HK's financial hub status reaffirmed

An International Monetary Fund (IMF) report has reaffirmed Hong Kong's status as a major international financial centre and given recognition to the city’s strongly recovering economy with post-COVID-19 normalisation of economic activities.

The Staff Report was released today following the IMF Executive Board's conclusion of the 2023 Article IV consultation with the Hong Kong Special Administrative Region. The report was endorsed by the Executive Board earlier this month.

The report reaffirmed Hong Kong's status as a major international financial centre with robust institutional frameworks, substantial capital and liquidity buffers, high-quality financial sector regulation and a well-functioning Linked Exchange Rate System (LERS).

It also pointed out that the Hong Kong SAR Government is proactively solidifying Hong Kong's status as an international financial centre and strengthening impetus for economic growth and competitiveness.

Financial Secretary Paul Chan welcomed the highly positive evaluation of Hong Kong.

“The Staff Report commends Hong Kong's financial resilience amid the pandemic and challenging external environment, and recognises the Hong Kong SAR Government's efforts in bolstering the city's long-term economic and financial developments.”

Monetary Authority Chief Executive Eddie Yue also welcomed the IMF's reaffirmation of the robustness and resilience of Hong Kong’s banking and financial system.

“As pointed out by the IMF, the LERS continues to function smoothly, providing a solid anchor to the economy and financial system.”