Hong Kong Economic and Trade Office, USA
Hong Kong

News Release - November 2018

Hong Kong Exchange Fund at US$507 billion
November 30, 2018 - The Hong Kong Monetary Authority announced today that the total assets of the Exchange Fund amounted to HK$3,955.0 billion (US$507 billion) as at October 31, 2018. This is HK$77.6 billion (US$9.9 billion) lower than that at the end of September 2018. Foreign currency assets decreased by HK$44.5 billion (US$5.7 billion) and Hong Kong dollar assets decreased by HK$33.1 billion (US$4.2 billion).

Financial results for the seven months ended October 31, 2018
November 30, 2018 - The Hong Kong Special Administrative Region Government announced today its financial results for the seven months ended October 31, 2018.

WTO Members commend Hong Kong for its free trade regime
November 28, 2018 - Members of the World Trade Organization (WTO) commended Hong Kong, China (HKC) again for its free and open trade regime at the Trade Policy Review meeting successfully concluded in Geneva, Switzerland today (November 28, Geneva time).

The University of Law to open first international campus in Hong Kong
November 22, 2018 - The University of Law from the UK announced today that it has opened an office in preparation for the establishment of its first international campus in Hong Kong slated for opening next year. 

Consumer Price Indices for October 2018
November 20, 2018 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for October 2018. According to the Composite CPI, overall consumer prices rose by 2.7% in October 2018 over the same month a year earlier, remaining virtually unchanged as compared to September 2018. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in October 2018 was 3.0%, slightly smaller than that in September 2018 (3.1%), mainly due to the smaller increases in the prices of fresh vegetables and the charges for package tours.

Wong Kar-wai selected as Filmmaker in Focus at 38th Hawaii International Film Festival
November 16, 2018 - The 38th Hawaii International Film Festival (HIFF) is presenting a special spotlight on world-renowned auteur Wong Kar-wai in its Filmmaker in Focus series. The Hong Kong Economic and Trade Office, San Francisco is the presenting sponsor of the series at the Festival, which runs from November 8 to 18 in Hawaii, the United States.

Unemployment rate remains at 2.8%
November 16, 2018 - According to the latest labor force statistics (i.e. provisional figures for August - October 2018) released today by the Census and Statistics Department of the Hong Kong Special Administrative Region Government, the seasonally adjusted unemployment rate stood at 2.8% in August - October 2018, same as that in July - September 2018. The underemployment rate also remained unchanged at 1.2% in the two periods.

Third Quarter GDP Grows 2.9%
November 16, 2018 - The Hong Kong Special Administrative Region Government released today the Third Quarter Economic Report 2018, together with the preliminary figures on Gross Domestic Product (GDP) for the third quarter of 2018.

SCED: APEC members should redouble efforts to contain escalating trade conflicts through constructive dialogues
November 15, 2018 - The rise in protectionism and the recent developments in international trade present unprecedented challenges to the multilateral trading system (MTS) embodied in the World Trade Organization (WTO). Asia-Pacific Economic Cooperation (APEC) members should redouble efforts to contain the escalating trade conflicts through constructive dialogues.

Hong Kong and Australia conclude Free Trade Agreement negotiations
November 15, 2018 - Hong Kong and Australia announced today the successful conclusion of negotiations on a Free Trade Agreement (FTA) and an Investment Agreement after reaching consensus on both agreements.

Italy's Rene Caovilla adds sparkle to Hong Kong's retail sector with new flagship store
November 14, 2018 - Rene Caovilla, which makes Italian handcrafted shoes, opened a flagship store in Hong Kong today, giving the heritage brand a regional base from which to continue its global growth.

Liechtenstein-based Bendura Bank AG opens representative office in Hong Kong
November 9, 2018 - Liechtenstein-based Bendura Bank AG announced today that it has opened its Hong Kong representative office, which is also its first office in the Asia-Pacific region, as part of the group's continuous global expansion leveraging the city’s distinct edge in international finance.

HKSAR Government and Chinese Academy of Sciences sign MoU on establishing affiliated institution in Hong Kong
November 8, 2018 - Hong Kong Chief Executive, Mrs Carrie Lam, and the President of the Chinese Academy of Sciences (CAS), Professor Bai Chunli, today signed the Memorandum of Understanding on Establishing Affiliated Institution by the Chinese Academy of Sciences in Hong Kong (MoU) on behalf of the Hong Kong Special Administrative Region (HKSAR) Government and the CAS respectively.

Hong Kong’s foreign currency reserves at US$423.1 billion
November 7, 2018 - The Hong Kong Monetary Authority announced today that the official foreign currency reserve assets of Hong Kong amounted to US$423.1 billion as at the end of October 2018, compared with US$426.4 billion at end-September 2018.

Hong Kong Fintech Week world’s first cross-border fintech event
November 6, 2018 - Hong Kong Fintech Week came to an end on Friday (November 2) in Shenzhen, reflecting the key cross-border theme of the program. The five-day event was packed with important announcements, presentations and panel sessions covering all key aspects of financial technology (fintech), and involved experts from around the globe and some of the world's biggest fintech companies. It all combined to set Hong Kong apart as a fintech leader in Asia.


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