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HK financial market functions properly

     The Financial Secretary, Mr John C Tsang, said today (September 29) that the government bureau and departments in charge of financial matters and financial institutions have activated their contingency plans this morning. The stock market, the foreign exchange market and the financial system have maintained normal operations.

     "The Hong Kong Special Administrative Region (HKSAR) Government, all financial regulators and financial institutions have all along put in place contingency plans to deal with various unexpected situations so as to ensure the core functions of the financial system can maintain normal operations and to minimise any impact," Mr Tsang said.

     According to the Hong Kong Monetary Authority's reports, the banking system operated normally this morning. The Currency Board mechanism also functioned normally. The exchange rate has remained generally steady. The foreign exchange market functioned normally. There is ample liquidity in the interbank markets. The payment and settlement systems as well as the Central Moneymarkets Unit continue to operate normally. The transaction volume is at similar levels to normal.

     The Securities and Futures Commission (SFC) is not aware of any major issues so far. The SFC is continuing to monitor the situation closely and is keeping in touch with the Hong Kong Exchanges and Clearing Limited and market intermediaries.

     All insurers and Mandatory Provident Fund schemes continue to operate normally.

     Mr Tsang said, "In light of the possible market fluctuations in the short term, investors should stay alert to the associated risks. The HKSAR Government will closely monitor the market situation and strive to maintain the normal operations of the market."

     Sections of some major thoroughfares on Hong Kong Island have been closed due to public meetings in the vicinity of Central.  The city remains calm and well ordered. Some 30 branches, offices or ATMs of individual banks in the affected areas are closed temporarily. This accounts for less than 3 per cent of the total number. When the situation permits, relevant banks will reopen the facilities as soon as possible.

Ends/Monday, September 29, 2014
Issued at HKT 13:56


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