Credit Suisse Fallout Won't Hit HK Too Hard, Says CE
"); jQuery("#212 h3").html("
"); });
2023-03-21 HKT 11:04
Chief Executive John Lee said on Tuesday that he is confident Hong Kong will not be affected significantly by the fallout from the rescue deal to save troubled Swiss bank Credit Suisse.
Speaking ahead of the weekly Executive Council meeting, Lee said he is aware of the crisis and the support provided by several major central banks.
"Credit Suisse's business and also assets in Hong Kong are relatively small. Credit Suisse is in normal business," he said.
Lee said the city's banking sector is "very resilient" and is operating smoothly, and that liquidity in the market is abundant.
The CE also said financial regulators in the SAR - the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) - are monitoring the situation closely and will be managing risks.
"We are in regular communication with the different authorities around the world, so we will be having first hand information about the situation of the market," he said.
"We have confidence that the situation is not affecting Hong Kong in a significant way, and we will continue to do our best to monitor the situation."
Credit Suisse, meanwhile, has gone ahead with its three-day Asian Investment Conference in Hong Kong. The CE had been scheduled to deliver a keynote address there on Wednesday but will instead be represented by Deputy Financial Secretary Michael Wong.
US Stocks Rise On Hopes Of Pause In Rate Increases
Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more
China's Financial Risks 'controllable': Regulators
The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more
Banks Cut Yuan Deposit Rates, Could Boost Consumption
China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more
Cheese And Wine Put EU, Australia Deal In Peril
Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more
US Stocks End Mixed As Tech Shares Are Sold Off
Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more
Amazon 'plans Prime Video Streaming Service With Ads'
Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more