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Hong Kong’s dollar millionaires swell at the slowest pace since 2014, as trade war-induced bear market crimped fortunes

The ranks of Hong Kong’s US dollar-denominated millionaires grew at their slowest pace since 2014, as the US-China trade war weighed on financial markets and depressed stock values all over Asia, according to a report by Citibank.The number of Hong Kong residents with at least HK$10 million (US$1.27 million) in assets, including property holdings, rose 3 per cent last year to a record 511,000, based on Citibank’s telephone survey and interviews with 4,192 respondents. Of these, the number of… Source link

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The US dollar will continue its triumphant run – unless central banks and the American economy change course

There have been quite a few surprises in financial markets this year. The US Federal Reserve, which turned increasingly hawkish last year, stunned investors in late January when it performed a dramatic U-turn in monetary policy by opening up the possibility of a cut in interest rates.Just as surprisingly, sentiment towards emerging markets has recovered to such an extent that developing economies are now the most popular region among equity investors despite the slowdown in China, according to… Source link

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What inflation? In the US, a strong dollar, steady oil prices and low wage growth are keeping it low – for now at least

It wasn’t the immediate threat of a US economic slowdown that caused the Federal Reserve to sharply change its policy stance at its March meeting – from forecasting interest rates would rise twice in 2019, to predicting they’d stay put for the rest of the year. Rather, a lack of inflationary pressure in the US economy means the central bank feels it can afford to pause rate hikes and focus on supporting growth. It’s true that the inflation threat isn’t an issue – for now at least. The core… Source link

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Singapore 

Withdrawing money overseas? What are your options & how to stretch the dollar, Singapore, Travel News

Have you ever encountered times when you saw a marvellous deal overseas but realised you didn’t have enough cash? What did you do? Walked away sulkily, trying hard to forget that you ever saw that great deal? Or did you explore other options so you could still bag it home? In this article, I will share the various alternatives and how to proceed with that coveted purchase. You will also learn the pros and cons of each option so as to stretch your dollar when travelling! MANAGING YOUR MONEY WHILE…

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Singapore 

Free fun things to do in Singapore when you’re saving the dollar, Singapore, Travel News

When it comes to finances, most people find their wallets strapped for the first couple of months of the new year. The activities of merry-making and gifting during Christmas, while fun, have taken away every spare cent, and it’s a longer gap in-between pay. But that doesn’t mean we all have to become hermits for an entire month. There are things to do that can bring happiness and joy, and yet will not not cost you anything. Here’s a list to get you started: 1. WATCH A FREE MOVIE AT…

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Fed’s dovish policy will not erase carry trade risks in Hong Kong dollar, analysts say

The Hong Kong dollar’s rebound on Thursday after the US Federal Reserve surprisingly decided to halt its interest rate increases will only be temporary because traders will continue to exploit the gap between Hong Kong and US market interest rates trade activities conducted by traders as global central banks turn to similar looser monetary policies to combat the global economic slowdown, analysts said.The US dollar fell against Asian currencies, including the Hong Kong dollar, following the Fed… Source link

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China 

Hong Kong’s weak dollar is a victim of northbound investments rushing into the stock exchanges of Shanghai and Shenzhen

The rally in Chinese stocks has been bad news for the Hong Kong dollar.Equity investors are selling the currency for the Chinese yuan and buying mainland shares through the stock trading connects, according to Ronald Man, a strategist at Bank of America Merrill Lynch. That’s keeping the Hong Kong dollar lower in the spot market, he said. The currency has been at the weak end of its trading band for much of this month.Net northbound fund flows have climbed to 130 billion yuan (US$19.4 billion)… Source link

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Hong Kong’s monetary authority steps in for the second time in a week to prop up the local dollar as interest rate gap widens

Hong Kong’s de facto central bank has stepped into the foreign exchange market for the second time in a week, spending HK$3.925 billion (US$500 million) in its latest outing to prop up the local currency and keep it within the limits of a trading band with the US dollar.The local currency changed hands on Wednesday morning at 7.8498 per dollar, hovering near the 7.8500 lower limit of a trading band introduced in 2005. The interventions this week will reduce the city’s aggregate balance of… Source link

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Vietnam 

VN among nine countries with strongest US dollar in 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Foreign tourists visit the One Pillar Pagoda in Hà Nội. — VNA/VNS Photo Viet Nam News HÀ NỘI — Việt Nam is listed among nine countries where the US dollar is strongest in 2019, according to a report from Smart Travel. According to the 2019 Backpacker Index of Smart Travel, a participant in the Amazon Services LLC Associates Program, Hà Nội and HCM City are named as the top two most affordable cities to travel to in 2019 while Hội An also makes the top ten. “For…

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The world is slowly drifting away from the US dollar as a reserve currency

There is growing resentment with the way the United States uses the privileged status of its currency within the international financial system as an instrument of its national policies. The latest expression of this came on February 1, when Germany, France and Britain launched an EU-backed payments system to help businesses circumvent unilateral US sanctions against Iran. Named the Instrument for Supporting Trade Exchanges, it is designed to act as a kind of euro-denominated clearing house for… Source link

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