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Hong Kong's central bank says no obvious capital outflow from banking system

Hong Kong's central bank says no obvious capital outflow from banking system
Eddie Yue, chief executive officer of Hong Kong Monetary Authority (HKMA), speaks during a news conference in Hong Kong, China July 25, 2019. REUTERS/Tyrone Siu/Files -
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TYRONE SIU(Reuters)
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HONGKONG (Reuters) – The Hong Kong Monetary Authority (HKMA) said on Thursday there was no obvious outflow of capital from the city’s banking system and that the local currency was largely stable.

Chief executive Eddie Yue also said while the foreign exchange and money markets were operating smoothly, the public must prudently manage financial risk.

Senior Hong Kong officials had previously warned of recession pressure given the global slowdown, U.S-China trade tensions and ongoing protests in Hong Kong.

Yue’s comment came hours after HKMA lowered its base rate charged through the overnight discount window by 25 basis points to 2% earlier on Thursday, tracking the U.S. Federal Reserve’s rate cut overnight.

(Reporting by Donny Kwok and Noah Sin; Editing by James Pomfret and Muralikumar Anantharaman)

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