News Column

IMF lauds HK financial systems

May 23, 2014



The International Monetary Fund's positive appraisal of Hong Kong's financial markets shows the city's resilience as a major financial centre, Financial Secretary John Tsang said today.

The Government welcomes the IMF's Financial System Stability Assessment report released today, which Mr Tsang said recognises the city's robust regulatory framework and market infrastructure, and sound financial policies.

The report also acknowledges Hong Kong's financial sector as one of the largest and most developed in the world, ranking it first in the World Economic Forum Financial Development Index.

The IMF commends Hong Kong's "high calibre" financial regulation and supervision framework for displaying a high level of compliance with international standards. Hong Kong should continue to strengthen its regulatory regime to uphold market quality and efficiency, it says.

Secretary for Financial Services & the Treasury Prof KC Chan said the IMF's recommendations and observations were useful for reviewing existing arrangements, as new international standards and practices emerge.

"We will work with financial regulators and relevant agencies to take steps to further strengthen our regulatory framework and its enforcement, having regard to the IMF's recommendations," Prof Chan said.

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Source: M2 PressWIRE