City Hong Kong Financial News

India recorded a trade deficit with nine of its top ten trade partners in the first seven months of 2023-24, with the US being the only country with which exports exceeded imports. India's trade surplus with the US — its largest trading partner — was $19.59 billion in the April-October period, show data from the commerce and industry ministry. However, with China, the second largest partner, the deficit was a whopping $51.11 billion, followed by a $33.56 billion gap with Russia, the fourth largest trade partner of India.

Who in finance is getting the biggest bonuses this year?

index touched a 33-year high, Hong Kong rounded out its fourth straight year of decline and India emerged as a leader in IPOs, Nikkei reported. One of the biggest drivers behind this divergence was disappointment in China's post-Covid recovery. Hong Kong's flagship Hang Seng Index (HSI), which tracks 80 blue chip stocks, has dropped 13.8 per cent this year, its first four-year losing streak since its launch in 1969, Nikkei reported. As investors shift away from greater China, their attention is moving to Japan, India and the tech hubs of Taiwan and South Korea. The major indexes in these markets rose by more than double digits in 2023, with Japan's Nikkei 225 leading the pack at nearly 30 per cent, Nikkei reported. The comeback of Japanese shares was a result of multiple factors, including improved corporate governance, something the country's regulators have been working on for over a decade in hopes of stimulating investment from abroad. BlackRock this month reaffirmed its «overweight» position on Japanese equities for the next six to 12 months.

customs departments of India and Hong Kong have jointly busted a money-laundering network, where foreign currency was remitted out of India against import of cheap synthetic diamonds, the finance ministry said on Friday. The racket involved Indian traders who were importing synthetic diamonds from Hong Kong by wrongly declaring them as real ones, it said. The two authorities have arrested four people each. "Indian customs and Hong Kong customs have unearthed a major case of trade-based money laundering involving Hong Kong-based exporters and Indian importers located in (a) special economic zone in an exemplary case of bilateral cooperation and exchange of information," a finance ministry statement said. Earlier this year, the Directorate of Revenue Intelligence (DRI) detected a case where cheap synthetic diamonds were imported into India by overvaluing them more than 100 times, to remit foreign currency out of India.

Value Partners, a Hong Kong-based company says it has plans to tokenize gold assets and also make an entry to the much anticipated Exchange Traded Fund (ETF) market.

The Hong Kong-based digital asset exchange, HKbitEX, partners with Shanghai Technology Exchange to develop asset tokenization (RWA) solutions for tech companies, supported by China’s Ministry of Science and Technology and Shanghai municipal government.

Mr Dane Cheng, Executive Directorof the HKTB, said,“The Hong Kong New Year Countdown Celebrations is one of Asia’s most captivating countdown events, and has long been widely covered by the Mainland and international media and attracted large crowds to the performance. This year’s celebrations will be the largest that Hong Kong has ever seen on New Year’s Eve. Together with an East-meets-West musical, the performance will surely attract large crowds to enjoy the performance in person. I believe that this dazzling audiovisual extravaganza in Victoria Harbour on New Year’s Eve will boost the lively, vibrant night-time ambience across the city while showcasing Hong Kong’s unique appeal to the rest of the world." Largest-ever firework spectacle created by a world-renowned teamOn New Year’s Eve, when the countdown clock strikes midnight on the wall of the Hong Kong Convention and Exhibition Centre, Victoria Harbour will be transformed into a grand for the “New Year, New Legend" fireworks extravaganza.

Hong Kong is poised to become a leading hub for cryptocurrency exchange-traded funds (ETFs), particularly spot Bitcoin (BTC) ETFs, as anticipation grows for the approval of such ETFs in the United States. 

Today, Hong Kong’s financial authorities—the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA)—unveiled their plan to implement new stablecoin regulations. Not everyone thinks this is a good development for crypto markets, however.

The Financial Services and the Treasury Bureau (FSTB), and the Hong Kong Monetary Authority (HKMA) have jointly introduced a public consultation paper outlining a legislative proposal to regulate issuers of stablecoins. This move is prompted by the increasing prominence of stablecoins within the Web3 and virtual asset (VA) ecosystems, coupled with the growing interconnection between traditional financial systems and VA markets.

China's authority in charge of press and publications has approved 105 online games, saying it fully supports the industry after newly proposed curbs caused massive losses for major game companies

Asian shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

World shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

China has launched its first automated digital yuan wallet-opening machine for overseas passport holders.

Its Hong Kong-listed shares climbed 3% in morning trade after a 12% tumble on Friday. Hong Kong markets were closed on Monday and Tuesday for public holidays.

Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.

The majority of Hong Kong’s virtual asset investors chase short-term returns, embrace crypto as an investment trend, and fear missing opportunities. 

Hong Kong-based ZA Bank announced that it has been providing support for over 80 web3 companies since early this year. This is in line with its vision for “Banking for Web3,” which it introduced in April.

China has released draft guidelines aimed at curbing excessive spending on online gaming

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Hong Kong’s Securities and Futures Commission (SFC) has expressed its readiness to consider applications for spot crypto exchange-traded funds (ETFs).