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1. Joseph Yam Says Farewell
All good things come to an end. It was on 2 September 1999 that I published the first of these weekly Viewpoint articles on the HKMA website. So, after publishing Viewpoint continuously for slightly over 10 years, this is the 526th
24 Sept 2009
2. Communicating with the community
My colleagues in the Communications Unit told me recently that I only needed another three Viewpoint articles to take me to the end of September when, as you all know, I shall retire from my appointment as Monetary Authority.
10 Sept 2009
3. "A Basic Law of Finance" revisited
I published in this column on 10 August 2006 a piece entitled "A Basic Law of Finance", in which I proposed 13 Articles for such a Law. The reason for doing so was described in the opening paragraph: "Finance is not a mysterious or esoteric subject
3 Sept 2009
4. Monetary and financial co-operation between the Mainland and Hong Kong
About twenty years ago I made my first duty visit to Beijing at the invitation of Mr Chen Yuan, the then Deputy Governor of the People's Bank of China who is now the Chairman of China Development Bank.
27 Aug 2009
5. Exit strategies from deposit guarantee and other temporary measures
When people in the financial markets talk about exit strategies, they often focus on when and how central banks will move from quantitative easing to a normal monetary policy stance. I wrote about this subject last week.
20 Aug 2009
6. Central banks' exit strategies from quantitative easing
With a lot of liquidity in the global financial system generated by the major central banking institutions engaging in quantitative easing to support economic activities, asset prices have been driven higher, as the holders of such liquidity tried to earn a return on their money
13 Aug 2009
7. Implications of funds inflows
Inflows of funds into the Hong Kong dollar could have implications for monetary stability: there are ways to address them. Readers may be aware of persistent inflows into the Hong Kong dollar in recent months. Such inflows could have implications
6 Aug 2009
8. Exchange Fund Position for the First Half of 2009
Readers may recall that in my last briefing to the Financial Affairs Panel of the Legislative Council on 21 May 2009, I said that the Exchange Fund had incurred an investment loss of $33.5 billion in the first quarter of the year.
30 July 2009
9. Competition in the Banking Sector
As the freest economy in the world, we in Hong Kong are familiar with the benefits of free markets, particularly in promoting economic efficiency. But we also know, very much through learning from experience, that we should be pragmatic in our support for free markets
23 July 2009
10. Public consultation on the review of the DPS
The two-month consultation period on our recommendations for improvements to the Deposit Protection Scheme (DPS) ended in late June. During the consultation, the Board launched an extensive publicity campaign to encourage public participation.
16 July 2009
11. The World Economy and Financial Markets
Some readers may have noticed an interesting phenomenon that has attracted much attention here at the HKMA. This is the distinctly different performances in the first half of this year of the economies and equity markets in many jurisdictions.
9 July 2009
12. Renminbi Business in Hong Kong
For a number of years, the Hong Kong Association of Banks (HKAB) has been kind enough to invite me to lead their delegation to Beijing to discuss with Mainland financial authorities matters of common interest. During one of these visits in November 2001
2 July 2009
13. Reforms in the Monetary and Financial Systems
Financial reform, whether of the financial system or the regulatory framework, is often introduced as a result of financial crises. This certainly is the experience of many jurisdictions and is understandable given the general tendency
25 June 2009
14. Financial Development in China: the Role of Hong Kong
In the field of international finance, there seems to be a consensus that China has an increasingly important role to play. This view is supported by China being the largest holder of foreign reserves and one of the largest participants in international financial markets. With China now the third largest economy
18 June 2009
15. Supervision of Liquidity Risk
In two previous articles, I discussed recent developments relating to strengthening Basel II as a global capital standard for banks. In this article, I will look at liquidity risk, an equally important area receiving increasing attention from banks and supervisors
11 June 2009
16. Evolution of 70% loan-to-value policy
Readers may be interested in how the policy of regulating residential mortgage lending by banks to within 70% of the value of a property came about. An interesting aspect of this is the high degree of co-operation between the banking community, mainly through the Hong Kong Association of Banks, and the regulator
4 June 2009
17. Basel II and the current crisis (II)
Global authorities continue to strengthen banks' capital adequacy, risk management and supervision to make the financial system more resilient.
28 May 2009
18. Basel II and the current crisis (I)
The first of two articles on Basel II in the context of the current crisis and providing updates on proposals by the Basel Committee to improve the framework.
21 May 2009
19. Monetary and financial stability
When the financial system is functioning normally, not many of us give much thought to how things would be if it were not. Indeed, other than those responsible for promoting monetary and financial stability, there is not much need for the community to do so. And I am glad that this seems to be the case currently.
14 May 2009
20. Government Bond Programme
The Chief Executive in Council approved on 28 April a proposal to implement a Government Bond Programme. This follows the announcement by the Financial Secretary in his 2009-10 Budget Speech that the Government intended to launch such a programme.
7 May 2009
 
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