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Author Archives: hksar gov

Special traffic and transport arrangements in So Kon Po and Causeway Bay today

     The Transport Department (TD) today (November 19) reminded members of the public that special traffic and transport arrangements will be implemented in So Kon Po and Causeway Bay today to facilitate the holding of a football match at Hong Kong Stadium.
 
     The special traffic and transport arrangements mainly include:
 
Special traffic arrangements
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* From about 6pm, the section of Caroline Hill Road northbound between Leighton Road and Cotton Path, and the section of Hysan Avenue westbound between Sunning Road and Hoi Ping Road, will be closed;
 
* From about 9.15pm, Caroline Hill Road, the section of Eastern Hospital Road between Caroline Hill Road and Cotton Path and Cotton Path will be closed to facilitate the dispersal of spectators until the crowd is dispersed and road closures are lifted; and
 
* During the road closure periods, Citybus (CTB) route 5B, New World First Bus (NWFB) route 8H, cross-harbour (XHT) route 678, green minibus routes 14M, 26 and 30, and residents’ service route HR51 will be temporarily diverted.
 
Special transport arrangements after the football match
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* The following franchised bus services will operate from Cotton Path near Hong Kong Stadium after the football match:
 
– NWFB route 2R (to Shau Kei Wan (Yiu Tung Estate));
– NWFB route 8R (to Siu San Wan); and
– XHT route 914R (to Jordan Road).
 
* In addition, services of CTB routes 5B (to Western District) and 592 (to Ap Lei Chau), NWFB routes 38 (to Chi Fu Fa Yuen) and 42 (to Wah Fu) and XHT routes 307 (to Tai Po Centre), 601 (to Po Tat), 619 (to Shun Lee), 680 (to Ma On Shan, Sha Tin) and 690 (to Hong Sing Garden) will be enhanced.
 
Others
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* On-street parking spaces and car parks within the road closure areas will be suspended.
 
     Depending on the actual traffic conditions in the areas, other ad-hoc traffic and public transport measures, including road closures and traffic diversion as well as alteration and suspension of public transport services, may be implemented.
 
     The TD anticipates that the traffic in the vicinity of So Kon Po and Causeway Bay will be very congested. Motorists are advised to avoid driving to the affected areas. In case of traffic congestion, motorists should exercise tolerance and patience, and follow the instructions of the Police. Members of the public who plan to go to the affected areas are advised to plan their routes in advance, allow more travelling time to cater for unexpected delay, and use public transport services as far as possible.
 
     Details of the special traffic and transport arrangements have been uploaded to the TD’s website (www.td.gov.hk). Members of the public may call 1823 for enquiries, or stay alert to the latest traffic and transport news through the TD’s website, the TD’s mobile application “HKeMobility” and bus companies’ websites and apps, as well as radio and television. read more

East Asia

Composite Interest Rate: End of October 2019

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) announced today (November 19) the composite interest rate at the end of October 2019. (Note 1)
 
     The composite interest rate, which is a measure of the average cost of funds of banks, increased by 2 basis points to 1.04 per cent at the end of October 2019, from 1.02 per cent at the end of September 2019 (see Chart 1 in the Annex). The increase in composite interest rate reflected increase in the weighted funding cost for deposits 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 October 2019 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk). The next data release is scheduled for December 19, 2019 and will provide the composite interest rate at the end of November 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

East Asia