Sunday,14 July 2024

Carmen Chu: “HKMA’s balanced, risk-based regulation aligns with global standards”

5 min read

By The Asian Banker

The Hong Kong Monetary Authority (HKMA) has won the top prize for macroeconomic regulation, reflecting its commitment to upholding rigorous regulatory standards, crucial for financial resilience.

HKMA clinched the title of Best Macroeconomic Regulator in Asia Pacific presented by The Asian Banker and its International Council of Advisors.

In her acceptance speech, Carmen Chu, executive director of HKMA, emphasised the authority’s dedication to consistency and predictability in regulation.

Chu said: “HKMA’s balanced and risk-based approach to regulation and supervision, which is in line with international standards, provides familiar and well-understood parameters for financial institutions to operate and develop.”

She added: “Open dialogue and close collaboration with the industry are also significant to us at HKMA.”

In 2023, Hong Kong’s economy grew by 3.2%, fuelled by tourism and consumption despite export challenges and rising interest rates.

Chu added: “Emerging developments, including novel technologies, digital assets, and green investments, while giving us great opportunities, may also bring about potential new risks to the banking industry.”

HKMA maintained stable inflation and currency exchange, earning recognition for its effective economic management.

Chu reiterated HKMA’s role in providing financial institutions with a solid operational foundation and underscored the regulator’s commitment to maintaining stability and fostering growth in Hong Kong’s financial sector.

Keywords: Economic Growth, Tourism, Consumption, Export Challenges, Rising Interest Rates, Currency Exchange, Economic Management, Financial Institutions, Operational Foundation, Stability, Novel Technologies, Green Investments, Banking Industry, Economic Uncertainty
Institutions: Hong Kong Monetary Authority
Country: Hong Kong
Region: Asia Pacific
People : Carmen Chu
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