Busy 2023 as HK starts to regain global role: Yue

Four big financial institutions are planning to hold large-scale events next year in the city, which will host a few central bank conferences as well, says Hong Kong Monetary Authority chief executive Eddie Yue Wai-man.

Last month's Global Financial Leaders' Investment Summit, attended by about 250 professionals, generated a better-than-expected effect in displaying the real Hong Kong to international investors, Yue said in an exclusive interview with Sing Tao Daily, sister publication of The Standard.

Some financial institutions have placed Hong Kong back into their blueprint when considering the global allocation of resources, said Yue.

Moreover, three big investment houses will hold flagship conferences in January and February, while another plans to hold a large-scale event in March.

As Hong Kong has further scrapped travel restrictions to accelerate its recovery, Yue thinks life in the city has normalized.

But he said the world is still unaware that Hong Kong has reopened and the negative impression of the city has not been completely erased.

Yue plans to invite more financial professionals to Hong Kong. HKMA will hold the summit for global financial leaders again in November next year amid its 30th anniversary and hopes to invite more than 300 guests.

Moreover, he said Hong Kong's de facto central bank is discussing with Bank for International Settlements to hold a conference for governors of global central banks, as BIS Asia celebrates its 25th year next year.

HKMA also proposed the Basel Committee on Banking Supervision to hold one of its meetings.

If the proposals push through, Yue said HKMA may plan a public meeting with central bank governors, enabling the policymakers to share their views on the global economy and regulations.

Besides inviting financial leaders, Yue expects at least nine trips in 2023, aiming to introduce the city to London, Zurich, Paris, New York, including the Middle East and to the Association of Southeast Asian Nations.

HKMA plans to visit the United Arab Emirates and Saudi Arabia in March for potential cooperation in finance and banking, and travel to countries in Southeast Asia to introduce the cross-border central bank digital currency project mBridge.

Regarding himself as a salesman for the international finance center, Yue expects more outbound visits.

"If I am invited to international conferences, I will try to go, to tell the story of Hong Kong."

Yue noted that Hong Kong needs to strengthen itself as a bridge between the world and China and as the world's largest offshore yuan center.

He said the city should also be the forerunner of global issues, including in fintech, environmental, social and governance.

"The competition is very intense," Yue said. "We must go faster and do much more."

themis.qi@singtaonewscorp.com