The Monetary Authority of Singapore has kept its monetary policy unchanged, stating that inflation risks are more balanced.
The Monetary Authority of Singapore (MAS) maintained its monetary policy unchanged on Monday as expected, as data showed an acceleration in economic growth in the third quarter. MAS stated that it will maintain the current rate of appreciation of the nominal effective exchange rate (S$NEER), a policy range based on exchange rates, with the width and midpoint of the policy range also remaining unchanged. MAS said in a statement, "Compared to three months ago, the risks to Singapore's inflation outlook are more balanced." "Singapore's growth momentum has picked up and the negative output gap is expected to close in the second half of 2024." as an economy heavily reliant on trade.
AlipayHK: Over 30% of Hong Kong consumers said their income has increased. Daily necessities inflation is the top concern.
Ringlink released the 2024 Q3 consumer pulse survey, showing that more Hong Kong consumers have optimistic outlooks on their financial prospects.
CICC Hong Kong Economic and Financial Quarterly Report: Exports continue to increase, high interest rate impact weakened.
In terms of exchange rates, in the second quarter, against the background of the reversal of the yen carry trade, the Hong Kong market has become a global fund safe-haven channel, leading to a stronger Hong Kong dollar exchange rate.
Morgan Stanley: Rate cut effects are slowly fermenting, expecting first-hand transactions in Hong Kong's property market to increase by more than 1.8 times to over 2,000 in October.
Tony Yau, CEO of the Residential Division of Colliers International, stated that although the Hong Kong property market did not see a rapid warming after the interest rate cut, the recent sudden introduction of a combination of measures by the central government to boost the property and stock markets, along with Hong Kong's latest new low in the housing affordability ratio in over 8 years, as well as the gradual effects of the interest rate cut fermenting in the property market, it is expected that there will be ample opportunities for improvement in property trading in October.
Lijiagge: Rate cut effect remains to be observed, expected Hong Kong property prices to fall by another 1% in September.
The latest data published by the Hong Kong Rating and Valuation Department today shows that the private residence price index for August 2024 was 292.1 points, a continued decrease of 1.72% from July's 297.2 points, marking the fourth consecutive month of decline, with a total decline of 5.65%.
Hong Kong's comprehensive CPI in August rose by 2.5% year-on-year.
On September 20th, the Hong Kong Census and Statistics Department released the consumer price index for August 2024.
