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SMF Blogs > SMF Asian Markets > September 2008 > Hong Kong braces for 'storm,' provides funds to banks

Hong Kong braces for 'storm,' provides funds to banks

Bloomberg.com reports Hong Kong's central bank will provide liquidity to lenders after credit market turmoil triggered a run on the city's third-largest bank and threatened to engulf other firms. The Hong Kong Monetary Authority will accept more securities in repurchase transactions and provide banks with additional funds through the three-month repurchase window, according to a statement today. "This is a preparatory move before the storm arrives,'' Hong Kong Financial Secretary John Tsang said before the HKMA announcement. "We have to tape up our windows or fortify them by nailing wooden boards. We are already feeling the winds.''

Posted: 9/30/2008 8:39:36 AM by StockMarketFunding | with 0 comments


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