Counter-cyclical measures adjustment

Since the financial tsunami in the United States, the asset price has soared

The HKMA has launched eight rounds of counter-cyclical measures to maintain the stability of the banking system, but at the same time it has increased the difficulty of getting on the train. Yu Weiwen, the president of the HKMA, said that depending on a number of factors, it is necessary to decide whether or not to adjust the counter-cyclical measures.

Keep an eye on a number of factors

When asked if he would relax the counter-cyclical measures, Yu Weiwen said that the concept of the HKMA’s counter-cyclical measures is to take appropriate measures to stabilize the banking system in response to the evolution of the property market cycle. When judging the property market cycle, it will refer to the property market trend and trading volume. The external environment, the economic tone of Hong Kong and other factors. The HKMA will closely monitor the above factors to determine whether there is a change in the property market cycle to determine whether countercyclical measures need to be adjusted.

During the term of office, Chen Delin, the president of the HKMA, launched eight rounds of counter-cyclical measures, including tightening the ceiling on mortgages and adjusting the pressure test rate requirements, but the property prices have not cooled down. After the multi-round counter-cyclical measures, the average mortgage loan ratio of new residential mortgage loans fell to 46% at the end of last year, and the average contribution-income ratio also fell to 34%, reflecting the strengthening of the banking system’s stability, but the measures were also Further increase the cost of home ownership.

The property market has been adjusted in the second half of last year, but it has started to rebound this year

It has now recovered the lost ground last year. As property prices have risen again, there is a voice in the market asking the HKMA to relax counter-cyclical measures to make it easier for citizens to get on the train.

Chen Delin said in May that if the upswing cycle of the property market continues, the measures will be tightened, and vice versa. However, the current performance of the property market is repetitive and still needs to be observed, suggesting that there is no plan to adjust the countercyclical measures.


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