Hong Kong and World: Where Do We Stand? – Natixis Macro Thematic Report

Key Takeaways

• 1.Global financial conditions are tightening as central banks hike or hold rates high against commodity inflation, while US long-term yields remain elevated and AI capex squeezes resources.
• 2.Traditional USD surplus pools are offering less external liquidity: GCC growth is slowing amid conflict and lower oil exports, while China is increasingly shifting cross-border financing toward RMB.
• 3.Hong Kong remains a vital global liquidity pool with a rebounding IPO market and strong links to the Middle East, though it faces domestic pressures including bank asset quality headwinds, real estate stabilization, and structural demographic shifts.

Table of Contents

• Global conditions are tightening
• Biggest pools of USD—the Gulf and China—offer less
• Hong Kong remains a major liquidity pool
• Economic uncertainty in Hong Kong
• Natixis Financial Forecasts

Report data

Hong Kong Banks: Asset Quality — as of September 21, 2026.