IMF Commends Hong Kong
Financial Secretary Paul Chan today welcomed an International Monetary Fund (IMF) report which commended Hong Kong for maintaining robust financial regulation and supervision.
The IMF’s Staff Report reaffirmed its long-standing support for the Linked Exchange Rate System, and said that it should remain as an anchor of economic and financial stability for Hong Kong.
Noting initial signs of softening in the property market, the IMF considers it appropriate for Hong Kong to maintain its three-pronged approach of increasing housing supply and retaining tight macroprudential measures and demand side measures to safeguard financial stability.
It also applauded the city for its continued efforts to maintain competitiveness and expand its role as a leading financial centre.
In response to the report, Mr Chan welcomed the IMF's positive assessment and recognition of Hong Kong's sound policies.
He said: "With ample buffers, strong economic fundamentals and a robust regulatory and supervisory framework, Hong Kong is well placed to navigate through the challenges ahead.
“As an international financial centre and the pivotal gateway to the Mainland of China, we will continue to sharpen our competitive edge and reap the opportunities from further regional economic integration, especially in the context of the Guangdong-Hong Kong-Macao Greater Bay Area development.”
Monetary Authority Chief Executive Norman Chan also welcomed the IMF's continued support for the Linked Exchange Rate System.
Click here for the report.
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