Eddie Yue: Remarks at Media Standup
Remarks by Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, at Media
Standup, Hong Kong, 2 October 2019.
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Ladies and gentlemen,
1. Today is my first working day as the Chief Executive of the HKMA. Apart from the transition
to a new position, I will also be faced with a challenging external and domestic environment.
This includes the weakening of global economic momentum, uncertainties over the
ChinaUS trade conflict and Brexit, unpredictable monetary policy stance across central banks
especially in the US, and the social events in Hong Kong in recent months. All these have
presented huge challenges and uncertainties for the Hong Kong economy.
2. Our key priority in the next few years is to maintain Hong Kong's monetary and financial
stability.
3. And, the foundation for this stability is the Linked Exchange Rate System ("the Link"), which
has helped Hong Kong weather different financial storms since 1983. I've been involved in
the operation of the Link throughout my career in the HKMA and I have also gone through two
financial crises. I firmly believe that the Link is the most appropriate monetary system for
Hong Kong. We see no need and have no intention of changing this well-established
system.
4. Our banking system is also robust and sound. I'm confident that Hong Kong's financial
system is well positioned to cope with market volatilities.
5. We will also reinforce Hong Kong's role as a premier international financial centre. One key
driver is the rapid development of Fintech. While the HKMA has done a great deal in the
past few years in promoting Fintech, there is still room to further apply new technology in
finance in the coming years. This includes, for example, fostering a better ecosystem for
Regulatory Technology (or RegTech) and Supervisory Technology (or SupTech). We are
also aware that any new risks associated with the increasing use of technology have to be
managed. These include for example cyber and data security. We will work with the
industry to address these risks.
6. We are also committed to promoting market development opportunities, especially in
strengthening the role of Hong Kong as the gateway to the Mainland's capital markets, in the
Greater Bay Area development, and also in green finance.
7. These are rough times. But my colleagues and I will continue to discharge our duties in a
professional manner and do our best to serve the people of Hong Kong.