the future, a short-term operation rate of the central bank could be considered the main policy rate. The rate of other monetary policy tools of different maturities can dilute the color of the policy rate and gradually clarify the transmission relationship from short to long; industry insiders interviewed said there is a possibility of independently lowering LPR quotes in the third quarter. Statistical data shows that the LPR rate has been lowered multiple times without the MLF changing, and even significantly reduced.
Hong Kong Monetary Authority: The composite interest rate at the end of May was 2.61%, a decrease of 4 basis points from the previous month.
On June 19th, the Hong Kong Monetary Authority (HKMA) announced the composite interest rate at the end of May 2024.
State Administration of Foreign Exchange: in May, banks completed CNY 1.25 trillion in foreign exchange purchases, and CNY 1.36 trillion in foreign exchange sales.
On June 17, the State Administration of Foreign Exchange released the data for May 2024 on bank foreign exchange transactions and bank customers' foreign exchange payment and receipt.
Hong Kong Census and Statistics Department: In the first quarter, the total income of Hong Kong residents increased by 9.6% year-on-year to 831 billion Hong Kong dollars.
In the first quarter of 2024, the total income of Hong Kong local residents (referring to the total income earned by Hong Kong residents through various economic activities) calculated at the then market price increased by 9.6% to HKD 831 billion, compared to the same period last year.
Net return of 55 billion yuan! What is the signal as the central bank continues to shrink MLF again?
Experts believe that from a quantitative perspective, current liquidity is reasonably abundant and banks have relatively low demand for the central bank's "water supplement", so the central bank's reduction in MLF may be aimed at avoiding idle funds.
Hong Kong Exchanges and Clearing Limited has proposed five policy recommendations to promote the dual growth of liquidity and efficiency in Hong Kong's capital markets.
According to the Zhongtong Finance APP, on June 17th, Hong Kong's Financial Services and the Treasury Bureau released a research report entitled "Promoting Dual Growth of Liquidity and Efficiency: Optimizing Hong Kong's Securities Trading Mechanism and Market Operations".
The People's Bank of China continues to carry out MLF at the same amount and interest rates have remained unchanged for 10 consecutive months. The reduction of RRR and interest rates may still need to be postponed, and the policy may be implemented in the
① Overall disturbance in the capital market in June was limited, and the loose situation is expected to continue. Financial institutions have a weak demand for MLF, while the government bond supply pressure in June may be reduced compared to May, and the central bank does not intend to inject too much liquidity. ② Reducing MLF operation rate in the third quarter is still seen as a possible policy option. It is expected that the demand for MLF by banks will increase in the third quarter, and there is hope for an increase in the amount of MLF operations.
The People's Bank of China has just released the latest figures! From January to May, new social financing amounted to 14.8 trillion yuan, a year-on-year increase of 7% for M2.
RMB loans increased by 11.14 trillion yuan in the first five months, while RMB deposits increased by 9 trillion yuan.
Hong Kong's High Interest Rates May Persist Due to Uncertainty of Fed Rate Cuts
The Hong Kong Monetary Authority said high interest rates may remain for some time as it is uncertain when the US Federal Reserve will cut its interest rates, according to a Thursday press release by
Chung Yuan Mortgage: The interest rate reduction cycle in Hong Kong may start from the end of this year to the first quarter of next year.
Wang Meifeng said that the interest rate reduction cycle in Hong Kong has the opportunity to start from the end of this year to the first quarter of next year, and then the interest rate in Hong Kong may fall to 4% or below.
The Hong Kong Monetary Authority maintains the basic interest rate at 5.75 basis points unchanged.
As expected by the market, the Federal Reserve kept interest rates unchanged, with the federal funds rate between 5.25 and 5.5 basis points. The Hong Kong Monetary Authority also kept the basic interest rate unchanged at 5.75 basis points.
China's CPI rose 0.3% year on year in May
In May, the national industrial producer ex-factory price fell by 1.4% year-on-year, narrowing by 1.1 percentage points from last month, and rose by 0.2% month-on-month, down from 0.2% decline last month; industrial producer purchase prices fell by 1.7% year-on-year, up 0.3% month-on-month. From January to May, the average ex-factory price of industrial producers decreased by 2.4% compared to the same period last year, and industrial producer purchase prices decreased by 3.0%.
Hong Kong's official forex reserve assets increased to US$ 417.2 billion by the end of May.
The Hong Kong Monetary Authority announced that Hong Kong's official foreign exchange reserves at the end of May were USD 417.2 billion, up USD 8 billion from the end of April. Including unsettled foreign exchange contracts, Hong Kong's foreign exchange reserves at the end of May were USD 417 billion, compared to USD 416.4 billion at the end of April. The total amount of foreign exchange reserves of USD 417.2 billion is equivalent to more than five times the circulation of Hong Kong currency or about 39% of the M3 money supply in Hong Kong.
Hong Kong's Business Activity Contracts in May
Business activity in Hong Kong contracted once more in May after improving in March and April due to a fall in new orders and export conditions, according to data from S&P Global released Wednesday.
Hong Kong PMI Indicates Downturn in Business Conditions -- Market Talk
0121 GMT - The latest S&P PMI data for Hong Kong looks bleak, indicating a worsening of business conditions in the private sector in May. The headline PMI slid to 49.2 in May from 50.6 in April, signa
Manufacturing PMIs Signal Global Industry Rebound in 2Q -- Market Talk
The latest manufacturing PMIs suggest the global industry recovery has gathered momentum so far in 2Q and price pressures have risen.
Express News | Hong Kong's economy grew 2.7% year-on-year in the first quarter of this year