Financial Secretary
The Financial Secretary's primary responsibility is to assist the Chief Executive in overseeing policy formulation and implementation in financial, monetary, economic, trade and employment matters.
Financial Secretary John Tsang says the Government will closely monitor the impact of Friday’s earthquake in Japan on global financial markets.
He expects the massive earthquake will cause short-term market volatility, but its impact on the market’s long-term development will not be great.
Speaking to reporters today, he said the earthquake caused massive destruction to Japan and a drop in the country’s stock market. However, he said the slump has not fully reflected the disaster’s impact on Japan’s economy.
Noting Hong Kong’s stock market transactions were conducted in an orderly manner, he said the city’s current situation is stable. The Hang Seng Index today lost 365 points to close at 23,249 on turnover of $78.79 billion.
Mr Tsang said the Government will stay vigilant and closely monitor financial markets in Hong Kong, Japan and other places. It will also assess the earthquake’s impact on people from all walks of life.
The Government and all concerned financial regulatory bodies have activated a co-ordination mechanism to monitor global financial markets. If necessary, it will take action to ensure the order and stability of Hong Kong’s financial market.
“There may be volatility in our financial market next week and investors should be prudent when making investment decisions,” Mr Tsang said.
