The renminbi’s depreciation would not significantly affect the local market, said Eddie Kong, Chief Executive Officer of BCM Bank yesterday.
Speaking on the sidelines of the company’s opening ceremony for its new branch in Rua de Pedro Coutinho, the CEO said the currency experiences adjustments at times, indicating the current adjustment is adequate and ordinary for economic growth.
Meanwhile, Mr. Kong believes the recent increase in U.S. interest rate would definitely have an impact upon local users, but he added that the adjustment would be slow.
“The hike of U.S. interest rate was made following a long period of precipitation,” he said. “This would have given enough time for local users to get their budget ready thus it would not have any great impact.”
On the other hand, the company executive indicated that the bank’s business and credit quality did not see any significant change although the city was still undergoing the economic adjustment phase of the past year.
In fact, he claimed that such economic adjustment would provide opportunities for banks to expand their businesses and services given the government’s support for developing a diversified economy.
Asked by reporters whether there were more SMEs applying for loans from BCM during the period, Mr. Kong said the bank has been supporting SMEs as well as individual investments.
“We haven’t changed our support towards local SMEs and the credit of these local enterprises remains healthy,” said the CEO.
