HK'S FINANCIAL SYSTEM ENDORSED BY IMF

The International Monetary Fund (IMF) today published a report that reaffirms Hong Kong’s position as an international financial centre.

Prepared following the conclusion of the IMF Executive Board’s "2024 Article IV consultation" with Hong Kong, the report recognises that Hong Kong’s financial system remains resilient, supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System.

In addition to commending the Hong Kong Special Administrative Region Government for prioritising policies to support economic recovery, manage financial stability risks, and address structural challenges, the IMF added that the Government’s path of gradual medium-term fiscal consolidation is appropriate.

With regard to the Linked Exchange Rate System, it said that it remains an appropriate arrangement for Hong Kong given the city’s highly open economy and its large and globally integrated financial services industry.

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