Pan Gongsheng Says PBOC Will Support Hong Kong’s Financial Stability and Security

Pan Gongsheng, governor of the People’s Bank of China (PBOC), said the central bank will firmly safeguard Hong Kong’s financial stability and financial security. According to Jin10, Pan made the remarks on July 7 at the Hong Kong Fixed Income and Currency Summit and Bond Connect Forum. He said the PBOC will work with the Hong Kong Special Administrative Region government and financial regulators to focus on four directions to continue building, consolidating, and developing Hong Kong as an international financial center. Pan said financial security is the foundation for the long-term prosperity and development of Hong Kong’s international financial center. He said that, with strong national support over many years, Hong Kong successfully responded to tests including the Asian financial crisis in the late 1990s and the international financial crisis in 2008, and has accumulated extensive experience in preventing and defusing risks from external shocks. Pan added that China’s economic and financial strength is now stronger, and that the scale of its foreign exchange reserves has remained the world’s largest. He said the PBOC will continue to provide sufficient support and safeguards for Hong Kong to deepen financial reform and development and to maintain financial stability and security.