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HK Suffering Econ Slump w/ Banks' 2Q24 Liquidity Coverage Ratio Logging Record High
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Hong Kong's economy is in the doldrums, and the banking sector is hoarding huge amounts of cash and liquidity, according to Bloomberg. Banks including HSBC HOLDINGS (00005.HK) and STANCHART (02888.HK) posted a liquidity coverage ratio of more than 180% in 2Q24, hitting an all-time new high and far exceeding the regulatory requirement of 100%. The ratio ebbed to 178.4% in September, according to the latest data from the Hong Kong Monetary Authority (HKMA). HANG SENG BANK (00011.HK) had the highest liquidity coverage ratio of 307.9% in September, followed closely by BANK OF E ASIA (00023.HK) and BOC HONG KONG (02388.HK) at 247% and 231.8% each, according to the data. Standard Chartered Hong Kong and HSBC's Asia business recorded liquidity coverage ratio of 200% and 163%, respectively. AAStocks Financial News |
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