March 16, 2017 / 1:28 AM / 5 months ago

Hong Kong's cbank urges banks to keep high bar on loans to property firms

HONG KONG, March 16 (Reuters) - Hong Kong's central bank urged the city's lenders to keep a high bar on loans given to property developers, its chief said on Thursday, after it raised a benchmark interest rate for the second time in three months.

Norman Chan, the chief executive of the Hong Kong Monetary Authority, the territory's de facto central bank also said he was not concerned about destabilising capital outflows from the city as it had enough liquidity in the banking system. The city's central bank raised the base rate charged through its overnight discount window by 25 basis points to 1.25 percent, tracking a similar increase by the U.S. Federal Reserve. (Reporting by Saikat Chatterjee and Donny Kwok; Editing by Randy Fabi)

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