Monetary policy is working in Asia: HSBC

The acceleration in bank lending in Hong Kong has been especially noticeable, according to HSBC.

"The pick-up in lending to corporations suggests that private investment growth will accelerate. Asia’s leverage cycle, in short, is playing out as policy-makers intended. Still, central bankers need to be mindful that their tools are not only designed to boost growth, but also to take away the punch bowl when the party gets out of hand," said HSBC Global Research.

Aside from Hong Kong, the other Asian nation with noticeable lending growth is Indonesia.

View the graph here.