- Stepping into March, the mandatory mask-on days are officially over. We can once again see people’s smiles and the pre-COVID hustle and bustle on the streets. Bars and restaurants are packed with customers and the flow of people at border crossing points is non-stop. Whether it is for business, tourism, or to visit friends and relatives, anyone who visits Hong Kong certainly cherishes the opportunity to meet business partners, relatives and friends face-to-face.
- The HKMA is no exception. Since last year, as international flights from Hong Kong got back to normal, we have been trying to attend as many overseas international meetings as possible to tell the good stories of Hong Kong in person. But nothing beats experiencing Hong Kong for yourself. That is why the HKMA hosted the Global Financial Leaders’ Investment Summit (the Summit) last November, inviting over 200 leaders from around 120 global financial institutions to visit Hong Kong. The Summit was well-received by the financial community and the only complaint we got was about the limited seating, which unfortunately could not accommodate all of those who wanted to participate.
- The success of last year’s Summit paved the way for a series of events marking Hong Kong’s return to the international arena. The HKMA is currently preparing for various events to let more friends from the financial community experience that “Hong Kong is back!”. Besides another Summit in early November this year, we will organise several other large-scale international meetings, including the Basel Committee on Banking Supervision (BCBS) meeting on 22-23 March, and a Joint Conference with the Bank for International Settlements (BIS) on 24 March.
- This series of international meetings is of a similar calibre to the Summit. The main difference is that, while participants in the Summit were mostly senior executives of global financial institutions, those attending these meetings are mainly senior representatives of central banks and supervisory authorities. For instance, Mr Pablo Hernández de Cos, Governor of the Bank of Spain and the Chair of the BCBS, will deliver the keynote speech at the Joint Conference on 24 March.
- These two events are both related to the BIS, which is an international organisation made up of central banks and acts as the “central bank of central banks”. Its mission is to foster cooperation and communication among central banks around the world in their pursuit of global financial stability. The BCBS, which comprises 45 central banks and banking supervisory authorities from 28 jurisdictions, meets regularly at the BIS headquarters in Basel, Switzerland, or at venues in member jurisdictions to formulate the latest banking regulatory and supervisory policies to help maintain global financial stability.
- Coincidentally, this year marks the 30th anniversary of the HKMA and also the 25th anniversary of the BIS Representative Office for Asia and the Pacific in Hong Kong. The BCBS meeting in Hong Kong on 22-23 March will be the Committee’s first physical meeting outside of Basel since COVID-19 broke out in 2020. This not only highlights Hong Kong’s status as an international financial centre, but also underlines our contribution to maintaining global financial stability.
- The HKMA-BIS Joint Conference on 24 March, with the theme of “Future-proof Supervision for an Innovative Banking World”, will be Hong Kong’s first international meeting for the global financial regulatory community since its return to normal. It will also be the first of a series of celebration events for the HKMA’s 30th anniversary. We have invited over 100 representatives from central banks and supervisory authorities, as well as leaders of financial institutions, to attend the Conference. Participants will discuss forward-looking issues for the banking industry including how supervisors and banks can cope with an ever-changing financial environment and the future development of crypto assets. The speakers are all very experienced in their fields. Their analyses, insights and experiences will certainly broaden our perspective on these important topics.
- The HKMA has been a member of the BIS since 1996 and joined the BCBS in 2009, and has been actively participating in their work ever since. Compared to the BIS, the HKMA’s time at the BCBS is relatively short. When the BCBS was established in 1974, the founding members were only the G10, and the HKMA had yet to be established. It was not until after the 2008 Global Financial Crisis that the BCBS membership was expanded to cover 28 jurisdictions, including Hong Kong, a major global banking centre. At the time, the HKMA was just 16 years old. Despite its relative “youth”, the HKMA has worked hard to push forward the key initiatives in global banking supervision in the past ten years or so, including Basel III. Going forward, the HKMA will continue to take part in various groups under the BCBS and contribute on important issues of banking supervision, such as how to deal with digital assets. There is a saying in Chinese, “one should stand on her/his own feet at the age of 30”. As it turns 30, the HKMA will capitalise on its own experience to contribute more at the international level.
- Having attended various BIS and BCBS meetings over the years, many of our colleagues have become good friends with their peers from other central banks. I have heard that, taking the opportunity of this BCBS meeting, some colleagues are already planning to take those old friends out after the meeting to enjoy our local culinary delights, catch up and experience Hong Kong first hand.
- We truly treasure these friendships and the trust that we have built over the years. Like Hong Kong’s status as an international financial centre, this did not happen overnight. Rather, it is a result of dedication and hard work over a long period. Through the series of events this year, I sincerely look forward to meeting with friends from the financial community and sharing with them the new opportunities that will come with Hong Kong’s full return to normal.
Eddie Yue
Chief Executive
Hong Kong Monetary Authority
13 March 2023
Attachment: Programme of the Conference
About the Bank for International Settlements
The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland, and its Representative Office for Asia and the Pacific is located in Hong Kong. The mission of the BIS is to foster cooperation and communication among central banks around the world in their pursuit of global financial stability.
About the Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision (BCBS) was established by central bank governors from the Group of Ten countries in 1974. The BCBS holds meetings regularly every year. Currently, it has 45 members from 28 jurisdictions, consisting of central banks and banking supervisory authorities. As an international organisation, the BCBS is responsible for setting international banking regulatory standards and promoting banking regulatory reforms with the aim of ensuring global financial stability.
