|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Hong Kong, China||01||01 - Liquidity Support||HKD||1,007,800,000,000||129,785,836,628|
|Hong Kong, China||01A||01A - Short-term lending||HKD||7,800,000,000||1,004,494,469||News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).||
June 9, see bridge loan component of the Cathay Pacific package in Measure 4. [update]
|Hong Kong, China||01B||01B - Support policies for short-term lending||HKD||922,349,000,000||118,781,342,159||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (accessed 12 May 2020).||
(i) No amount/estimate: The Hong Kong Monetary Authority (HKMA) introduced measures to increase banking sector’s liquidity, encouraging banks to deploy their liquidity buffers more flexibly, and easing interbank funding conditions by reducing the issuance size of Exchange Fund Bills. (ii) A total of HKD1 trillion in lending capacity has been released through reduction in regulatory reserves by half on March 16 along with (i) in Measure 1C and (ii) and (iii) in Measure 2B.
|Hong Kong, China||01C||01C - Forex operations||HKD||77,651,000,000||10,000,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).||
The HKMA (i) increased banking system liquidity such as through USD repo transactions; and (ii) April 22, Launched a US Dollar Liquidity Facility (US$10 billion) which uses funds obtained through the US Fed's FIMA Repo Facility.
|Hong Kong, China||02||02 - Credit creation||HKD||50,400,000,000||6,490,579,645|
|Hong Kong, China||02A||02A - Financial sector lending/funding||HKD|
|Hong Kong, China||02B||02B - Support policies for long-term lending||HKD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020); Hong Kong Monetary Authority. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200330e1.pdf (accessed 15 April 2020).||
No amount/estimate: (i) Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on March 4 and March 16, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate. (ii) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on March 16. (iii) The implementation of the various requirements under the Basel III framework have also been deferred.
|Hong Kong, China||02C||02C - Loan guarantees||HKD||50,400,000,000||6,490,579,645||HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200418-3/ (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/05/20200529-8/ (accessed 4 May 2020). The Standard. https://www.thestandard.com.hk/section-news/section/2/219763/HK-export-insurer-doubles-credit-limit (accessed 11 June 2020).||
(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100% (HKD20 billion), 90% and 80% guarantees from authorities. On May 29, authorities announced enhancements to the 80% and 90% guarantee products by raising the maximum loan amounts, extending coverage to listed companies and duration to 12 months; guaranteed loans and new applications are eligible for interest subsidy for up to 12 months. [update] (ii) June 8, HKG400 million guarantee from the Anti-Epidemic Fund for the 100% Credit Limit Top-Up Scheme where the Hong Kong Export Credit Insurance Corporation increases buyers' credit limits of its policyholders by 100%. [update]
|Hong Kong, China||03||03 - Direct long-term lending||HKD|
|Hong Kong, China||03A||03A - Long-term lending||HKD|
|Hong Kong, China||03B||03B - Forbearance||HKD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).||
No amount/estimate: Other measures by banks to the extent permitted by their risk management principles, including delay of loan payment, extension of loan tenors, and principal moratoriums for affected SMEs, sectors, and households as appropriate.This includes a pre-approved principal payment holiday for corporates and residential mortgages announced on April 17.
|Hong Kong, China||04||04 - Equity support||HKD||19,500,000,000||2,511,236,172||News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).||
June 9, HKG27.3 billion investment in Cathay Pacific Airways via government-owned Aviation 2020, comprising preference shares with detachable warrants of HKG19.5 billion and a bridging loan of HKG7.8 billion. [update]
|Hong Kong, China||05||05 - Government support to income/revenue||HKD||287,550,000,000||37,031,074,938|
|Hong Kong, China||05A||05A - Health||HKD||30,000,000,000||3,863,440,265||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).||
Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services.
|Hong Kong, China||05B||05B - Non-health||HKD||257,550,000,000||33,167,634,673||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200602/20200602_205003_920.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020).||
(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% of GDP); (ii) Cash payout to permanent residents aged 18 or above (HKD71 billion or 2.5% of GDP); (iii) Employment subsidy scheme (HKD80 billion or 2.8% of GDP); (iv) Sector-specific relief measures (HKD21 billion or 0.7% of GDP); (v) Temporary job creation (HKD6 billion or 0.2% of GDP); (vi) cash payouts to permanent residents aged 18 and above (HKD71 billion or 2.5% of GDP). (vii) No amount/estimate: June 2, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. [update] (viii) June 8, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (increased funding of HKG50 million) and extending the subsidy initiative for tourist guides (for 6 monyhs until April 27, 2021). [update]
|Hong Kong, China||06||06 - Budget reallocation||HKD|
|Hong Kong, China||07||07 - Central bank financing government||HKD|
|Hong Kong, China||07A||07A - Direct lending & reserve drawdown||HKD|
|Hong Kong, China||07B||07B - Secondary purchase: government securities||HKD|
|Hong Kong, China||08||08 - International Assistance Received||HKD||77,651,000,000||10,000,000,000|
|Hong Kong, China||08A||08A - Swaps||HKD||77,651,000,000||10,000,000,000||
USD10 billion obtained by the HKMA from the US Federal Reserve's new FIMA temporary repo facility.
|Hong Kong, China||08B||08B - International loans/grants||HKD|
|Hong Kong, China||08B1||08B1 - Asian Development Bank||HKD|
|Hong Kong, China||08B2||08B2 - Other||HKD|
|Hong Kong, China||09||09 - International Assistance Provided||HKD|
|Hong Kong, China||09A||09A - Swaps||HKD|
|Hong Kong, China||09B||09B - International loans/grants||HKD|
|Hong Kong, China||10||10 - No breakdown||HKD||114,000,000,000||14,681,073,006||HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (accessed 12 May 2020).||
The HKMA provided: (i) HKD93 billion worth of payment extensions to corporate customers through (a) repayment period extension for the transportation sector; (b) trade financing lines converted into temporary overdraft facilities; (c) accounts receivables loans offered to retail sector; (d) pre-approved principal payment holiday scheme covering 80% of corporate borrowers; and (e) special 100% loan guarantee fund; and (ii) HKD 21 billion worth of relief measures for individual customers through (a) principal repayment holidays for residential mortgages; (b) relief loans offered to employees of affected sectors; (c) extension of loan tenor for personal lending; and (d) reduction of credit card charges.
|Hong Kong, China||11||11 - Other Economic Measures||HKD|
|Hong Kong, China||12||12 - Non-Economic Measures||HKD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 27 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/new-virus-cluster-spurs-hong-kong-to-extend-border-curbs-and-limit-on-gatherings-idUSKBN2390LS?il=0 (accessed 5 June 2020). SMCP. https://www.scmp.com/business/companies/article/3087908/hong-kong-relax-quarantine-rules-largest-listed-firms-such (accessed 9 June 2020).||
Authorities imposed strict containment measures including: (i) School closures; (ii) Remote work arrangement for civil servants; (iii) Ban on gatherings of more than four people in a public place; (iv) Compulsory quarantine for travelers from overseas countries for 14 days. On June 8, Authorities eased the 14-day quarantine rule for executives of the 480 largest companies listed in the city [update]; (v) Temporary entry ban of nonresident from overseas countries from March 25; (vi) Reduction and partial suspension of cross-border transport and border control point services, including suspension of transit services at the Hong Kong International Airport. (vii) Closure of selected social gathering establishments and businesses until May 7, 2020. (viii) Remote work for civil servants was lifted on May 4th and the first phase of school reopening slated on May 27th. (ix) Religious gatherings of up to 50% of venue capacity were allowed starting May 18 and cultural and leisure facilities including libraries, swimming pools, and beaches reopened on May 21. (x) June 2, Authorities extended a ban on gatherings of more than 8 people by 2 weeks as well as restrictions on foreign visitors until mid-September. [update]