Financial Secretary Paul Chan today welcomed an International Monetary Fund (IMF) report which commended Hong Kong for maintaining robust financial regulation and supervision.

The IMF’s Staff Report reaffirmed its long-standing support for the Linked Exchange Rate System, and said that it should remain as an anchor of economic and financial stability for Hong Kong. 

Noting initial signs of softening in the property market, the IMF considers it appropriate for Hong Kong to maintain its three-pronged approach of increasing housing supply and retaining tight macroprudential measures and demand side measures to safeguard financial stability. 

It also applauded the city for its continued efforts to maintain competitiveness and expand its role as a leading financial centre.

In response to the report, Mr Chan welcomed the IMF's positive assessment and recognition of Hong Kong's sound policies.

He said: "With ample buffers, strong economic fundamentals and a robust regulatory and supervisory framework, Hong Kong is well placed to navigate through the challenges ahead.

“As an international financial centre and the pivotal gateway to the Mainland of China, we will continue to sharpen our competitive edge and reap the opportunities from further regional economic integration, especially in the context of the Guangdong-Hong Kong-Macao Greater Bay Area development.”

Monetary Authority Chief Executive Norman Chan also welcomed the IMF's continued support for the Linked Exchange Rate System.

Click here for the report.