peter pang : diverging monetary policies, global capital flows and financial stability opening remarks by mr peter pang, deputy chief executive of the hong kong monetary authority, at the conference on “ diverging monetary policies, global capital flows and financial stability ”, jointly organised by the federal reserve bank of new york / european central bank / federal reserve bank of dallas / hong kong monetary authority, hosted by the hong kong monetary authority, hong kong, 15 october 2015. * * * 1. it is my great pleasure to welcome all of you to this conference jointly organised by the board of governors of the federal reserve system, the european central bank ( ecb ), the federal reserve bank of dallas and the hong kong institute for monetary research. 2. today ’ s conference is very timely. with the us fed contemplating an imminent liftoff in policy rates, while the ecb and the bank of japan ( boj ) are still preoccupied with quantitative easing ( qe ), central banks around the world are carefully weighing the potential impact of the expected divergence in monetary policies on global capital flows and financial stability. financial markets often move ahead of the real economy. we have seen global financial markets tumbled and emerging market economies ( emes ) experienced quite intense capital outflow pressures during this summer. many would be interested to know whether such gyrations of capital flows and asset prices have already captured a good part of the adjustment process or are just a curtain raiser for even stronger threats to financial stability of the emes. 3. but, don ’ t get me wrong. we welcome the normalisation of monetary policy in the us. a timely and orderly exit from zero interest rate policy by the fed should facilitate adjustments of macroeconomic imbalances and help deflate asset bubbles in the emes which have been fuelled by excessive global liquidity since 2008. as the fed ’ s balance sheet is expected to stay elevated for some time while the ecb and the boj carry on with qe, global liquidity should remain abundant in the near term, which should help cushion the impact of a fed rate hike to some extent. 4. that said, no one should safely assume that monetary policy normalisation in the us would be a smooth, painless process for the global economy. even though the fed has repeatedly signalled that its future rate hike path will be slow and gradual, its impact on global fund flows and financial stability is highly uncertain. this is particularly the case as many emes have built up

yiu - kwan choi : launch of the cmu bond price bulletin remarks by mr yiu - kwan choi, deputy chief executive of the hong kong monetary authority, at the signing ceremony for the launch of cmu bond price bulletin, hong kong, 9 january 2006. * * * it gives me great pleasure to welcome you all to this signing ceremony for the launch of the cmu bond price bulletin. we are pleased to see the launch of the bulletin. this, we believe, will be a useful tool to help promote the retail bond market in hong kong. as you know, financial infrastructure development has always been a priority item on the hkma's policy agenda. a robust financial infrastructure is important in maintaining the stability and integrity of the monetary and financial systems and in strengthening hong kong's status as an international financial centre. over the years, we are proud that, with the support of banks and other financial institutions, the hkma has built a sophisticated financial infrastructure that meets the best international standards. having said that, we are conscious that there is always scope to further strengthen our financial infrastructure to take account of the latest technology and market developments. it was precisely for this reason that the hkma conducted a comprehensive review last year on financial infrastructure development in hong kong. the launch of the bulletin is one of the recommendations arising from this review. the objective is to provide retail investors with convenient on - line access to information on bond products and bond prices. we believe that the launch of the bulletin will help to raise product awareness and improve price transparency, thereby helping to promote the development of the retail bond market in hong kong. the bulletin is developed by the central moneymarkets unit of the hkma. we are delighted to have eight major banks, which are present here today, to be the price providers. thanks to their support, indicative bid / offer prices of over 200 bonds of different currencies issued by both public and private sector entities will be available on bulletin. investors may access the bulletin later today for bond information. the website address is https : / / www. cmu. org. hk. the bulletin also provides direct hyperlinks to the price providersa€™ websites to facilitate investors to approach the price providers for trading. relevant transaction charges imposed by individual price providers are also posted on the bulletin. retail investors can easily gain access to, and conclude trades with, the price providers in a convenient, secure and efficient manner. we are thankful to banks and potential users for