Hong Kong welcomes IMF’s report as global financial hub

The government of China’s Hong Kong Special Administrative Region (HKSAR) has welcomed a report of the International Monetary Fund (IMF) that reaffirmed its position as an international financial center.
The report also rated Hong Kong as a resilient financial system, sound macroeconomic, prudential policies, robust regulatory and supervisory frameworks.
According to the report released on Wednesday, the IMF pointed out that rigorous stress tests showed that Hong Kong’s financial system remains resilient in extreme stress scenarios.
The report says that Hong Kong’s macroeconomic and prudential policies have provided it with important buffers to cope with the current economic slowdown and future shocks, its Linked Exchange Rate System has continued to support financial stability.
Robust regulatory and supervisory policy frameworks are also in place to support the development of the financial sector, the institutional framework for systemic risk monitoring and oversight is well established…………TO CONTINUE READING CLICK HERE