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Run on H.K.Banks?


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#1 SemiBizz

SemiBizz

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Posted 13 January 2016 - 10:06 AM

Heard on Bloomberg Radio yesterday that H.K. banks are out of US$ for exchange...

 

Asian Contagion all over again.

 

Surging China-Hong Kong Trade Raises Doubts Over Recovery

 

Exports to Hong Kong rose to $46 billion last month, according to General Administration of Customs data released Wednesday. That was the highest value in almost three years and the biggest amount for any December period in the last 10 years, customs data show. Imports from Hong Kong surged 65 percent, the most in three years, to $2.16 billion.

Economists said the surprise gains may harken back to past instances of phony invoicing and other rules skirted to escape currency restrictions. China’s government said in 2013 some data on trade with Hong Kong were inflated by arbitrage transactions intended to avoid rules, an acknowledgment that export and import figures were overstated.


The increase in exports to Hong Kong and China’s imports from the city probably indicate "fake invoicing," said Iris Pang, a senior economist for Greater China at Natixis SA in Hong Kong. Invoicing of China trade should be larger in December because of the wider gap between the onshore yuan and the offshore yuan traded in Hong Kong, she said.

 


Edited by SemiBizz, 13 January 2016 - 10:13 AM.

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