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Business & Finance

Financial markets stable: FS

(September 30, 2014)

Financial Secretary John Tsang said today that Hong Kong's stock market, foreign exchange market and financial system have continued to function normally.
"As today is the quarter end and it will be followed by two holidays, the Monetary Authority has made preparations to inject Hong Kong dollar and renminbi liquidity into the banking system as and when necessary," Mr Tsang said.
On the whole, the financial market and the banking system are operating smoothly. The Hong Kong dollar exchange rate remains generally steady and the foreign exchange market is operating as usual. There is ample liquidity in the interbank markets, with interbank rates remaining at levels similar to those last week. The Real Time Gross Settlement systems and the Central Moneymarkets Unit also continue to perform normally.
The four Real Time Gross Settlement systems recorded transactions worth HK$1.7 trillion, which is at similar levels to normal.
The stock market operated smoothly with an $84.7 billion turnover today. The Hang Seng Index dropped 296 points, about 1.3%. The Securities & Futures Commission is not aware of any major issues. All insurers and Mandatory Provident Fund schemes are also operating normally.
"The Government will continue to closely monitor the market situation with a view to maintaining normal market operations," Mr Tsang said.