Exchange Bank Association
Exchange Bank Association was originally established in 1897 in Hong Kong as a bank association in dealing with the exchange business. It then became an organization that set interest rates on bank deposits to keep bank competition alive and balanced.
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History
The association was crucial in the stabilizing of financial markets during the Colonial Hong Kong era from the 1890s to 1930s.[1] 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.
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References
- Masuyama, Seiichi. Vandenbrink, Donna. Yue Chia, Siow. [1999] (1999). East Asia's Financial Systems: Evolution & Crisis. Institute of Southeast Asian Studies Publishing. ISBN 981-230-005-8
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