Eddie Yue to chair meetings at BIS

Hong Kong Monetary Authority chief executive Eddie Yue Wai-man has been appointed chair of the Bank for International Settlements' meeting of governors from major emerging market economies or EMEs

Yue said emerging market economies or EMEs are assuming a growing significance within the global economy and the international financial system.

The meeting serves as a valuable platform for prominent EMEs worldwide to engage in discussions concerning relevant economic and financial matters.

The meeting is held three times a year deliberate on significant topics concerning emerging markets. These discussions encompass macroeconomic and financial developments and associated risks, structural shifts in the global economy, central bank policy considerations, and other pertinent subjects of concern.

The meeting involves the participation of central bank governors from Emerging Asia, Latin America, the Middle East and Africa, as well as Emerging Europe.

Meanwhile, the HKMA, Bank of Israel, and BIS Innovation Hub Hong Kong jointly released a report titled Project Sela: An Accessible and Secure Retail CBDC Ecosystem.

Project Sela, the first fintech collaboration between the two central banks, showcased the technical viability of a retail central bank digital currency system.

This system encourages competition and innovation in digital payments by enabling non-bank payment intermediaries to connect directly to the CBDC ledger of the central bank.