Exchange Bank Association
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Exchange Bank Association was originally established in 1897 in Hong Kong as a bank association in dealing with the foreign exchange business.[1]
Afterwards, it became an organization that set interest rates on bank deposits to keep bank competition alive and balanced.
History
[edit | edit source]The association was crucial in the stabilizing of financial markets during the colonial Hong Kong era from the 1890s to 1930s.[2] Their interest rates however, only affected banks.
The 1960s and 70s would spawn new deposit-taking companies that set their own interest rates. This is one of the reason why the economy was split into a 3-tier system by 1981.[citation needed]
See also
[edit | edit source]References
[edit | edit source]- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Masuyama, Seiichi. Vandenbrink, Donna. Yue Chia, Siow. [1999] (1999). East Asia's Financial Systems: Evolution & Crisis. Institute of Southeast Asian Studies Publishing. Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
External links
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