Our Financial Services Director, Pierre Latrobe, discusses recent HKMA initiatives taken in response to Covid-19 and their implications for Hong Kong banks, highlighting credit risk as a growing threat, in his article published on Regulation Asia on 13 May 2020.
The Hong Kong economy has been confronted by several downside factors over the last two years. The first hit was the initiation of the US trade war with China in July 2018 that disrupted supply chains around the globe. The second hit was the ongoing domestic social unrest initiated in April 2019 surrounding the possible passage of an extradition law in Hong Kong. More recently, the Covid-19 outbreak and containment measures imposed across the world has also hit the Hong Kong economy, long considered one of the most open in the world.
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