Tag Archives: China

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

     The Hong Kong Monetary Authority (HKMA) announced today (March 17) the composite interest rate at the end of February 2022 (Note 1).

     The composite interest rate, which is a measure of the average cost of funds of banks, remained unchanged at 0.21 per cent at the end of February 2022 (see Chart 1 in the Annex) as the weighted funding cost for deposits was steady during the month (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 February 2022 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).

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 "Quarterly Report on General Household Survey" for October to December 2021 is now available for download.      The report contains statistics on labour force, employment, unemployment and underemploy… read more

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

     â€‹The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Cathay United Bank Company, Limited relating to a phishing email, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

     The HKMA wishes to remind the public that banks will not send SMS or e-mails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the email concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force at 2860 5012. read more

     The Government today (March 17) exercised the power under the Prevention and Control of Disease (Compulsory Testing for Certain Persons) Regulation (Cap. 599J) to make a “restriction-testing declaration” (declaration) effective from 4pm, under which people (hereafter referred to as “persons subject to compulsory testing”) within the specified “restricted area” in Tuen Mun (i.e. Block 5, Po Tin Estate, Tuen Mun, excluding elderly centre on G/F, see Annex.) are required to stay in their premises and undergo compulsory testing. Persons subject to compulsory testing are required to stay in their premises until all such persons identified in the “restricted area” have undergone testing and the test results are mostly ascertained. The Government aims at finishing this exercise at around 2pm tomorrow (March 18). The operation may be extended depending on test results.
 
     A Government spokesman said, “Under Cap. 599J, the Government can, according to the needs of infection control, make a ‘restriction-testing declaration’. As the sewage discharged from the above building was tested positive for COVID-19, it is suspected that there are asymptomatic patients in the building. Given the risk of infection in the relevant area is assessed to be likely higher, the Government decided to make a ‘restriction-testing declaration’ for the relevant area.”
 
     The Government will set up temporary specimen collection stations at the “restricted area” and request persons subject to compulsory testing to undergo testing before 9pm today. Arrangements will be made for persons subject to compulsory testing to undergo a nucleic acid test at specimen collection stations where dedicated staff will collect samples through combined nasal and throat swabs. Persons subject to compulsory testing must stay at their place of residence until all test results are ascertained to avoid cross-infection risk. The Government will arrange for door-to-door specimen collection for people with impaired mobility and elderly persons. All persons in the “restricted area” who were tested positive for the SARS-CoV-2 virus on or after December 31, 2021, will not be required to undergo testing in this compulsory testing exercise.
 
     The Government spokesman said, “We understand that this exercise will cause inconvenience to the public. The Government has made arrangements to carry out testing for all persons present in the ‘restricted area’ as soon as possible. The aim is to strive to complete testing of all identified persons subject to compulsory testing and confirm the results, and finish the exercise at around 2pm tomorrow. The Government will make a public announcement when the declaration expires officially. In the cases in which employees are unable to go to work because of the declaration, the Government hopes their employers can exercise discretion and not deduct the salaries or benefits of the employees.”
 
     If staying in the “restricted area” will cause unreasonable hardship to individuals who are not residents in the area when the declaration takes effect, government officers may exercise discretion and allow that person to leave the area after considering the individual circumstances. That person must have followed the instructions to undergo testing and leave his/her personal information for contact purposes.
 
     According to the compulsory testing notice to be issued today, any persons other than those specified above who had been present at the above building for more than two hours from March 4 to March 17, 2022, even if they were not present in the “restricted area” at the time when the declaration took effect, must undergo compulsory testing on or before March 19, 2022. As a mutant strain is involved, for prudence’s sake, vaccinated persons and persons who have recently been tested are also required to undergo testing.
 
     The Labour Department has set up a hotline (Tel: 5660 3653) which started operation at 4pm today for residents restricted by the declaration to make enquiries and seek assistance. The Social Welfare Department will also provide assistance to the affected persons.
 
     The Government appeals to persons subject to compulsory testing for their full co-operation by registering and undergoing testing, and waiting for the results patiently at home. The Government will strictly follow up on whether the persons concerned have complied with the compulsory testing notices and “restriction-testing declaration”. Any person who fails to comply with the compulsory testing notices commits an offence and may be fined a fixed penalty of $10,000. The person would also be issued with a compulsory testing order requiring him or her to undergo testing within a specified time frame. Failure to comply with the compulsory testing order or the “restriction-testing declaration” is an offence and the offender would be liable to a fine at level 4 ($25,000) and imprisonment for six months. read more

     The Government yesterday (March 16) exercised the power under the Prevention and Control of Disease (Compulsory Testing for Certain Persons) Regulation (Cap. 599J) to make a “restriction-testing declaration” (declaration) effective from 4.30pm, under which people (hereafter referred to as “persons subject to compulsory testing”) within the specified “restricted area” in Wong Tai Sin (i.e. Kwai Yuen House, Chuk Yuen (South) Estate, Wong Tai Sin, excluding the non-domestic units on G/F) were required to stay in their premises and undergo compulsory testing. Persons subject to compulsory testing were required to stay in their premises until all such persons identified in the “restricted area” had undergone testing and the test results were mostly ascertained.

     In addition, the Government issued a compulsory testing notice yesterday, requiring any persons other than those specified above who had been present at the above building for more than two hours from March 3 to March 16, 2022, even if they were not present in the “restricted area” at the time when the declaration took effect, must undergo compulsory testing on or before March 18, 2022.

     The Government finished the compulsory testing exercise at around noon today (March 17) and carried out enforcement action in the “restricted area” afterwards to verify that all people in the “restricted area” had undergone compulsory testing in accordance with the requirements of the relevant declaration and compulsory testing notice. The Government announced that the enforcement operation ended at around 2pm today.

     The Government delivered food pack to persons subject to compulsory testing to facilitate their meal arrangements. Anti-epidemic proprietary Chinese medicines supplied by the Central People’s Government and rapid test kits were also provided to persons subject to compulsory testing to help them fight against the virus. The Housing Department set up a hotline for people restricted by the declaration to make enquiries and seek assistance.

     The Government thanks persons subject to compulsory testing for their support and understanding. With everyone’s co-operation and efforts, coupled with the tireless efforts of the testing contractors, residents have been informed about their testing results by SMS notification. After finishing the compulsory testing exercise at around noon today, the Government took enforcement action in the “restricted area” immediately to verify that all people in the”restricted area” had undergone testing according to the requirements of the declaration and the compulsory testing notice. Persons who could present an SMS notification containing a negative test result as proof of having undergone the compulsory testing could leave the “restricted area” through the designated exit after providing personal information to a prescribed officer. The enforcement operation was completed at around 2pm. Test records of about 280 persons subject to compulsory testing were checked. No person was found to have not undergone compulsory testing. Taking into account the above situation, the Secretary for Food and Health revoked the “restriction-testing declaration” in accordance with Cap. 599J (see attachment).

     The Government reminded the households who have not answered the door to contact the Government for arrangement of testing as soon as possible after reading the notices put up by the Government, in the hope of eliminating the possible risk of further spread of the virus in the community.

     The Government thanks all participating government staff and the testing agencies for their hard work. The Government is also grateful to those subject to compulsory testing for their support and understanding, and their full co-operation during this period in undergoing testing and waiting for the results at home.

     The Government will seriously follow up on the compliance situation of the compulsory testing notices and the “restriction-testing declaration” by persons subject to compulsory testing. Any person who fails to comply with the compulsory testing notices commits an offence and may be liable to a fixed penalty of $10,000. The person will also be issued with a compulsory testing order, requiring him or her to undergo testing within a specified time frame. Failure to comply with the order or the “restriction-testing declaration” is an offence and the offender may be liable to a fine of level 4 ($25,000) and imprisonment for six months. read more