HK proactively solidifies global financial centre status

The International Monetary Fund said Hong Kong reaffirms its status amidst recovery.

As Hong Kong strives to return to normalcy, a IMF report reaffirmed the market’s status as a major international financial centre with robust institutional frameworks, substantial capital and liquidity buffers, high-quality financial sector regulation, and a well-functioning Linked Exchange Rate System (LERS).

“The Staff Report was released today following the IMF Executive Board's conclusion of the 2023 Article IV consultation with the Hong Kong Special Administrative Region. The report was endorsed by the Executive Board earlier this month,” read the government statement.

According to the report, Hong Kong continues to strengthen its economic growth and competitiveness.

Monetary Authority Chief Executive Eddie Yue also said the report was a “reaffirmation of the robustness and resilience of Hong Kong’s banking and financial system.”

“As pointed out by the IMF, the LERS continues to function smoothly, providing a solid anchor to the economy and financial system,” Yue said in the same statement.