Hong Kong's central bank says no obvious capital outflow from banking system

The Hong Kong Monetary Authority (HKMA) said on Thursday there was no obvious outflow of capital from the city's banking system and that the local currency was largely stable. Chief executive Eddie Yu also said while the foreign exchange and money markets were operating smoothly, the public must prudently manage financial risk.

Senior Hong Kong officials had previously warned of recession pressure given the global slowdown, U.S-China trade tensions and ongoing protests in Hong Kong. Yu's comment came hours after HKMA lowered its base rate charged through the overnight discount window by 25 basis points to 2% earlier on Thursday, tracking the U.S. Federal Reserve's rate cut overnight.

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