HK market resilient says Christopher HuiBusiness | Avery Chen 2 Nov 2020
Hong Kong's financial market remains resilient despite the Covid-19 pandemic, and concerns of massive capital flight from the city are ill-founded, according to Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
He said the Hong Kong dollar has repeatedly hit the strong end of its trading band with the greenback, while the the aggregate balance of Hong Kong banks has now reached HK$450 billion.
The average daily turnover in the securities market has been around HK$120 billion so far this year, up by 39 percent from the same period last year, Hui pointed out.
Meanwhile, Hong Kong's initial public offering market has raised about HK$210 billion so far this year, up 58 percent over 2019, he added.
The Greater Bay Area offers bright prospects and the financial sector has unlimited opportunities there, Hui said.