The Hong Kong Monetary Authority has reported that financial scams in the first half rose 42%. Deputy chief executive Arthur Yuen Kwok-hang said that financial fraud exceeded 12,000 cases in the first half. The HKMA and the Association of Banks will jointly provide a platform through which banks could share information with each other. Yuen said the bad-loans ratio climbed to 1.1% in the second quarter, compared to 0.98% for the first, mainly due to downgrades of the debt-burdened property sector in the mainland. Yuen warned of further rises in the future. He also noted that banks need to keep close tabs on the risks in mortgages and loan approvals, as interest rate rises have reduced economic growth and lowered the repayment ability of homeowners.
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