Hong Kong Monetary Authority (HKMA)

Hong Kong banks borrowed the largest amount of short-term cash in almost five years from authorities, a move pointing to a sudden demand for liquidity.

The Hong Kong Monetary Authority lowered rates by a half percentage point to 5.25% on Thursday from the highest level since 2007.

The disciplinary action follows an investigation by the Hong Kong Monetary Authority of DBS Hong Kong’s systems and controls.

The number was up from about US$100 million in 2022.

The rate hike comes at a time when Hong Kong’s economy has been throttled by its worst virus outbreak ever

SINGAPORE (Nov 14): Singapore, with a value of trade more than three times its Gross Domestic Product, is moving ahead to reduce the paperwork needed to process physical trade and also make it more secure through distributed ledger technology.

(Dec 9): The Hong Kong Monetary Authority expressed concern after a newspaper said DBS Group Holdings staff were arrested in a probe connected with an alleged leak of customer data.