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business & economy
IMF reaffirms support for Hong Kong's fiscal, financial policies

The IMF reiterates its continued support for Hong Kong's dollar link.

The International Monetary Fund (IMF) has reaffirmed its strong support for the Hong Kong Special Administrative Region Government’s proactive fiscal policy, robust regulatory regime for the financial system, and demand-side management measures for the property market.

According to the IMF’s latest staff report, these measures have built up strong fiscal and financial buffers in Hong Kong to minimize the impact of any near-term shocks, and to secure the healthy growth of the economy in the medium term. The IMF also reiterates its continued support for the dollar link.

Hong Kong Financial Secretary John C. Tsang was pleased to note the IMF Executive Board endorsement of the staff report. “The U.S. interest rate normalization has begun and the global markets will likely be subject to volatility, but I am confident that our sound economic fundamentals and robust financial system will enable us to embrace the challenges ahead,” he said.

The Chief Executive of the Hong Kong Monetary Authority Norman Chan said the IMF’s long-standing support for the dollar peg reaffirms its importance to the city’s financial stability.

 


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