香港金融管理局：货币与金融稳定情况半年度报告（2026年3月）（英文版）（65页）.pdf

1、HALF-YEARLY MONETARY ANDFINANCIAL STABILITY REPORTMarch 2026This Report reviews statistical information between the end of August 2025 and the end of February 2026.Half-YearlY MonetarY and financial StabilitY report MarcH 20262 Half-Yearly Monetary and Financial Stability ReportMarch 2026Table of Co

2、ntents1.Summary and overview32.Global setting and outlook72.1 External environment72.2 Chinese Mainland93.Domestic economy193.1 Real activities193.2 Labour market conditions213.3 Inflation214.Monetary and financial conditions264.1 Exchange rate and capital flows264.2 Monetary environment and interes

3、t rates274.3 Equity market314.4 Debt market334.5 Property markets365.Banking sector performance405.1 Profitability405.2 Capital and liquidity positions415.3 Credit risk425.4 Risks and resilience48Box 1.Corporate operational flexibility as a buffer against economic policy uncertainty:Global evidence

4、and policy implications 13Box 2.Assessing the linkages between hedge funds and prime brokers in sovereign bond markets:Evidence from commercial data 16Box 3.Understanding the evolution of youth labour force participation rate in Hong Kong 22Box 4.Assessing the effects of Commercial Data Interchange

5、on loans to small and medium-sized enterprises in Hong Kong 52Glossary of termsAbbreviation3 Half-YearlY MonetarY and financial StabilitY report MarcH 20261.Summary and overviewIn the period under review,the global economy demonstrated resilience,driven by the accelerating artificial intelligence bo

6、om and sustained demand for technology products,particularly in the Asia-Pacific(APAC)region.The recovery,however,reflected a pronounced“K-shaped”divergence across households and sectors.Looking ahead,the economic outlook for 2026 remains uncertain.The US and global economies are expected to continu