With New York and London reviewing their financial-stability arrangements, Hong Kong should also reassess its system, Monetary Authority Chief Executive Joseph Yam says.

In his Viewpoint column published today, Mr Yam said financial authorities in developed markets have been devoting attention to the establishment of an effective framework for financial stability.

Authorities in the US and UK, where the top two international financial centres reside, have taken the view their central banks can play a greater role.

Although Hong Kong has a fairly robust framework, it does not mean there is no scope for improvement.

"I think there is a need for us to examine in detail the financial-reform agendas of other jurisdictions and monitor developments on this front closely," Mr Yam said.

"For example, although Hong Kong already has a framework for the provision of liquidity to the financial system when it is under stress, similar to what is being envisaged in the proposed reform measures in the US and UK, there is always scope for refinement at both the policy and operational levels.