The Financial Secretary, Mr Paul Chan, said today (6 July) that he welcomes the Bank for International Settlements (BIS) to step up its collaboration efforts with central banks in Asia.
In an event hosted by the Hong Kong Academy of Finance (AoF) to launch the BIS Annual Economic Report (AER) in Asia, Mr Agustín Carstens, General Manager of the BIS, said that “Asia continues to demonstrate its resilience and economic dynamism, amidst an increasingly uncertain global outlook, as indicated in our AER. Hong Kong and the region are often at the front line of technological and policy innovations. BIS has benefited from close collaborations with central banks in Asia throughout the years and looks forward to a stronger partnership in the period ahead.”
Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), who had a dialogue with Mr Carstens on a range of financial market issues during the event said that “Throughout the Covid-19 pandemic, the BIS as the premier global forum for central banks has contributed significantly to the coordination of policies and the exchange of views, especially through the most trying times in financial markets.”
“We appreciate the reorientation of the BIS Asian Office in Hong Kong since 2019 towards even deeper engagement with Asian central banks as part of Innovation BIS 2025. In the spirit of ‘bringing more of the BIS to Asia, and more of Asia to the BIS’, we look forward to maintaining even closer collaboration ahead,” said Mr Yue.
The BIS Asian Office in Hong Kong aims to strengthen the BIS's role as a financial service provider to the region's central banks and contribute to high-level policy discussions through research contributions and targeted analytical work to support the evolving needs of central banks in Asia.
“Hong Kong has much to offer in a more open and multilateral system. We welcome the opportunity to collaborate with institutions like the Bank which offers both cutting-edge analysis and innovative mind-set,” said Mr Chan.
Hong Kong Academy of Finance
6 July 2021
Notes for Editors:
The Hong Kong Academy of Finance is set up in June 2019 with the full collaboration among the financial market regulators in Hong Kong to develop financial leadership and promote research. The Financial Secretary is the Honorary President and the Chief Executive of the Hong Kong Monetary Authority is the Chairman of the AoF respectively.
The Bank for International Settlements (BIS), founded in 1930, is an international financial organisation with a membership of 63 shareholding central banks. Its mission is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks. The BIS has set up its Asian Office in Hong Kong in July 1998 and an Innovation Hub in Hong Kong in 2019.
Mr Paul Chan, Financial Secretary and Honorary President of the AoF delivers opening remarks at the AoF’s “Economic Recovery from Covid-19 and Beyond” webinar.
Mr Eddie Yue, Chief Executive of the HKMA and Chairman of the AoF conducts a dialogue with Mr Agustín Carstens, General Manager of BIS at the webinar, on economic and financial issues in the process of economic recovery from Covid-19 and beyond.