- Title: New HKMA chief pledges to tackle risk, maintain financial stability
- Date: 2nd October 2019
- Summary: HONG KONG, CHINA (OCTOBER 2, 2019) (REUTERS) HONG KONG MONETARY AUTHORITY CHIEF EXECUTIVE, EDDIE YUE, WALKING TO PODIUM FOR NEWS CONFERENCE MEDIA (SOUNDBITE) (English) HONG KONG MONETARY AUTHORITY CHIEF EXECUTIVE, EDDIE YUE, SAYING: "Today is my first working day as the chief executive of the HKMA. Apart from the transition to a new position, I will also be faced with a challenging external and domestic environment. And this includes, for example, the weakening of the global economic momentum, the uncertainties over the China-U.S. trade conflict, and also over Brexit, the unpredictable monetary policy stance across the different central banks, especially in the U.S., and also the social events in Hong Kong in the recent months." MEDIA (SOUNDBITE) (English) HONG KONG MONETARY AUTHORITY CHIEF EXECUTIVE, EDDIE YUE, SAYING: "Our key priority in the next few years is to maintain Hong Kong's monetary and financial stability. And the foundation of this stability is the linked exchange rate system, which has helped Hong Kong weather different financial storms since 1983. I've been involved in the operation of the link throughout my career in the HKMA. And I've also gone through two financial crises. I firmly believe that the link exchange rate system is the most appropriate monetary system for Hong Kong. And we see no need and have no intention of changing this well-established system." SMART PHONE RECORDING NEWS CONFERENCE (SOUNDBITE) (English) HONG KONG MONETARY AUTHORITY CHIEF EXECUTIVE, EDDIE YUE, SAYING: "We are also committed to promoting market development opportunities, especially in strengthening the role of Hong Kong as the gateway to mainland's capital market. In the Greater Bay Area development, and also in green finance. These are rough times. But my colleagues and I will continue to discharge our duties in a professional manner, and do our best to serve the people of Hong Kong. Thank you very much." NEWS CONFERENCE IN PROGRESS
- Embargoed: 16th October 2019 11:16
- Keywords: Hong Kong Monetary Authority Chief Executive Eddie Yue protests
- Location: HONG KONG, CHINA
- City: HONG KONG, CHINA
- Country: Hong Kong
- Topics: Economic Events,Editors' Choice
- Reuters ID: LVA001AZEK3GT
- Aspect Ratio: 16:9
- Story Text: The Hong Kong Monetary Authority's (HKMA) new chief executive Eddie Yue pledged on Wednesday (October 2) to tackle risks and maintain monetary and financial stability during his tenure.
Yue cited the U.S.-China trade conflict, Brexit, as well as recent "social events" in Hong Kong as "challenging factors" for the financial centre.
Yue said that he would ensure that the HKMA would continue to use the linked exchange rate system, and promote further market development opportunities, "especially in strengthening the role of Hong Kong as the gateway to mainland's capital market."
Standard & Poor's cut its Hong Kong economic growth forecast on Tuesday (October 1) to 0.2 percent for this year, down from its earlier forecast of 2.2 percent in July, blaming tensions in the city for plunging retail sales and a sharp dip in tourism.
(Production: Joseph Campbell)
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