Arab Today, arab today hk welcomes imf\s support for linked exchange rate
Last Updated : GMT 20:52:08
Arab Today, arab today
Arab Today, arab today

HK welcomes IMF\'s support for linked exchange rate

Arab Today, arab today

Arab Today, arab today HK welcomes IMF\'s support for linked exchange rate

Hong Kong - XINHUA

Hong Kong\'s Financial Secretary John Tsang Wednesday welcomed the International Monetary Fund (IMF) Mission\'s view that the linked exchange rate system continues to be the most appropriate arrangement for Hong Kong. An IMF Staff Mission to Hong Kong has reaffirmed the fund\'s long-standing support for the linked exchange rate system, and commended the city\'s government for its proactive policies to support growth and preserve financial stability. \"We are glad the IMF Mission supports our economic and financial policies in addressing potential global shocks and the considerable uncertainties in the external environment. \"The government will continue to adopt proactive and suitable measures, including through the provision of counter-cyclical fiscal support to the economy as warranted,\" Tsang said. The assessment was made in the Preliminary Conclusions of the IMF Mission published on Wednesday, following the 2012 Article IV consultation discussions. The IMF sees global economic weakness is impacting Hong Kong, but domestic demand is resilient owing to a supportive fiscal stance and continued strength in the labor market. With the drag from net exports abating next year, the mission projected Hong Kong\'s economic growth will increase from 1.25 percent this year to about 3 percent in 2013. The key risks of potential global shocks include a renewed intensification of the Euro area crisis and the U.S. fiscal cliff. The mission considered the property sector the main source of domestic economic risk in Hong Kong, though the probability of a correction large enough to generate major macroeconomic and financial consequences is fairly low in the near term. The mission commended the government for its various macro-prudential measures to help safeguard the banking system, while noting that the recently adopted buyer\'s stamp duty and extension of the special stamp duty should help dampen housing demand. The mission also noted that Hong Kong is benefiting from ongoing financial integration with the Mainland and should continue to build on its comparative advantage. The authorities should continue to develop the RMB financial infrastructure to capture the opportunities provided by the opening of the Mainland\'s capital account and the expanded international use of RMB. Hong Kong Monetary Authority Chief Executive Norman Chan also welcomed the mission\'s continued support for the linked exchange rate system. \"We are pleased to note the IMF\'s endorsement of our counter-cyclical prudential measures on mortgage lending. These measures have strengthened banks\' risk management and ability to withstand a possible shock of a significant correction in the property market,\" he said. The IMF Mission visited Hong Kong from Nov. 7 to 16 for the 2012 Article IV Consultation with Hong Kong. It held discussions with government officials and private sector representatives. The full report of the Article IV consultation will be discussed by the IMF Executive Board in January 2013.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hk welcomes imf\s support for linked exchange rate Arab Today, arab today hk welcomes imf\s support for linked exchange rate

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday