Saturday, July 13, 2024
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A number of central bankers will converge in Hong Kong for a summit later this year as the city is on course to hold the second Global Financial Leaders’ Investment Summit in November to spruce up its image as a financial hub for global institutions. Making the announcement, Hong Kong Monetary Authority chief executive Eddie Yue Wai-man said that the meeting of central bankers will be held at the end of November and nearly all Asian chiefs have agreed to attend.

Referring to the financial summit, Yue said the response has been warmer than that of last year with the chief executives of about 60 multinational firms having already accepted the invitation. The summit could see up to 280 professionals attending, compared to 250 from 100 international financial institutions last year.

On the 30th anniversary of its founding, the HKMA will also press ahead with a mission to promote the city overseas, drawing on its unique link to China. At the end of May, Yue led a delegation to the United Arab Emirates to promote the use of yuan.

He said as China has become UAE’s largest trading partner, the city could facilitate yuan flows while strengthening financial ties with Middle East countries. Hong Kong banks and the HKMA could provide UAE and other Middle Eastern companies with liquidity for yuan settlement, he added. In addition, Hong Kong has a variety of yuan-denominated financial products, including stock connects and dim sum bonds for investors to park their surplus yuan.

Yue said Hong Kong offers a good channel for UAE firms, sovereign wealth funds and family offices to diversify their assets in Asia. At the same time, he expected financial institutions to promote yuan and related products in the UAE. The HKMA is also holding discussions with UAE’s central bank on digital asset regulations.

Yue said two working groups have been formed to focus on the central and local levels. The two groups will commence working in the next two months. Yue chief is anticipating more overseas trips. Towards the end of July, Yue will visit Saudi Arabia to discuss items related to payment, yuan settlement and financial regulations.

Then in the second half of the year, he will go to Indonesia, Malaysia and Thailand to promote Hong Kong’s presence in Southeast Asia. Despite speculation, Yue reiterated the HKMA has no plan to change the 40-year-old dollar peg. Defending Hong Kong facilitating trading in virtual assets recently despite US crackdowns on crypto exchange giants, Yue said what they have been doing is removing some limits while keeping regulations tight.

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