In that case, yes, the pending IPOs are the reason.
Article says that the banks are also holding, 290B+ in time deposits.
Banks Scrambling for Hong Kong Deposits Push Rates as High as 3%
https://www.bloomberg.com/news/artic...s-as-high-as-3
3%? crap. if that happens, moving my USD back to HKD. lol
Don't be in a rush. The headline is misleading.
Might be good for shareholders as this IPO madness will definitely be good business for banks who have the cash.
Banks held HK$2.3 trillion ($292 billion) in time deposits as of February, the most in at least two decades, HKMA data show. Because rising demand for loans allows them to pass higher costs on to borrowers, executives don’t expect increasing deposit rates to crimp profits.
3% for speculation... don't think I've seen any bank raise their deposit rates yet.Original Post Deleted