G70 PERSPECTIVES
Selected observations on monetary systems, precious metals and the forces shaping long-term family capital.
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Financial infrastructure and corporate liquidityThe HKMA has moved EnsembleTX to a new stage of 24/7 real-value transactions. For a family business, the practical test follows the money: can proceeds from a tokenised asset reach an account its supplier accepts before payment is due?
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Federal Reserve PolicyTwo voters preferred a rate increase in October. For a family with US-dollar deposits, floating-rate debt and bonds, the important distinction is when each asset or liability reprices.
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Trade and Working CapitalA surge in export value does not mean every business has won more orders. For a family business that has, the quotation needs a cash calculation: how much must be paid for purchasing, production and shipping before the customer pays?
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Renminbi LiquidityThe HKMA’s expanded Primary Liquidity Provider scheme takes effect on 27 October. Additional short-term support for banks leaves businesses with a separate calculation: their cash shortfall, drawable credit and actual financing cost.
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Banking ComplianceThe HKMA’s 22 October circular calls for stronger anti-bribery controls in account opening. For family businesses using an intermediary, the service, the recipient and the promised outcome deserve separate scrutiny.
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Market SettlementA shorter settlement cycle can bring forward foreign exchange, trade allocation and internal approvals. Sufficient assets on a family balance sheet do not necessarily mean cash is available in time.
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China’s economy and family businessesChina’s economic growth picked up in the third quarter. For a family business deciding whether to restock, expand production or borrow more, the next question is whether that improvement is reaching its own orders and gross profit.
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The global economy and family capitalOne investment holds technology shares, another owns a data centre, and the family business supplies related construction projects. On paper, these are equities, property and an operating business. If their income depends on the same customers continuing to increase AI spending, they may be less diversified than the asset classification suggests.
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Cross-border finance in practiceWhen a customer opens a cross-border bank account or applies for a loan, the bank needs to verify the information submitted. Sending a document does not settle the receiving party’s question: is this the same version held by the source institution?
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G70 Seasonal GreetingShare a meal with an older relative or call family far from home. This Chung Yeung, make time for the people you miss.
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Regulatory DevelopmentsThe SFC has published its retail fund consultation conclusions. Families can check derivatives, redemption arrangements and product implementation dates separately, without treating regulatory enhancements as a promise of lower risk.
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Financial Infrastructure and Cross-border BusinessA US dollar–ringgit PvP link has existed since 2006. The latest cooperation covers payment infrastructure, securities depositories and stablecoin policy. Each addresses a different part of a cross-border transaction—and is at a different stage.
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Digital Assets & RiskIMF’s 8 October article puts rights and settlement back at the centre of tokenization. A family reviewing a product can ask what the record represents, who owes an obligation, and how an exit turns into usable funds.
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Regulatory DevelopmentsHKEX’s Phase II consultation concerns transactions after listing. Family businesses can prepare transaction records, connected-party maps and decision responsibilities while distinguishing proposals from current rules.
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Family GovernanceThe PCPD’s new guidance brings agentic AI privacy risks into everyday operations. Family offices can examine minimum permissions, human approval and how data exits a service.
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Family Financial GovernanceOpening more accounts at one bank does not increase an individual’s protection. A worked joint-account example explains aggregation, product eligibility and why protected deposits are not the same as immediately available cash.
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Family Financial GovernanceOrganising policies, claim deadlines and correspondence helps a family know whom to contact and what to submit when needed.
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G70 Asset Management PerspectivesA valuation helps a family review an asset. A separate discussion about dates, assumptions, ownership rights and cash needs is needed to plan a sale.
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G70 Seasonal GreetingTogether, toward tomorrow. G70 Global Multi-Family Office celebrates China's National Day with wishes for prosperity, peace and enduring progress.
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Hong Kong MarketsThe SFC action plan covers market infrastructure. This article separates existing measures, phased projects and arrangements still under study for family operational planning.
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G70 MilestoneOn 28 September 2026, G70 marks a three-year milestone. We thank every family, partner and colleague who has placed their trust in us and travelled this path with us.
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G70 Seasonal GreetingMid-Autumn Festival is a time for reunion, remembrance and continuity across generations. G70 Global 70 Multi-Family Office wishes you and your family a joyful, peaceful and fulfilling celebration.
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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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China ManufacturingChina's manufacturing PMI rose to 49.8 in August, improving on July but falling short of a broad recovery. Large enterprises returned to expansion, while medium and small enterprises remained weak and raw material costs increased.
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Financial Technology and GovernanceFour Hong Kong financial regulators selected 36 use cases for the first GenA.I. Sandbox++ cohort. AI can now read data, call tools and carry out work as well as answer questions. Greater capability calls for clearly defined permissions and accountability.
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Renminbi Interest Rate RiskHKEX launched the only China government bond futures in the offshore market, allowing investors to manage renminbi interest rate risk in Hong Kong. Futures are not insurance: they also involve leverage, margin and price differences.
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Hong Kong Asset ManagementHong Kong’s assets under management reached HK$42.2 trillion in 2025, with net inflows of HK$2.1 trillion. This reflects a larger asset management market, not HK$42.2 trillion of new money arriving in one year.
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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 SFC’s August 2026 circular addresses regulated firms receiving client deposits. We explain mandate setup, bank-account ownership checks and connected fund movements, separating regulatory expectations from lessons for family businesses.
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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 first-half IPO figures show a recovery in fundraising. They do not establish investment returns. We examine proceeds, cash conversion and a position-size test for exit risk.
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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 governanceA holding company does not automatically qualify for family-office tax concessions. Assessing the 2026 proposals starts with the entity receiving the income, the regime it uses and the Hong Kong activities supporting its tax position.
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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 governanceStart with the cash the family can actually receive. These five checks connect income, borrower cash flow, valuation, redemption terms and the family’s own obligations, giving product comparisons a practical basis.
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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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