HKMA's Response to US Fed's Interest Rate Decision

2024-05-02 10:50 Last Updated At：19:30

Hkma reacts to us fed's interest rate announcement: what it means for hong kong's economy

The following is issued on behalf of the Hong Kong Monetary Authority:

The Federal Open Market Committee of the United States Federal Reserve (the Fed) announced early today (Hong Kong time) after its two-day meeting that it had decided to keep the target range for the federal funds rate unchanged at 5.25-5.5 per cent.

The Fed's future interest rate decisions will be dependent on incoming data, the evolving outlook and the balance of risks. It has not yet gained enough confidence about the US inflation trajectory to start cutting interest rates. The high interest rate environment may last for some time.

The financial and monetary markets of Hong Kong continue to operate in a smooth and orderly manner. The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time. The public should carefully assess and manage the relevant risks when making property purchase, mortgage or other borrowing decisions. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.

CSTB signs MOU at Cannes

2024-05-17 12:53 Last Updated At：13:08

Cstb secures major partnership at cannes film festival

âThe Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, led a Hong Kong film industry delegation to the 77th Cannes Film Festival in France. On May 16 (Cannes time), Mr Yeung attended the signing ceremony for a Memorandum of Understanding (MOU) on film and television co-operation between Create Hong Kong, represented by the Permanent Secretary for Culture, Sports and Tourism, Mr Joe Wong, and the Centre national du cinéma et de l'image animée.

Mr Yeung said, "The MOU marks closer ties between Hong Kong and France. It provides a framework to facilitate collaboration and exchanges in the area of film and television, strengthening connections and deepening mutual understanding. The MOU will start a new chapter in co-production films, film and television talent and cultural exchanges between Hong Kong and France. I look forward to seeing more collaboration programmes in the future."

Mr Yeung was the officiating guest at the opening ceremony of the Hong Kong Pavilion at the Cannes Film Market on May 15 (Cannes time). He also attended events of the 77th Cannes Film Festival, including thematic seminars, Midnight Screening of the Hong Kong film, "Twilight of the Warriors: Walled In", the Hong Kong Night reception, the China's New Talents Going Global Night, as well as meetings and exchanges with members of the film industry from all over the world.

In his speeches delivered at the opening ceremony of the Hong Kong Pavilion and the Hong Kong Night reception separately, Mr Yeung mentioned the Hong Kong Special Administrative Region Government's staunch support for the Hong Kong film industry. In addition to the injection of about $3 billion into the Film Development Fund since 2005, the Government is also strengthening the local industry's participation in international film festivals, which has increased the exposure of Hong Kong cinema. Mr Yeung also introduced the launch of the Hong Kong-Europe-Asian Film Collaboration Funding Scheme, which was initiated after the Hong Kong-Asian Film Collaboration Funding Scheme, with a view to reinforcing Hong Kong as an East-meets-West centre for international cultural exchange.

Mr Yeung will depart from Cannes on May 18 (Cannes time) for Hong Kong.