恒生科技指数则更显得“牛气冲天”，全球资金憧憬“长牛行情”的乐观情绪更加疯狂，受益于美联储意外降息50个基点开启降息周期，以及国内货币刺激政策提供的流动性支持，港股可谓吃到“中美双重流动性红利”，叠加国内促销费、推动民营经济发展政策等众多利好的刺激政策催化剂之下，恒生科技指数在上周史诗级大涨超过20%，恒生指数涨超13%。10月2日开盘后，恒生科技指数持续上扬，尽管10月3日有所回调，但截至周五盘中，本周涨幅高达16%。As the Hang Seng Index rises, it drives up the demand for MMF, making the Hong Kong dollar a rare focus in the global financial markets, with its borrowing costs reaching the highest since the end of July; compared to the US dollar, the currency is closer to the strong end of the trading range.
According to the Wisdom Financial APP, with the recent significant rise in the stock prices of Chinese companies listed on the Hong Kong Stock Exchange, especially popular internet companies such as Alibaba, Tencent, as well as China-affiliated brokerage stocks, the demand for the Hong Kong dollar has surged. The local currency in Hong Kong, which has long been in a 'dormant state,' seems to be awakening. With these popular Chinese company stocks leading the way, the Hang Seng Index, the benchmark index of Hong Kong stocks, has seen a rare surge since last week, rebounding sharply by over 23%. Riding the wave of the Hang Seng Index rise, the Hong Kong dollar has become a focal point in the global financial markets, with borrowing costs for this currency reaching the highest levels since late July.
Since last week, the Chinese government has introduced a package of stimulus measures to boost the Chinese economy, providing incredibly strong liquidity support to the domestic financial markets, and is striving to revitalize the long-sluggish real estate industry amid the throes of a debt crisis. This comprehensive policy has significantly boosted global investors' confidence in the Hong Kong and A-share markets.
The Hang Seng Tech Index appears to be soaring, with global funds eagerly anticipating a 'bull market' frenzy. Benefiting from the unexpected 50 basis point rate cut by the Federal Reserve, the start of an interest rate reduction cycle, as well as the liquidity support from domestic monetary stimulus policies, Hong Kong stocks are enjoying a 'dual liquidity dividend,' along with numerous bullish catalysts such as domestic promotional fees and policies to stimulate private sector economic growth. Under the impetus of these positive measures, the Hang Seng Tech Index soared by over 20% last week in an epic rally, with the Hang Seng Index rising by over 13%. Following the October 2nd opening, the Hang Seng Tech Index has continued to rise. Despite a slight pullback on October 3rd, by the mid-day of Friday, the weekly increase has reached 16%.
Statistics show that as the supply of Hong Kong dollars tightens due to the sharp rise in the Hong Kong stock market, its financing costs have surged significantly for ten consecutive days, reaching the highest level since the end of July. The options trading volume for this currency has also reached nearly 6 times the average daily trading volume.
It is rare to see such active activity for a currency pegged to the US dollar. This is a 'byproduct' of the historic surge in the Chinese stock market (including Hong Kong and A shares), as people hope that the Chinese government will use new stimulus measures to revitalize the slowing economic growth. Quarterly regulatory inspections of bank system liquidity and recent seasonal factors such as the issuance of local benchmark Hong Kong dollar bonds have also boosted market demand for the Hong Kong dollar, pushing the Hong Kong dollar to the strongest level within the allowed trading range against the US dollar.
"Options with a maturity of one month or less may have borne the brunt of most of the upward pressure," wrote multiple strategists in a report, including Frances Cheung, a strategist at Oversea-Chinese Banking Co. Here, they were referring to the Hong Kong dollar benchmark financing rate. The bank's strategy team also stated that if the influx of new funds into the Hong Kong stock market continues and loan demand continues to rise, "our mid-term view that the benchmark financing rate will lag behind the downward trend is likely to materialize".
After a massive profit-taking in Chinese stocks listed in Hong Kong on the previous trading day, they resumed their upward trend on Friday. As of the time of writing, the Hang Seng Index has surged by over 35% from its interim low point in September.
On Friday, the exchange rate between the Hong Kong local currency and the US dollar was reported at 7.7663, bringing the currency closer to the strong end of the Hong Kong-US dollar exchange rate range. The anchored exchange rate range between the Hong Kong dollar and the US dollar allows for fluctuations within the 7.75 to 7.85 range. According to data from the Depository Trust & Clearing Corp., about $4.8 billion worth of Hong Kong dollar options changed hands on Thursday, approximately 600% of the daily trading volume.