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New PDF release: Banking and Currency in Hong Kong: A Study of Postwar

By Y. C. Jao

ISBN-10: 1349021997

ISBN-13: 9781349021994

ISBN-10: 1349022012

ISBN-13: 9781349022014

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6 More important, its international activities underline the fact that, despite its origins and deep roots in Hong Kong, the bank has vigorously diversified its interests both geographically and functionally, pursuing a strategy commonly adopted by many other British overseas banks. 7 The Chartered Bank was founded in 1853 under the original name of the Chartered Bank of India, Australia and China. It opened an office in Hong Kong in 1859, and can thus claim to be the Colony's oldest surviving bank.

Subsequently, the foreign banks, special category banks and local A1, A2, B banks were renamed Category 1 to Category 5 banks respectively. Local banks taken over by foreign banks were also reclassified as Category 1 banks. During 1971, in line with the downward trend abroad, deposit rates were lowered twice. However, during the first nine months of 1973, in sympathy with rising rates elsewhere, the whole rate structure was adjusted upwards by no less than five times. 4, except for the sevenday deposits, rates offered on other maturities vary inversely with the standing and stature of the banks concerned.

When we come to the credit function, differences become much more significant as between the major groups, since this function is not only influenced by management policy, but also by tradition. We have already mentioned the real-bills doctrine (the commercial loan theory of banking) as having traditionally a strong influence on 'sound banking'. It is perhaps useful to employ this doctrine as a framework for analysing the behaviour pattern of banks in Hong Kong in their business operations. There are different variants of the real-bills doctrine, but very briefly its essence is that if only 'real' bills are discounted, the expansion of bank money will be in proportion to the 'needs of trade', and when trade contracts, bank loans will be correspondingly paid off.

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Banking and Currency in Hong Kong: A Study of Postwar Financial Development by Y. C. Jao


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