Financial Institutions and Markets in the Far East: A Study by Michael T. Skully

By Michael T. Skully

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Extra resources for Financial Institutions and Markets in the Far East: A Study of China, Hong Kong, Japan, South Korea and Taiwan

Sample text

However, in 1980 one bank succeeded in resolving this problem and as a result Hong Kong-issued US dollar COs can be expected to become a more important funding source. Competition for time deposits of one year or less and savings deposits are restricted under the Interest Rate Agreement of the Exchange Bankers' Association. The agreement, signed on l July 1964, was established to protect the industry from over-competition for deposits. Under this plan member banks pay no more than a certain interest rate for savings deposits, and in the case of time deposits the agreed maximum rates are tiered in favour of the smaller and weaker local banks.

7 million China Cement loan syndication led by the Bank of China in early 1980. Reflecting this new trend, half of the loan was charged at a margin over the prime lending rate and half over the Hong Kong Interbank Rate. It is expected that the Hong Kong Interbank Offered Rate, or HIBOR will become an important facet in both Hong Kong and foreign currency (mainly US dollar) lending. In terms of foreign currency loans and loan syndications, Hong Kong banks and deposit-taking companies have long played an important role within Asia.

FINANCIAL MARKETS As with banking and insurance, China's financial markets developed initially with a dual personality. The native financial market comprised by native bankers 29 and their guilds were once an important facet of local banking and finance, but were quickly surpassed by the markets which developed around the Western banks. Further competition came as the modem Chinese banks became more important and by the late 1930s the 'modem' money market together with that of the foreign banks comprised the bulk of the market.

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