Financial institutions laud HK's gateway guardianship
Global bank leaders have lauded Hong Kong for its role as a gateway between the mainland and the rest of the world, facilitating two-way financial flows and minimising risks in an era of uncertainty. At a panel meeting held at the Global Financial Leaders’ Investment Summit in Central, State Street chairman and chief executive Ronald O’Hanley noted that trade patterns had changed in recent years…
Notable global bank executives have praised Hong Kong for its status as a crucial link between Mainland China and the wider world. At a panel discussion during the Global Financial Leaders’ Investment Summit in Hong Kong, State Street's Ronald O’Hanley highlighted how trade patterns have evolved due to pandemic-induced uncertainties and geopolitical conflicts.
Borrowers and capital seekers are now gravitating towards safer alternatives when constructing supply chains and arranging financing, shifting from a "just in time" approach to a "just in case" strategy. O’Hanley emphasized that Hong Kong plays a pivotal role in facilitating the flow of money and capital between the mainland and the rest of the world.
Barclays Group CEO C S Venkatakrishnan echoed this sentiment, stating that many companies have reduced their reliance on strategic imports over the past decade and that Hong Kong, both an international and domestic financial center, can assist countries in managing these dependencies. "Fair and transparent regulation is essential to ensure international finance doesn't fall victim to strategic breakdowns of dependence," he said.
BNP Paribas Chairman Jean Lemierre further explained that an increasing number of mainland firms are operating in Europe, and Hong Kong, as a renminbi hub, serves as a vital bridge connecting China and Europe, enabling these companies to gain valuable insights into the European market.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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