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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

March retail sales up 20.1%

The value of total retail sales in March, provisionally estimated at $27.6 billion, rose 20.1% compared with the same month in 2020, the Census & Statistics Department announced today.   Of the total retail sales value in March, online sales accounted for 7.7%. Provisionally estimated at $2.1 billion, the value of online retail sales increased 43.3% year-on-year.   After netting out the effect of price changes over the same period, the volume of total retail sales for the month increased 19.8% compared with a year earlier.   The value of sales of other consumer goods, not elsewhere classified increased 35.2%.   This was followed by sales of electrical goods and other consumer durable goods, not elsewhere classified (+44.8% in value); jewellery, watches and clocks, and valuable gifts (+81%); wearing apparel (+77.4%); commodities in department stores (+2.2%); medicines and cosmetics (+18%); motor vehicles and parts (+23.1%); fuels (+18.8%); furniture and fixtures (+12.5%); footwear, allied products and other clothing accessories (+64.1%); books, newspapers, stationery and gifts (+19.2%); Chinese drugs and herbs (+27.7%); and optical shops (+29.1%).   The value of sales of commodities in supermarkets decreased 16.1% for the period, followed by sales of food, alcoholic drinks and tobacco (-1.8% in value).   The Government said retail sales registered a notable year-on-year increase in March, mainly due to an exceptionally low base of comparison last year. For the first quarter as a whole, retail sales volume rose 7.2% over a year earlier, but was still far below that in the first quarter of 2019 by 32.5%.   Looking ahead, the Government pointed out that while local consumption sentiment saw some improvement following the gradual relaxation of social distancing measures since mid-February, the near-term outlook for the retail trade is still challenging as inbound tourism remains in the doldrums.   To attain a stronger revival of the retail trade and a broader-based economic recovery, it is essential for the community to work together to keep the epidemic under control and to actively participate in the COVID-19 Vaccination Programme, it added.
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