Eddie Yue: Hong Kong's foreign exchange and money markets are operating smoothly, and the economy and asset markets remain resilient.

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said at a meeting of the Financial Affairs Panel that Hong Kong's financial markets continue to operate smoothly and are well positioned to meet challenges. He noted that against the backdrop of Federal Reserve rate hikes and rising long-term global bond yields, global monetary conditions have tightened, and ongoing conflict in the Middle East has pushed energy prices higher again, further affecting interest rate trends in Asia. Eddie Yue said that despite tighter global monetary conditions, Hong Kong's foreign exchange and money markets continue to operate smoothly, and the Hong Kong economy and asset markets remain resilient and well positioned to meet challenges. He mentioned that the HKMA will continue to work with other regulators to ensure the stability of the financial and banking systems, and will actively implement the first five-year plan to promote the sustained development of Hong Kong's financial sector and economy.