HK's role in global finance intact, says Fitch

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Credit rating agency points to recent listing of Alibaba Group on the stock exchange as a positive. FMTNews

HONG KONG: Hong Kong’s role in global finance is intact, with little evidence to suggest recent protests and social unrest in the city have adversely impacted that role, global credit rating agency Fitch Ratings said on Thursday.

The Chinese-ruled city has seen more than six months of anti-government demonstrations sparked by a controversial and now-withdrawn extradition bill. In September, Fitch had downgraded Hong Kong’s long-term foreign currency issuer default rating to “AA” from “AA+” following months of protests. Fitch said on Thursday that while Hong Kong’s short-term outlook continues to deteriorate, the medium-term prospects seem more positive. The economy has sunk into its first recession in a decade, with businesses under pressure from the protests and protracted US-China trade war.

 

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