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Press Releases

Hong Kong to Co-chair the G22 Working Group on Transparency and Disclosure

The HKMA will co-chair a working group set up by the G22 * to promote transparency in the financial sector. The decision to establish this working group was made at a meeting of the G22 economies in Washington this morning (Thursday evening Washington time).

The G22 meeting was attended by finance ministers and central bank governors from the G7 industrial nations and 15 other economies, including Hong Kong.

Ministers and governors agreed at the meeting that it is critical to strengthen the international financial system in order to make it more resilient and to enable countries to benefit more fully from globalisation. They agreed on the importance of action in three areas: increased transparency and disclosure; strengthening financial systems and market infrastructures; and appropriate burden sharing between official and private sector in times of crisis. Three working groups therefore were set up to look into these areas.

HKMA Chief Executive Joseph Yam who attended the G22 meeting emphasised the importance of increased transparency as this would lead to more effective markets.

"Increased transparency will lead to more effective markets but this does not mean that there would be less volatility. This is because transparency would presumably allow the market to find the equilibrium level in a shorter space of time," Mr Yam told the meeting.

Mr Yam also highlighted the need for both the public sector and the private sector to contribute to increased transparency.

"While we are not proposing that institutional investors including hedge funds should be brought under a regulatory regime, transparency is nevertheless essential to create a level playing field for all market participants," Mr Yam said.

The Working Group on Transparency and Disclosure will be co-chaired by Mr Mervyn King, Deputy Governor of the Bank of England and Mr Andrew Sheng, Deputy Chief Executive of the HKMA. This and the other two working groups are expected to provide reports this autumn.

Commenting on Hong Kong's participation in the working group, Mr Yam said: "It is essential that Hong Kong, as a leading international financial centre, should play an increasingly important role in regional and global co-operation on financial matters. The Asian currency turmoil which produced contagion way beyond this region shows how important it is for Hong Kong and other emerging economies to engage in direct dialogue with the leading industrial nations."

*G22 comprises the G7 nations (Canada, France, Germany, Italy, Japan, the UK and the US); and 15 other major economies (Argentina, Australia, Brazil, China, Hong Kong SAR, India, Indonesia, Korea, Malaysia, Mexico, Poland, Russia, Singapore, South Africa and Thailand).

Hong Kong Monetary Authority

17 April 1998

Last revision date: 1 August 2011
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