Credit Suisse fallout won't hit HK too hard, says CE - RTHK
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Credit Suisse fallout won't hit HK too hard, says CE

2023-03-21 HKT 11:04
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  • Credit Suisse fallout won't hit HK too hard, says CE
Chief Executive John Lee said on Tuesday that he is confident Hong Kong will not be affected significantly by the fallout from the rescue deal to save troubled Swiss bank Credit Suisse.

Speaking ahead of the weekly Executive Council meeting, Lee said he is aware of the crisis and the support provided by several major central banks.

"Credit Suisse's business and also assets in Hong Kong are relatively small. Credit Suisse is in normal business," he said.

Lee said the city's banking sector is "very resilient" and is operating smoothly, and that liquidity in the market is abundant.

The CE also said financial regulators in the SAR - the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) - are monitoring the situation closely and will be managing risks.

"We are in regular communication with the different authorities around the world, so we will be having first hand information about the situation of the market," he said.

"We have confidence that the situation is not affecting Hong Kong in a significant way, and we will continue to do our best to monitor the situation."

Credit Suisse, meanwhile, has gone ahead with its three-day Asian Investment Conference in Hong Kong. The CE had been scheduled to deliver a keynote address there on Wednesday but will instead be represented by Deputy Financial Secretary Michael Wong.