Money's too tight

Article Abstract:

Hong Kong is facing a liquidity squeeze as banks become much more cautious about lending because most of the collateral offered for loans has been losing value. This problem will have extensive repercussions. Economists are paying particularly close attention to unemployment, especially among white-collar workers who make frequent use of credit cards. Unemployment could rise to 8% by the end of 1998, from 3.9% in the first quarter of 1998. It is clear that it is now time to identify new ways of fuelling economic growth in Hong Kong.

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Convert your renmimbi: money rushes between Hongkong and China

Article Abstract:

Monetary integration and currency exchange are booming between Hongkong and China, despite the uncertain future of the renmimbi (Rmb) currency. According to a new study, 30% of Hongkong banknotes are circulating in China, and China has claims on $83 billion of Hongkong currency. As of Mar 1993 Chinese visitors to Hongkong can bring in up to Rmb 6,000, where Hongkong banks and gold shops readily accept them. Elsewhere, local governments are ignoring official exchange rates, and adding bribes to the price.

China, Foreign exchange

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Cash dispenser: fast-moving money underpins economy

Article Abstract:

Cash flow from the Chinese government and Chinese investors promises financial security for Hong Kong's economic future. Recent Chinese investments have been mostly in real estate and equities, and Hong Kong analysts predict that future economic growth will be China-linked. A Central Monetary Authority has been set up which will combine the role of the Exchange Fund with a close supervision of the banking system. The Authority aims to promote further Chinese investment.

Foreign investments, Cover Story

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