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Foreign currency reserves up

Hong Kong's foreign currency reserve assets rose to US$423.2 billion in November from October's US$417.2 billion, the Monetary Authority announced today.   The reserve assets represent over five times the currency in circulation or about 42% of Hong Kong dollar M3.   There were no unsettled foreign exchange contracts at the end of November. http://dlvr.it/Sf21yd

Contactless payment subsidy to open

The subsidy scheme for promoting contactless payment in markets of the Food & Environmental Hygiene Department and the Housing Authority as well as for licensed hawkers will open for applications on April 30.   The Government announced earlier that it will launch the second round of the subsidy scheme in public markets under the Anti-epidemic Fund and extend the scope to cover licensed hawkers.   The scheme, which aims to reduce the virus transmission risk in markets, will provide a one-off subsidy at a flat rate of $5,000 to eligible market stall tenants under the department and the authority, as well as licensed hawkers.   The subsidy will be used to meet initial set-up costs as well as service and other fees related to the provision of at least one contactless payment means, which would be processed through a licensed bank or a stored value facility licensee regulated by the Monetary Authority, or a debit or credit card scheme, for customers.   With an application deadline of June 30, the scheme is expected to benefit about 9,000 of the department’s stall tenants, 1,100 of the authority’s tenants, and 5,700 licensed hawkers.   Tenants and licensed hawkers are required to submit an application to the department or the authority and obtain approval in principle before signing a contract with a service provider. They also need to produce a valid service contract with a duration of no less than two years.   The department and authority will conduct inspections to ensure completion of installation before disbursing the subsidy.   Application forms can be obtained from the department's District Environmental Hygiene Offices, while the authority will issue a letter to stall tenants to invite them to join the scheme.
http://dlvr.it/RyhCZn

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