G70 PERSPECTIVES
Selected observations on monetary systems, precious metals and the forces shaping long-term family capital.
31 ARTICLES
Federal Reserve policyOn 16 September 2026, the Federal Reserve unanimously raised the federal funds target range by 25 basis points to 3.75%–4.00%. The decision is known, but cash, bonds, currencies and financing will not react at the same speed or in the same direction.
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China PricesIn August 2026, China's consumer price index rose 0.8% year on year, while producer prices rose 3.8%. Both measures increased, but the faster rise at the production stage does not mean consumer prices will increase by the same proportion.
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Cybersecurity and GovernanceA Financial Stability Institute paper published by the Bank for International Settlements analyses how frontier AI can help attackers find vulnerabilities, develop exploits and carry out multi-step attacks. For family offices, risk can enter not only through their own systems but also through cloud, software, banking interfaces and external service providers.
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Hong Kong and the Middle EastFour financial-market and regulatory institutions in Hong Kong and Dubai have formed a Strategic Working Group. Its areas of cooperation include sustainable finance, Islamic finance, innovation, capital markets and market connectivity. What is confirmed is a cooperation framework; specific products, timelines, eligibility and settlement arrangements have not been announced.
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Insurance Capital and ETFsA wider permitted investment universe does not automatically become buying flow. The questions are how insurers select products, manage currency and liquidity risk, and whether Hong Kong's ETF market can absorb longer-duration institutional capital.
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Hong Kong Economy and Family DecisionsGDP measures aggregate output, not the income statement of every household. When exports, services, consumption and employment move at different speeds, stronger macro data and weaker lived experience can coexist.
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Payment Controls and Corporate RiskThe shorter the payment process, the more important the evidence of authority. An August 2026 regulatory circular does not reject simplified eDDA; it requires regulated firms to preserve traceable controls while accelerating deposits.
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Robotics Industry and Public MarketsHumanoid robots make compelling visual news, but a listed company's value ultimately depends on product revenue, gross margin, R&D efficiency, supply-chain execution and cash flow. Unitree Robotics' listing provides a public evidence base that is more useful than the concept alone.
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AI Industry and Valuation"Is AI a bubble?" This question is fascinating, but it treats model capabilities, corporate revenue, capital expenditures, and private-market valuations as the same thing. A more useful approach is to examine layer by layer which layers are already generating cash flow and which still depend on future scale to support today's valuations.
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Cross-Border Tax and TrustsCRS is not a new tax, nor is CFC automatically taxed as long as you have an offshore company. Announcements No. 21 and 15 of 2026 specifically deal with the personal income tax and collection of offshore trusts. The relationship between these four factors is at three levels: "the information is visible", "should there be tax consequences" and "how to declare", and cannot be lumped together into one slogan.
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Biomedicine and CapitalHong Kong's biotech fund-raising platform has been formed, but "the capital market is revitalized" and "a biomedical company is worthy of investment" are still two different issues. From a scientific concept to a marketable product, a drug needs to pass through multiple stages of experimentation, clinical trials, approval, manufacturing, reimbursement and commercialization.
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Medical Protection and Family RiskFor high-net-worth families, "affording medical expenses" does not mean "the family's financial structure is not damaged." A serious illness can simultaneously change income, caregiving time, business decisions, asset liquidity, and insurance benefits. The real risk often comes from multiple stressors occurring at the same time.
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Currencies and Cross-Border Assets"Long-term depreciation of the US dollar and long-term appreciation of the RMB" is a strong investment proposition, but it is not a proven fact. Exchange rate is the relative price between two currencies and is affected by interest rate differentials, growth, inflation, capital flows, policy and risk appetite. A more robust family strategy is to manage currency liabilities, rather than betting all assets on an exchange rate story.
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TREASURY MANAGEMENTAn unchanged policy rate is not the same as a settled direction. For family capital, the more durable task is to separate operating cash, known obligations, strategic reserves and investable surplus.
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HONG KONG CAPITAL MARKETSHong Kong's H1 2026 IPO count almost doubled and funds raised increased 92.1% year on year. The market window has reopened; issuer, valuation and liquidity standards must not loosen with it.
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CROSS-BORDER COMPLIANCEHong Kong proposes CARF-related obligations from 2027 and targets its first automatic exchange in 2028. Cross-border families should begin by reconciling assets, wallets, legal entities and tax residence.
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FAMILY GOVERNANCELife expectancy at birth in Hong Kong was about 83 years for men and 88 for women in 2024, while 76% of households had three people or fewer. Longer lives and smaller households extend the period over which care, authority and cash flow must work.
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REAL-ASSET RISKLong-term climate scenarios are not loss estimates for one building. For owners, the useful work is to connect building evidence, downtime, insurance, capital expenditure and financing in one auditable risk chain.
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Gold and reserve managementJune produced two apparently conflicting gold signals: long-horizon central-bank interest and a monthly ETF outflow. Read together, they reveal different holders, mandates and time horizons rather than a single vote on the next gold price.
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Energy markets and operating businessesBrent's monthly average fell from US$117.29 in April to US$83.76 in July. That looks like risk receding, but crude supply, shipping, refining and products did not normalise at the same speed. For a business or family balance sheet, the decisive question is where revenue and cost are repriced.
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Medical protection and family riskMedical-coverage gaps often begin not on the day of hospital admission, but on the transition date for employment, retirement, relocation or family responsibility. Hong Kong's coverage sources are fragmented; a dependable arrangement maps every person, layer of responsibility and expiry date together.
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Hong Kong capital-markets dataThirty-six of 53 usable Hong Kong new-listing observations closed above their offer price on the first day, a positive rate of 67.9%. This reproducible event statistic excludes allocation, financing cost, execution time and holding period, so it is not an investor's probability of profit.
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Tax structuring and family governanceThe proposed amendments concern more than the scope of eligible assets. For cross-border families, the more consequential issue is how filing, economic substance, holding structures and evidence management will be assessed as one system.
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Family risk and cybersecurityWhen voice, video and email can all be credibly imitated, cybersecurity is no longer only about blocking malware. It is about redesigning how an instruction earns trust.
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Private markets and risk governancePrivate credit can offer attractive structures and income, but infrequent pricing, limited liquidity and complex financing links require investors to assess risk differently from public bonds.
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Reserve management and precious metalsCentral-bank gold holdings are often read as a market signal. Reserve management, however, is concerned with liquidity, confidence, credit and policy resilience—not short-term trading.
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Cross-border tax transparency and digital assetsThe new reporting framework is not limited to exchange accounts. Identity, control, tax residence, fiat flows and on-chain transfers will need to reconcile within one evidence base.
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External asset management and investment governanceThe value of external asset management is not another intermediary. It is the allocation of investment decisions, custody, valuation, reporting and oversight to roles that can be held accountable.
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MONETARY SYSTEMA measured view of how reserve diversification, payment infrastructure and trade settlement are evolving—without assuming an abrupt end to the dollar system.
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PRECIOUS METALSCentral-bank gold demand reflects reserve resilience, liquidity and confidence—not simply a directional view on price.
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PRECIOUS METALSGold sits at the intersection of real yields, inflation expectations, geopolitics and investor confidence. Its role changes with the environment.
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