Tag Archives: China

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Fraudulent website and internet banking login screen related to Shanghai Commercial Bank Limited

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

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Shanghai Commercial Bank Limited relating to a fraudulent website and an internet banking login screen, which have 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 emails 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 website or login screen concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012. read more

Record of discussion of meeting of Exchange Fund Advisory Committee Currency Board Sub-Committee held on October 30

The following is issued on behalf of the Hong Kong Monetary Authority:
 
(Approved for Issue by the Exchange Fund Advisory Committee on November 29, 2024)
 
Report on Currency Board Operations (June 26 – October 18, 2024)
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     The Currency Board Sub-Committee (Sub-Committee) noted that the Hong Kong dollar (HKD) traded within a range of 7.7644 – 7.8146 against the US dollar (USD) during the review period. The HKD exchange rate was largely stable between late June and late July before strengthening in early August, driven by the unwinding of carry trades and short HKD positions against the concerns of a possible US recession and expectation of faster and deeper US Fed rate cuts. The HKD further strengthened, supported by equity-related demand as local stock market sentiment improved following a series of economic stimulus measures announced on the Mainland in late September. HKD interbank rates (HIBORs) continued to track the USD rates while also being affected by local supply and demand. Short-term HIBORs tightened in late September due to buoyant equity market and seasonal quarter-end funding demand. In view of the pick-up of payment flows as the capital market turned vibrant, the HKMA temporarily extended the operating hours of the Real Time Gross Settlement (RTGS) systems for several days as precautionary measures, allowing more time for banks to process payments and manage funding for client flows in late hours. Following the decrease in the target range for the US federal funds rate in mid-September, many banks reduced their Best Lending Rates by 25 basis points, and the Best Lending Rates in the market ranged from 5.625 per cent – 6.125 per cent at the end of the review period. The Convertibility Undertakings were not triggered and the Aggregate Balance was stable at around HK$45 billion. No abnormality was noted in the usage of the Discount Window. Overall, the HKD exchange and interbank markets continued to trade in a smooth and orderly manner.

     The Sub-Committee noted that the Monetary Base increased to HK$1,938.33 billion at the end of the review period. In accordance with the Currency Board principles, all changes in the Monetary Base had been fully matched by changes in foreign reserves.

     The Report on Currency Board Operations for the review period is at Annex.

Monitoring of Risks and Vulnerabilities
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     The Sub-Committee noted that global financial markets experienced a bout of volatility in early August, triggered by concerns over recession risks in the US and an unwinding of the popular carry trades funded by the Japanese yen. While short-lived, the turmoil showed that crowded market positions could be vulnerable to sudden unwinding. Amid more visible signs of cooling labour markets, the Fed and the European Central Bank eased monetary policy and left the door open to more rate cuts ahead, but their interest rate outlook remained clouded by the sluggish services disinflation and recent rising geopolitical tensions in the Middle East.

     The Sub-Committee noted that overall economic growth in Mainland China slowed to 4.6 per cent year on year in Q3. In particular, housing market activities and sentiment remained sluggish in September despite destocking efforts, which together with heightened global trade policy uncertainty, had weighed on the near-term economic growth outlook. Since late September, the authorities announced a broad stimulus package, and the immediate impact was largely positive. The Asia Pacific region mostly registered solid growth in the first half of 2024 and remained stable in face of the market turmoil in August with little signs of financial dislocation. The region as a whole was expected to continue to grow at a steady pace in the near term, although the region’s resilience would likely continue to be tested by various headwinds, such as still-high global interest rates and elevated trade policy uncertainty in the near term, as well as geoeconomic fragmentation over the longer term. 

     â€‹The Sub-Committee noted that in Hong Kong, economic activities continued to grow at a moderate pace, mainly driven by the strong growth in goods exports alongside robust external demand and the ongoing global tech cycle recovery. Inbound tourism also recovered steadily, but the local retail and catering sectors continued to face headwinds from changing consumption patterns of both local residents and inbound tourists. Looking ahead, Hong Kong’s Gross Domestic Product growth momentum was expected to remain moderate in the remainder of the year, with the outlook clouded by various risks and uncertainties stemming from the US policy rate path, global growth prospects, rising trade tensions and the upcoming US presidential election. Meanwhile, sentiment in the residential property market had improved following the interest rate cut, although the commercial real estate markets remained subdued especially in the office segment.

Latest Monetary Policy Implementation Framework in Major Advanced Economies
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     The Sub-Committee noted a paper that studied the implications of the changes in the monetary policy implementation framework and reserve regimes in major advanced economies. read more

DH announced latest situation of Legionnaires’ Disease cases

     The Centre for Health Protection (CHP) of the Department of Health today (December 9) reported the latest number of cases of Legionnaires’ disease (LD), and reminded the public of the importance of using and maintaining properly designed man-made water systems, adding that susceptible groups should strictly observe relevant precautions.

     From December 1 to 7, the CHP recorded five community-acquired LD cases and one imported LD case:
 

  1. A male patient, aged 84 with underlying illnesses, who lived in Wan Chai District. The patient passed away on November 30;
  2. A female patient, aged 76 with underlying illnesses, who had been to the Mainland during the incubation period and was classified as an imported case;
  3. A male patient, aged 75 with underlying illnesses, who lives in Yuen Long District;
  4. A male patient, aged 78 with underlying illnesses, who lives in Southern District;
  5. A male patient, aged 56 with underlying illnesses, who lives in Wong Tai Sin District; and
  6. A male patient, aged 72 with underlying illnesses, who lives in Wong Tai Sin District.

     “Epidemiological investigations are ongoing to identify potential sources of infection, high-risk exposure and clusters, if any,” a spokesman for the CHP said.

     As of December 7, 131 LD cases had been recorded this year. In 2023 and 2022, there were 121 and 80 cases respectively.

     “Men, people aged over 50, smokers, alcoholics and persons with weakened immunity are more susceptible to LD. Some situations may also increase the risk of infection, including poor maintenance of water systems; living in areas with old water systems, cooling towers or fountains; using electric water heaters, whirlpools and spas or hot water spring spas; and recent stays in hotels or vessels,” the spokesman said.

     Legionellae are found in various environmental settings and grow well in warm water (20 to 45 degrees Celsius). They can be found in aqueous environments such as water tanks, hot and cold water systems, cooling towers, whirlpools and spas, water fountains and home apparatus that support breathing. People may become infected when they breathe in contaminated droplets (aerosols) and mist generated by artificial water systems, or when handling garden soil, compost and potting mixes.

     Immunocompromised persons should:
 
  • Use sterile or boiled water for drinking, tooth brushing and mouth rinsing;
  • Avoid using humidifiers, or other mist- or aerosol-generating devices; and
  • If using humidifiers, or other mist- or aerosol-generating devices, fill the water tank with only sterile or cooled freshly boiled water, and not water directly from the tap. Also, clean and maintain humidifiers/devices regularly according to manufacturers’ instructions. Never leave stagnant water in a humidifier/device. Empty the water tank, wipe all surfaces dry, and change the water daily. 

     The public should observe the health advice below:
 
  • Observe personal hygiene;
  • Do not smoke and avoid alcohol consumption;
  • Strainers in water taps and shower heads should be inspected, cleaned, descaled and disinfected regularly or at a frequency recommended by the manufacturer;
  • If a fresh-water plumbing system is properly maintained, it is not necessary to install domestic water filters. Use of water filters is not encouraged as clogging occurs easily, which can promote growth of micro-organisms. In case water filters are used, the pore size should be 0.2 micrometres (µm) and the filter needs to be changed periodically according to the manufacturer’s recommendations;
  • Drain and clean water tanks of buildings at least quarterly;
  • Drain or purge for at least one minute infrequently used water outlets (e.g. water taps, shower heads and hot water outlets) and stagnant points of the pipework weekly or before use;
  • Seek and follow doctors’ professional advice regarding the use and maintenance of home respiratory devices and use only sterile water (not distilled or tap water) to clean and fill the reservoir. Clean and maintain the device regularly according to the manufacturer’s instructions. After cleaning/disinfection, rinse the device with sterile water, cooled freshly boiled water or water filtered with 0.2 µm filters. Never leave stagnant water in the device. Empty the water tank, keep all surfaces dry, and change the water daily; and
  • When handling garden soil, compost and potting mixes: 
  1. Wear gloves and a face mask;
  2. Water gardens and compost gently using low pressure;
  3. Open composted potting mixes slowly and make sure the opening is directed away from the face;
  4. Wet the soil to reduce dust when potting plants; and
  5. Avoid working in poorly ventilated places such as enclosed greenhouses.

     â€‹â€‹The public may visit the CHP’s LD page, the Code of Practice for Prevention of LD and the Housekeeping Guidelines for Cold and Hot Water Systems for Building Management of the Prevention of LD Committee, and the CHP’s risk-based strategy for prevention and control of LD. read more