Banks in Hong Kong are raking in more cash despite a government push for more lending to struggling businesses to help revive the economy, Bloomberg News reported Wednesday.

HSBC (HKG:0005) and Standard Chartered (HKG:2888) held a cumulative liquidity coverage ratio of more than 180% in the second quarter of 2024, way above the 100% requirement, according to the report.

Among all banks, the ratio, a measure of the amount of cash held to finance short-term obligations, was at 178.4% in September, the report said, citing the Hong Kong Monetary Authority.

Regulators have sounded the alarm over the hoarding of cash, prompting a task force to release funding for small businesses and "monitor" the business strategies of banks, the report said.

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