Tag Archives: China

The following is issued on behalf of the Hong Kong Monetary Authority:

     To deepen financial cooperation between the Mainland and Hong Kong, and to meet the demand of residents in both places for secure, efficient and convenient cross-boundary remittance service, the People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) have jointly pushed forward the cooperation between the China National Clearing Center (CNCC) and the Hong Kong Interbank Clearing Limited (HKICL) in linking the faster payment systems in the Mainland and Hong Kong (hereafter referred to as Payment Connect). It is hereby announced that:

     1. Payment Connect refers to the linkage between the Mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS). It supports real-time cross-boundary payment services for residents in both places, in compliance with relevant laws and regulations of the two places.

     2. Payment Connect supports the participating institutions of the faster payment systems in both places to provide convenient remittance services in Renminbi and Hong Kong dollar for residents in both places under the current account. It also supports the participating institutions in both places, on the basis of implementing relevant policies, to provide instant remittance services for salary disbursements, payments of tuition fees and medical bills, as well as other use cases beneficial to the integration of the two places.

     3. Payment Connect represents another key measure of the Central Government in supporting the development of Hong Kong. It brings convenience to people’s daily lives, deepens financial cooperation between the Mainland and Hong Kong, and enhances the efficiency and service quality of cross-boundary payments between the two places. It also facilitates economic and trade activities and flow of people, benefits Hong Kong in elevating its competitive edge, and reinforces its position as an international financial centre and a global offshore Renminbi business hub.

     4. Under the framework of the Memorandum of Understanding on Cross-Boundary Linkage of Payment Systems between the Mainland and Hong Kong, the PBoC and the HKMA will establish an effective collaboration mechanism for the Payment Connect to ensure the related services are operated in an orderly manner and comply with the respective legal and regulatory requirements in the two places.

     5. The CNCC and HKICL, having regard to the operation procedures and risk management principles, will coordinate with participating institutions to provide secure and efficient cross-boundary payment services to residents in both places, ensuring the smooth operation of the system and its transactions, while actively coordinating in resolving issues which may arise.

     6. Institutions participating in the Payment Connect shall strictly comply with the relevant laws and regulations on anti-money laundering, counter-terrorist financing, counter-proliferation financing and cross-boundary payment settlement.

     7. Payment Connect will be launched on June 22, 2025.

Note: This is a translated version of the official announcement in Chinese. read more

     â€‹Following is the video speech by the Chief Executive, Mr John Lee, at the Hong Kong Exchanges and Clearing Limited (HKEX) 25th Anniversary Celebrations today (June 20):
      
Distinguished guests, ladies and gentlemen,
      
     I’m delighted to speak to you in celebrating the 25th anniversary of HKEX.
      
     What a grand day this is for HKEX, the fast-beating heart of the financial community that has been instrumental in powering Hong Kong’s rise these past 25 years. With the resounding support of our country, our financial community, which also includes our world-class regulators and the financial and professional services sector, helps to cement Hong Kong’s place as one of the world’s top three international financial centres.
      
     For HKEX – for all of us – it’s been a remarkable journey. Since HKEX’s listing in 2000, Hong Kong has emerged as a premier global listings destination, with the number of listed companies here rising from 790 to more than 2 600 today.
      
     A few more telling numbers. Over the past quarter of a century, our total market capitalisation has soared six times, while the average daily turnover has increased nine times.
      
     Over the years, Hong Kong has become known, worldwide, as a preferred destination for a great many large and high-profile initial public offerings (IPOs).
      
     This year has been particularly rewarding. Last month, we welcomed the largest global IPO of the year to date. And Hong Kong leads the world in IPO fundraising, with 29 listings and raising nearly US$10 billion in the first five months of the year. That, ladies and gentlemen, is a seven-time growth, year-on-year.
      
     That remarkable surge in IPOs and market turnover also manifests strong global confidence in our financial ecosystem. 
      
     HKEX plays a crucial role, too, in facilitating Hong Kong’s rise as a “super connector” and “super value-adder” between our country and the world at large. This past year, it added Abu Dhabi and Dubai to its list of recognised stock exchanges, which now total 20.
      
     And then there’s the mutual access programmes linking up the markets between Hong Kong and the Mainland, from the expansion of eligible ETFs (exchange-traded funds) under Stock Connect, and the enhancement of mutual recognition of funds arrangement, to the improvement measures for Bond Connect trading, and the recent announcement of plans to expand products under Swap Connect. 
      
     Together, these initiatives have realised deeper, more interconnected financial ties between the Mainland and Hong Kong markets.
      
     Despite today’s global challenges, and the economic chaos they’re creating, the Hong Kong SAR (Special Administrative Region) Government is resolutely committed to working with HKEX and our regulators to boost market liquidity.
      
     I am grateful to HKEX for its unwavering support of the Government’s policy priorities. In the past year, HKEX has adopted a variety of initiatives, including enhancing the specialist technology listing regime, narrowing the trading spread and launching its technology enterprises channel.
      
     Those measures also include maintaining trading under severe weather conditions. That enables investors to manage their portfolios and minimise market risks.
      
     Earlier this year, I am pleased to note, the London Metal Exchange, a wholly-owned subsidiary of HKEX, added Hong Kong as an approved delivery point in its global warehousing network. 
      
     The approval of seven new warehouses here in just a few months is a clear and compelling statement of Hong Kong’s status as an international financial, shipping and trade centre. It will go a long way to supporting our building of a vibrant commodity trading ecosystem in Hong Kong, and attracting more companies to establish a presence here.
      
     Once again, my heartfelt congratulations to HKEX on your silver jubilee – a quarter of a century of outstanding service. Working together, I’m confident we will ensure Hong Kong’s continuing success as one of the world’s surpassing financial centres.
      
     Thank you. read more

     The Immigration Department (ImmD) carried out repatriation operations from June 18 to today (June 20). A total of 56 unsubstantiated non-refoulement claimants who were illegal immigrants and overstayers were repatriated to their pla… read more

The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA) published today (June 20) statistics on Stored Value Facilities (SVF) schemes issued by SVF licensees for th… read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) published today (June 20) statistics of payment cards issued in Hong Kong for the first quarter of 2025.
      
     The payment card statistics (see Annex) include quarterly data on credit and debit cards issued in Hong Kong under the credit and/or debit card schemes of the eight payment card scheme operators (Note 1). The HKMA began to publish the payment card statistics on a quarterly basis in June 2010 to enhance transparency of the payment card industry in Hong Kong, in line with international practice.
      
     According to the quarterly statistics, the total number of credit cards in circulation (Note 2) was 21.88 million by the end of Q1/2025. The figure represents a 4.5 per cent increase from the previous quarter and a 9.5 per cent increase from the previous year. The number and value of credit card transactions (including retail sales and cash advances) (Note 3) are susceptible to seasonal factors and the general economic environment, making the trends more prone to fluctuation. The total number of credit card transactions was 332.44 million for Q1/2025, representing a 2.0 per cent decrease from the previous quarter and a 10.0 per cent increase from the same period in 2024. The total value of credit card transactions was HK$274.1 billion for Q1/2025, representing a 1.0 per cent increase from the previous quarter and a 8.4 per cent increase from the same period in 2024. Of the total transaction value, HK$186.1 billion (67.9 per cent) was related to retail spending in Hong Kong, HK$79.0 billion (28.8 per cent) in retail spending overseas and HK$9.0 billion (3.3 per cent) in cash advances.
      
     The total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. Like the number and value of credit card transactions, the number and value of debit card transactions in relation to retail sales and bills payments (Note 4) are also affected by seasonal factors. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments decreased by 1.8 per cent to 54.48 million while the total value increased by 1.1 per cent to HK$73.8 billion in Q1/2025. When compared to the same period in 2024, the total number increased by 12.8 per cent and the total value dropped by 2.0 per cent in Q1/2025.

Note 1: The payment card statistics are compiled from data on credit and debit cards issued in Hong Kong by both authorized institutions (AIs) and non-authorized institutions (non-AIs) under the credit and/or debit card schemes of the eight payment card scheme operators (“the card operators”). The card operators, in alphabetical order, are American Express International, Inc., Discover Financial Services (Hong Kong) Limited, EPS Company (Hong Kong) Limited (EPSCO), JCB International (Asia) Ltd, Joint Electronic Teller Services Ltd. (JETCO), MasterCard Asia/Pacific Pte. Ltd., UnionPay International Co. Ltd and Visa Worldwide Pte. Limited. 

Note 2: A credit card issued in Hong Kong only carries one credit card brand. The total number of credit cards in circulation refers to the total number of credit cards (i.e. cards with a credit function) issued in Hong Kong under the credit card schemes of card operators (but excluding EPSCO and JETCO, which do not operate a credit card scheme). Some of these credit cards carry debit card functions, i.e. the credit card can be used for making purchases/payments or cash withdrawal at ATMs through directly debiting cardholders’ bank accounts. 

Note 3: The total number/value of credit card transactions refer to the total number/value of transactions made via credit card accounts of credit cards issued in Hong Kong under the credit card schemes of card operators (excluding EPSCO and JETCO). Starting from March 2015, a Hong Kong/overseas spending breakdown of credit card retail sales transactions is provided. 

Note 4: The total number/value of debit card transactions in relation to retail sales/bill payments refers to the total number/value of those transactions made via debiting cardholders’ bank accounts. Some of the eight card operators do not operate a debit card scheme. Care should be exercised in combining the credit card retail sales figures and the debit card retail sales/bills payment figures because of the possibility of double counting.  read more