Hong Kong's third-quarter GDP grew 5.2% year-on-year on a 30.4% jump in goods exports while consumers stalled. Beijing ran a ¥100bn stock-support swap, put about ¥110bn behind Zhuhai Huafa and raised banks' foreign-currency reserve ratio to cool the yuan.
Asia-Pacific Economic Research Institute frames the PBoC’s FX-deposit RRR hike as a bid to cool a fast-rising yuan after the CFETS basket jumped to 103.77, not a reversal of the 2026 appreciation. Source
Hong Kong's advance estimate for third-quarter GDP, released Tuesday, showed real growth of 5.2% year-on-year, up from a revised 4.2% in Q2. Seasonally adjusted, output rose 1.9% quarter-on-quarter, which annualises to roughly 7.8% by my calculation. Growth for the first three quarters is 5.1%, which the government called the fastest for that period in five years. Trade did the work: goods exports rose 30.4% and goods imports 29.9%. The government itself suggested Hong Kong is acting as a pass-through for the global AI hardware cycle.
