Latest news with #HKD
BusinessToday
a day ago
- BusinessToday
Star Voyager's Expanded Hong Kong Schedule Opens Doors to Asia's Coastal Gems
StarCruises has announced that Star Voyager will extend its homeport season in Hong Kong through to November 14, 2025, following strong demand from regional and international travellers. The extended deployment adds 24 new voyages to the original 21 already scheduled, bringing the total to 45 sailings. Departing weekly from the centrally located Hong Kong Ocean Terminal, the cruises will connect guests to popular destinations across East and Southeast Asia, offering flexible options ranging from two to five nights. To celebrate the extended season, StarCruises is offering exclusive savings. Guests booking the new itineraries departing between August 31 and November 14 can enjoy a 10% discount. Additionally, those who book between June 23 and July 25 for selected July and August departures will receive HKD 100 onboard credit per cabin, per night. This limited-time offer is a great incentive for travellers eager to set sail. In response to growing interest in autumn travel, StarCruises has bolstered its most popular roundtrip routes from Hong Kong. These include 11 additional 2-night weekend 'Sea-cation' cruises, new weekday departures, and increased sailings to Kaohsiung, Penghu, Naha, and Miyakojima. Notably, a new 5-night itinerary on September 14 will swap Ishigaki for Naha while maintaining stops in Keelung and Penghu. Adding to the appeal, Star Voyager will debut new 5-night cruises to exotic destinations like Vietnam, the Philippines, and Sanya, often called 'the Hawaii of China.' These include voyages to Nha Trang and Da Nang in Vietnam, Ha Long Bay and Da Nang, as well as Boracay and Coron in the Philippines. These itineraries promise a blend of vibrant culture, natural beauty, and unforgettable experiences. Each destination has been thoughtfully selected to showcase the richness of Asia's landscapes and heritage. In Vietnam, guests can unwind on Nha Trang's white-sand beaches or explore Da Nang's Marble Mountains. Ha Long Bay offers an iconic sailing experience through limestone islands and emerald waters, while Sanya delivers tropical relaxation with a distinctly Chinese flair. Meanwhile, Boracay's powdery shores and Coron's crystal-clear lakes make the Philippines a standout addition for adventure-seekers and beach lovers alike. Michael Goh, President of StarDream Cruises, expressed delight at the strong initial response, saying the extended sailings and diverse itineraries reflect the true spirit of Asian cruising. He highlighted that the additional departures will provide more opportunities for both local and international travellers, appealing to a broad range of cruising enthusiasts. For those interested in booking, Star Voyager's extended Hong Kong sailings from August 31 to November 14 will be available online from July 7. Prospective guests can contact local travel partners or visit to reserve their voyage. Related
Yahoo
a day ago
- Business
- Yahoo
Hong Kong May Need Further FX Intervention, OCBC Bank Says
OCBC Bank's Frances Cheung shares her views on the Hong Kong dollar (HKD) after the city's monetary authority intervened to defend the peg to the US dollar (USD). She tells Bloomberg Television that the amount of local currency the HKMA bought "was actually quite small" and that she suspects "further or additional FX intervention will be needed."
Straits Times
2 days ago
- Business
- Straits Times
Hong Kong intervenes to defend US dollar peg as local currency drops
HONG KONG – Hong Kong's de-facto central bank spent more than a billion dollars propping up the city's exchange rate, as it sought to defend a currency peg that has been strained by volatility in the greenback. The Hong Kong Monetary Authority (HKMA) took out HK$9.42 billion (S$1.5 billion) of the city's currency from circulation after the exchange rate touched the weak end of its US dollar peg. In earlier weeks, the monetary authority had injected liquidity into the financial system to rein in gains in the local exchange rate as the US currency declined. The currency rose as high as 7.8469 per US dollar in the morning session in Asia on June 26, before paring the gain to trade around 7.8493. In addition to pushing the currency back into its permitted trading range of 7.75-7.85 per greenback, the HKMA's latest move will also make bearish bets more costly. It does this by draining liquidity from the financial system and driving up borrowing costs. The one-month Hibor rate rose to 0.97 per cent after the HKMA's intervention, the highest level since May 19. The gap between one-month US and Hong Kong rates stands at well over 300 basis points. When Hong Kong dollar's funding costs are significantly lower than those in the greenback, traders tend to borrow the city's currency and sell it against its higher-yielding US counterpart to earn the interest-rate difference. That's made it the world's most rewarding carry trade over the past month by one measure. The intervention follows a rollercoaster ride for the Hong Kong dollar that has seen it swing between both ends of its trading range as authorities sought to protect the currency peg. The volatility has intensified debate about the sustainability of the fixed exchange rate, even though there are no signs that a change is imminent. The HKMA is signalling that funding for carry trades is going to be more expensive and USD/HKD will not rise much further, said Rodrigo Catril, a currency strategist at National Australia Bank in Sydney. 'For markets, the big question is: do you believe the peg will be protected? For now, authorities are showing that they are very much willing to defend it.' When asked about the prospect of further intervention, the HKMA referred to its website which says the monetary authority is committed to buying local dollars if the currency hits the weak end of the band. The HKMA's predicament stands in contrast to the dilemma faced by most other Asian central banks, which are trying to cool their currencies' gains as the dollar declines. It was just in early May when the Hong Kong dollar advanced to 7.75 per dollar as the greenback weakened, prompting the HKMA to step in to check its gains. Authorities pumped in US$16.7 billion (S$21.4 billion) worth of local dollars into the financial system, driving it to the weaker end of the band. The HKMA's move to intervene at both ends of the trading range in the same year is 'a first since the city's de facto central bank reformed the peg system into a band in May 2005,' Stephen Chiu, chief Asia FX and rates strategist at Bloomberg Intelligence, wrote in a note. 'If the current, more frequent touching of the band becomes the new norm, reduced stability in the Hibor might not be constructive for businesses operating in the city – particularly the property sector,' Mr Chiu wrote. 'Subsequently, it may be natural for authorities to study whether the peg parameters should be modified – for example, the band width and even the peg target.' Hong Kong will maintain its currency's peg to the US dollar as it is a key success factor, Chief Executive John Lee Ka-chiu told local media in early June, after a bout of volatility fuelled speculation about alternatives to a dollar peg. The latest intervention will reduce the city's aggregate balance, a closely-watched component of its monetary base and gauge of interbank liquidity to HK$164 billion, the HKMA said. Hong Kong also has $431 billion in foreign currency reserves, according to the latest data for May. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Bloomberg
3 days ago
- Business
- Bloomberg
Hong Kong May Need Further FX Intervention, OCBC Bank Says
OCBC Bank's Frances Cheung shares her views on the Hong Kong dollar (HKD) after the city's monetary authority intervened to defend the peg to the US dollar (USD). She tells Bloomberg Television that the amount of local currency the HKMA bought "was actually quite small" and that she suspects "further or additional FX intervention will be needed." (Source: Bloomberg)
Mint
3 days ago
- Business
- Mint
Hong Kong Intervenes to Defend FX Peg as Local Currency Drops
(Bloomberg) -- Hong Kong's de facto central bank bought the local dollar to prop it up on Thursday, in a move to defend the city's currency peg to the greenback. Advertisement The Hong Kong Monetary Authority purchased HK$9.42 billion ($1.2 billion) of local currency against the US dollar, after the exchange rate touched the weak end of the permitted 7.75-7.85 per greenback trading band. In addition to pushing the currency back into its permitted trading range, the move will also make bearish bets more costly. It does this by draining liquidity from the financial system and driving up borrowing costs. The last time HKMA intervened in this direction was in May 2023. In May, the Hong Kong Monetary Authority injected a large amount of liquidity into the financial system to rein in what had become a rapid appreciation of the currency amid broad US dollar weakness. But that helped push borrowing costs lower and drove the spread between local interest rates and those in the US to a record. Advertisement When Hong Kong dollar's funding costs are significantly lower than those in the greenback, traders tend to borrow the city's currency and sell it against its higher-yielding US counterpart to earn the interest-rate difference. That's made it the world's most rewarding carry trade over the past month by one measure. Earlier this year, the Hong Kong dollar had touched 7.75, the strong end of the trading band. Hong Kong's domestic borrowing costs are now not far from zero. The currency edged higher to 7.8495 per US dollar in early Thursday trading in Asia. The Hong Kong dollar's slide in May was its biggest monthly slump since 1983 when it was pegged to the US peer. Its volatility triggered fresh debate on if the decades-long peg to the greenback is sustainable, even though there are few signs of an imminent threat to its existence. Advertisement Hong Kong Dollar's Swings Fuel Talk on How FX Peg May Shift (1) Hong Kong will maintain its currency's peg to the US dollar as it is a key success factor, Chief Executive John Lee Ka-chiu told local media in early June, after market speculation about alternatives to a dollar peg. --With assistance from Matthew Burgess. (Updates with HKD trading) More stories like this are available on ©2025 Bloomberg L.P.
