HKMA Outlines Measure To Help Companies
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2019-10-14 HKT 23:34
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The Hong Kong Monetary Authority on Monday reduced the amount of capital banks must hold in a bid to boost lending to help companies counter a downturn in the economy.
The Countercyclical Capital Buffer has been reduced from 2.5 percent to 2 percent.
The reduction will release an additional 200 billion to 300 billion dollars of bank credits.
The Authority's chief executive, Eddie Yue, said he hoped banks would use the additional credit to support small and medium-sized firms.
He also said the authority will meet with banks this week to discuss measures to ease cash flow pressure for companies.
The Hong Kong economy is suffering from a downturn, with economists blaming the slowdown on the impact of civil unrest and the Sino-US trade war.
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