IMF reaffirms Hong Kong's status as major international financial centre

The International Monetary Fund reaffirms Hong Kong's role as a major international financial hub after analysing and assessing the city's economic and financial situation.

IMF released an assessment report on Wednesday praising that Hong Kong has robust institutional frameworks, substantial capital and liquidity buffers, high-quality financial sector regulation, and a well-functioning Linked Exchange Rate System. 

It also recognises the city's strongly recovering economy with post-Covid normalisation of economic activities. 

The report stated that the SAR government is proactively solidifying Hong Kong's status as an international financial centre and strengthening the impetus for economic growth and competitiveness.

Financial Secretary Paul Chan Mo-po welcomed the IMF's positive evaluation of Hong Kong. "The report commends Hong Kong's financial resilience amid the pandemic and challenging external environment, and recognises the HKSAR government's efforts in bolstering Hong Kong's long-term economic and financial developments."

Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, said he welcomed the IMF's reaffirmation of the robustness and resilience of the city's banking and financial system.