For the past month or more, overnight interest rates in Hong Kong have been stuck just above zero per cent. Since everyone got used to ultra-low interest rates during the last couple of decades, it may not be immediately obvious how bizarre, unexpected and potentially alarming that situation is — or how it illustrates everything from the dwindling appetite of Asian investors for US assets, to a modest revival of Hong Kong’s capital markets, to surprising limits on the risk-taking capacity of banks and hedge funds.
過去一個多月來，香港隔夜利率一直維持在略高於零的水準。由於近幾十年來所有人都習慣了超低利率，人們也許不會立刻意識到這種情況是多麼奇怪，多麼出人意料，並且潛在地令人擔憂——他們也不會馬上反應過來，這種情況說明亞洲投資者對美國資產興趣下降，香港資本市場有所復甦，而銀行和對沖基金的風險承受能力有限得令人喫驚。
您已閱讀10%（671字），剩餘90%（6280字）包含更多重要資訊，訂閱以繼續探索完整內容，並享受更多專屬服務。