November is a busy month for the HKMA. Just as we wrapped up the three-day Global Financial Leaders’ Investment Summit, we are now preparing for the upcoming HKMA-BIS High-Level Conference, scheduled for 27-28 November.
The Conference will commemorate the 30th anniversary of the HKMA and the 25th anniversary of the Bank for International Settlements (BIS) Representative Office for Asia and the Pacific, which is based in Hong Kong. More than 20 incumbent central bank governors and deputy governors, as well as 8 former governors, will join the event. This is the first large-scale gathering of central bank governors in Hong Kong since the pandemic.
As its name suggests, the upcoming conference is held in partnership with the BIS. The BIS, established in 1930 and headquartered in Basel, is also known as the “bank of central banks”. Its mission is to foster cooperation and communication among central banks globally in their pursuit of monetary and financial stability. The HKMA has been a member of the BIS since 1996.
Apart from the BIS, the HKMA is also a member of two other Basel-based international organisations, namely the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS). FSB promotes international financial stability through developing strong regulatory and supervisory policies, whereas BCBS sets standards, guidelines and sound practices for the global banking industry. We are also a member of various other international and regional bodies in the financial and monetary space.
Our participation in these international bodies is crucial to the HKMA’s effectiveness as a financial supervisor and to Hong Kong’s success as an international financial centre. Through such groupings and their meetings, we share valuable insights and experiences with other central banks on important policy matters that could affect our market, and ensure that we stay at the forefront of the game. Hong Kong is an open economy with many of our financial institutions coming from other jurisdictions, and is particularly affected by what happens globally. We need to ensure that our voice is heard at these international fora so that initiatives and policies that come out of them would also be adopted and applied in Hong Kong or the wider regional context. Through our active participation, we also develop close working relationships with our colleagues in other regulatory authorities and international bodies. Some of such interactions have grown into mutually beneficial bilateral cooperation arrangements.
The HKMA does not only participate; we also seek to give back to the international community. We often play an active or even leadership role in international organisations. As a leading international financial centre, Hong Kong’s opinions and experiences are valued, particularly in emerging trends such as Fintech and environmental, social and governance (ESG), where we are firmly at the forefront of global developments. In a region where jurisdictions are in varying stages of economic and financial development, we see it as our responsibility to make sure that Asia’s voice is heard and our Asian colleagues are kept informed of latest global developments.
With these considerations in mind, I am pleased to have accepted the invitations to chair the BIS Meeting of Governors from Major Emerging Market Economies (EMEs) and the FSB’s Regional Consultative Group for Asia. These appointments reflect the recognition of HKMA’s contribution to the global financial community, as well as Hong Kong’s importance as an international financial centre. They also help raise Hong Kong’s profile in the global regulatory community. In fact, over the years, my predecessors and colleagues in Hong Kong have held leading positions in different international organisations or their sub-committees. Apart from the BIS, Hong Kong also hosts the regional offices of the International Monetary Fund (IMF) and the World Bank Group’s International Finance Corporation (IFC).
In today’s complex and uncertain world, with geopolitics creeping into many aspects of inter-governmental dealings, the international financial supervisory community remains highly professional and collaborative in promoting the resilience of the global financial system. Granted, there are differences in perspectives and sometimes disagreements on what are the optimal solutions, but we always try to stay true to our core missions and be collegial. I trust that my overseas colleagues and I all intend to keep it this way. And I look forward to welcoming my fellow central bank governors in just a matter of days – to look back and to look ahead.
Full program details of the upcoming HKMA-BIS High-Level Conference can be found here
Eddie Yue
Chief Executive
Hong Kong Monetary Authority
23 November 2023
