According to the figures released today (December 19) by the Census and Statistics Department (C&SD), total employment in the private sector surveyed decreased by 1.4% or 39 400 persons in September 2019 compared with a year ear… read more
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (December 19) the composite interest rate at the end of November 2019 (Note 1).
The composite interest rate, which is a measure of the average cost of funds of banks, remained unchanged at 1.04 per cent at the end of November 2019 (see Chart 1 in the Annex). During the month, the weighted funding cost for deposits was steady (see Chart 2 in the Annex) (Note 2).
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of November 2019 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk). The next data release is scheduled for January 17, 2020 and will provide the composite interest rate at the end of December 2019.
Note 1: The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers’ deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.
Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local “Interest rate risk in the banking book” (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months. read more
The effective exchange rate index for the Hong Kong dollar on Thursday, December 19, 2019 is 106.4 (down 0.1 against yesterday’s index). read more
The following is issued on behalf of the Hong Kong Housing Authority: The Hong Kong Housing Authority (HA) announced today (December 19) that applicants who intend to purchase flats under the Sale of Green Form Subsidi… read more
The Secretary for Labour and Welfare, Dr Law Chi-kwong, today (December 19) said he was deeply saddened to learn of the death of a Workman II of the Fanling Probation and Community Service Orders Office of the Social Welfare Department (SWD) in a serious traffic accident on the Fanling Highway yesterday (December 18).
“On behalf of the Labour and Welfare Bureau and the SWD, I would like to extend my deepest condolences to her family. The department will make every effort to provide assistance for the family as appropriate,” Dr Law said.
Dr Law also extended his deepest condolences to the families of the other five deceased victims and people injured in the accident, noting that the SWD would render appropriate assistance according to their welfare needs.
The SWD has assigned a social worker for the family of each deceased victim and for each injured victim, providing them with psychological counselling, emotional support and financial assistance, including assistance in burial services. The department will also co-ordinate donations from charities for victims of the traffic accident.
Members of the public who are emotionally affected by the accident may call the SWD’s 24-hour hotline (2343 2255). The department will provide emotional counselling and support services for people in need. read more