HK is the best financial centre in Asia: Paul Chan
Financial Secretary Paul Chan said on Thursday that the authorities have been monitoring local market volatility and have found no cause for alarm, as he touted Hong Kong as "the best financial centre in Asia" in a speech on the last day of the city's Global Financial Leaders' Investment Summit.  "Hong Kong's stock market is vibrant, active, highly liquid, efficient and transparent, attracting investors from all over the world," said Chan, who stressed that protecting investors is also important to officials.  "We set clear rules for our markets, stringent requirements on the participants, maintain high transparency of its functioning, ensuring that policies and practices are implemented in a consistent and predictable manner," he said. The Hang Seng Index slid more than 300 points on Thursday morning following the US Federal Reserve's decision to lift its key interest rate by another 75 basis points. A week ago, the local benchmark lost more than 1,300 points.  Chan acknowledged the market volatility, but said the authorities have been monitoring local market movements daily for any risks and irregularities and have found no cause for concern.  Aside from its regulatory and monitoring regime, Chan pointed out that Hong Kong has also built strong buffers for turbulence and a war chest to defend its currency.  He noted that the local banking system had assets of HK$3.3 trillion as of the end of last year, and that the Monetary Authority also holds around US$430 billion in foreign currency reserves.  "If you bet against the Hong Kong dollar, you are bound to lose," he warned.  Chan said he hopes he has inspired more trust in Hong Kong's systems and markets.  "Hong Kong is an IFC (international financial centre) with an internationally aligned regulatory regime, deep liquidity, great transparency and much resilience, with proper safeguards to protect investors. We are simply the best IFC in Asia."