Macao Special Administrative Region Of The People S Republic Of China Financial Sector Stability Assessment
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Author : International Monetary Fund Publisher : International Monetary Fund Page : 33 pages File Size : 47,6 Mb Release : 2011-08-31 Category : Business & Economics ISBN : 9781463902254
Macao Special Administrative Region of the People's Republic of China: Financial Sector Stability Assessment by International Monetary Fund Pdf
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 66 pages File Size : 42,9 Mb Release : 2021-06-08 Category : Business & Economics ISBN : 9781513573106
People’s Republic of China—Hong Kong Special Administrative Region: Financial System Stability Assessment-Press Release and Statement by the Executive Director for the People’s Republic of China—Hong Kong Special Administrative Region by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf
The main macro-financial risks relate to extensive linkages to Mainland China, stretched real estate valuations, and exposure to shifts in global market and domestic risk sentiment, compounded by escalating U.S.-China tensions. Stress tests show that the financial system is resilient to severe macro-financial shocks, but there are pockets of vulnerabilities in foreign bank branches, investment funds, households, and nonfinancial corporates. Hong Kong SAR’s financial sector is also exposed to physical and transition risks from climate change.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 44 pages File Size : 46,9 Mb Release : 2014-05-22 Category : Business & Economics ISBN : 9781498313216
People’s Republic of China––Hong Kong Special Administrative Region by International Monetary Fund. Monetary and Capital Markets Department Pdf
This Financial System Stability Assessment report on Hong Kong Special Administrative Region (HKSAR) highlights that HKSAR’s financial sector is very well regulated, with the capacity to withstand a diversity of shocks. The sector, however, faces major risks, which puts a significant premium on effective liquidity management, macroprudential oversight, and microprudential supervision. The regulation and supervision framework of the financial sector is of a high caliber, and displays a high level of compliance with international standards, but there remains scope for further strengthening. Financial market infrastructures are highly sophisticated, but further enhancements are needed to fully comply with new international standards.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 44 pages File Size : 48,5 Mb Release : 2014-05-22 Category : Business & Economics ISBN : 9781498306706
People’s Republic of China––Hong Kong Special Administrative Region: Financial System Stability Assessment by International Monetary Fund. Monetary and Capital Markets Department Pdf
This Financial System Stability Assessment report on Hong Kong Special Administrative Region (HKSAR) highlights that HKSAR’s financial sector is very well regulated, with the capacity to withstand a diversity of shocks. The sector, however, faces major risks, which puts a significant premium on effective liquidity management, macroprudential oversight, and microprudential supervision. The regulation and supervision framework of the financial sector is of a high caliber, and displays a high level of compliance with international standards, but there remains scope for further strengthening. Financial market infrastructures are highly sophisticated, but further enhancements are needed to fully comply with new international standards.
International Monetary,International Monetary Fund. Asia and Pacific Dept
Author : International Monetary,International Monetary Fund. Asia and Pacific Dept Publisher : International Monetary Fund Page : 43 pages File Size : 47,6 Mb Release : 2022-04-12 Category : Business & Economics ISBN : 9798400206962
People’s Republic of China—Macao Special Administrative Region: Selected Issues by International Monetary,International Monetary Fund. Asia and Pacific Dept Pdf
People’s Republic of China—Macao Special Administrative Region: Selected Issues
Author : International Monetary Fund Publisher : International Monetary Fund Page : 126 pages File Size : 47,8 Mb Release : 2011-11-14 Category : Business & Economics ISBN : 9781463924546
People's Republic of China by International Monetary Fund Pdf
This report discusses the IMF/World Bank Financial Sector Assessment Program (FSAP) exercise for China undertaken during June–December 2010. The assessment concluded that reforms in China have progressed well in moving toward a more commercially oriented financial system. Despite success and rapid growth, China’s financial sector is confronting several near-term risks, structural challenges, and policy-induced distortions. A properly composed and timely implemented set of reforms would help address these challenges. A framework to resolve weak financial institutions on a timely basis is also needed.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 38 pages File Size : 50,6 Mb Release : 2014-07-17 Category : Business & Economics ISBN : 9781498360944
People’s Republic of China-Hong Kong Special Administrative Region by International Monetary Fund. Monetary and Capital Markets Department Pdf
This Technical Note on Oversight and Supervision of Financial Market Infrastructures has been prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). Nine financial market infrastructures (FMIs) operate in HKSAR; the effectiveness of their supervision and oversight is critical in maintaining financial stability. In order to support their objective of consolidating Hong Kong’s position as an international financial center, the Hong Kong authorities have fostered the development of sophisticated and multicurrency FMIs. The risks associated with domestic and overseas linkages appear to be adequately managed. Extensive domestic and overseas system linkages have been implemented making HKSAR a regional settlement hub. The legal framework should be amended to explicitly prohibit a domestic clearing house from operating in HKSAR without being recognized as such. The respective legal framework and policy mandate determines the actions of the Hong Kong Monetary Authority and the Securities and Futures Commission as the two regulatory, oversight and supervision authorities for FMIs in HKSAR.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 79 pages File Size : 54,5 Mb Release : 2017-12-06 Category : Business & Economics ISBN : 9781484331149
People’s Republic of China by International Monetary Fund. Monetary and Capital Markets Department Pdf
This paper discusses the findings of the Financial System Stability Assessment (FSAP) for China. Since the 2011 FSAP, China’s impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation. However, tensions have also emerged in various areas of the Chinese financial system. The monetary and fiscal policies aimed at supporting employment and growth have been expansionary in recent years. Pressures to keep nonviable firms open are strong, particularly at the local government level, where these objectives, at times, conflict with financial stability. The demand for high-yield investment products coupled with strengthening oversight of the banking sector has also led to regulatory arbitrage and the growth of increasingly complex investment vehicles.
International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 45 pages File Size : 42,6 Mb Release : 2021-06-15 Category : Business & Economics ISBN : 9781513573281
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policies by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf
The institutional framework for Macroprudential Policies (MaPP) in the Hong Kong Special Administrative Region (the Hong Kong SAR) is well established. According to the Basic Law, the Government of the Hong Kong SAR shall on its own formulate monetary and financial policies. The Financial Secretary (FS) and the Secretary for Financial Services and the Treasury (SFST) are responsible for policies for maintaining the stability and integrity of the financial system of the Hong Kong SAR. The Hong Kong SAR has a sector-based regulatory structure and the responsibilities and tools for safeguarding financial stability are spread across the Financial Services and the Treasury Bureau (FSTB) and three regulators (namely, the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC) and Insurance Authority (IA)). There are good and well-structured interagency coordination and consultation mechanisms, through the Council of Financial Regulators (CFR) and the Financial Stability Committee (FSC), chaired by the FS and the SFST, respectively. Broad coordination between the CFR and government agencies on taxation and housing supply-side policies has also worked well. MaPP and risk assessment are communicated to the public openly and frequently through speeches, press releases and regular publications, including the Half-Yearly Monetary and Financial Stability Report of the HKMA and the Half-yearly Review Report of the Global and Local Securities Markets of the SFC.
International Monetary,International Monetary Fund. Asia and Pacific Dept
Author : International Monetary,International Monetary Fund. Asia and Pacific Dept Publisher : International Monetary Fund Page : 48 pages File Size : 46,7 Mb Release : 2022-04-12 Category : Business & Economics ISBN : 9798400206610
People’s Republic of China—Macao Special Administrative Region: 2022 Article IV Consultation Discussions by International Monetary,International Monetary Fund. Asia and Pacific Dept Pdf
Macao SAR’s recovery is expected to continue in 2022, but it will take several years before the economy returns to its pre-crisis level. Although strong fiscal support and the financial strength of Macao SAR’s casino groups cushioned employment and consumption, the sharp contraction in activity exposed Macao SAR’s vulnerability to external forces affecting the inflow of tourists. Short-term risks to the outlook include a re-intensification of the COVID-19 pandemic and an increase in Macao SAR’s financial sector stress. The heavy impact of the pandemic on Macao SAR’s growth highlights the need to diversify the economy beyond the gaming industry. The high exposure to climate-related shocks poses long-term concerns.
International Monetary Fund. Asia and Pacific Dept
Author : International Monetary Fund. Asia and Pacific Dept Publisher : International Monetary Fund Page : 57 pages File Size : 44,7 Mb Release : 2014-07-24 Category : Business & Economics ISBN : 9781498365000
People’s Republic of China—Macao Special Administrative Region by International Monetary Fund. Asia and Pacific Dept Pdf
KEY MESSAGES Setting. Discussions took place for the first time since the handover of Macao SAR from Portugal to China in 1999. Prudent macroeconomic management has underpinned rapid development in the territory, which is now the world’s largest gaming center. As a small, open and tourism-dependent economy, Macao SAR is currently also benefiting from loose global monetary conditions and a Mainland-related boom. Outlook and risks. Growth should stay strong over the next few years at 8–10 percent buoyed by gaming exports and investment, with inflation remaining around 5–51⁄2 percent. However, the economy is vulnerable to external shocks, in particular a slowdown in tourism, due to shocks in the Mainland or Hong Kong SAR or other setbacks to the global recovery. The buoyant property market could also correct if demand fundamentals shift or interest rates rise abruptly with the withdrawal of unconventional monetary policy abroad. Macroeconomic policies. The policy stance is appropriate, with scope for further tightening of macroprudential policies should property prices continue to rise sharply. If downside risks materialize, targeted fiscal stimulus should be used to buttress growth. In the event of a severe property downturn, some countervailing measures could be cautiously unwound. The currency board is the best arrangement for Macao SAR. Financial stability. Important progress has been made in strengthening financial stability in line with the 2011 FSAP recommendations. Prudential measures should focus on managing potential credit and liquidity risks from a gaming slowdown and the property sector, as well as spillovers from shocks in the Mainland and Hong Kong SAR. Longer term challenges. Looking further ahead, Macao SAR’s public finances face a moderation in gaming revenues juxtaposed against spending needs from population aging. A sovereign wealth fund to manage part of the territory’s fiscal reserves and medium-term budgeting could therefore be useful. As the gaming sector matures, economic diversification toward other services will be key for stable growth.
International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 26 pages File Size : 47,8 Mb Release : 2021-06-15 Category : Business & Economics ISBN : 9781513584072
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Financial Safety Net and Crisis Management Arrangements by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf
Hong Kong SAR has significantly strengthened its crisis management arrangements through a thorough update of the framework for resolution of financial institutions, as recommended by the 2014 Financial Sector Assessment Program. The 2017 Financial Institutions (Resolution) Ordinance (FIRO) creates a resolution regime that is clear, comprehensive in scope, and closely aligned with the Financial Stability Board (FSB) Key Attributes of Effective Resolution Regimes for Financial Institutions. Some aspects of the FIRO, such as the cross-sectoral scope of the regime, are particularly strong. To implement the regime, the Hong Kong Monetary Authority (HKMA) 2 has established a Resolution Office (RO) with clear operational separation from banking supervision.
International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 108 pages File Size : 44,7 Mb Release : 2021-06-15 Category : Business & Economics ISBN : 9781513573250
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf
Hong Kong SAR (HKSAR) is a small and open economy, and a major international financial center with extensive linkages to Mainland China. Over the past two years, Hong Kong SAR’s economy and financial sector were adversely impacted by domestic social unrest, US-China tensions, and the global COVID-19 pandemic, resulting in an unprecedented two consecutive years of negative economic growth.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 79 pages File Size : 45,7 Mb Release : 2017-12-06 Category : Business & Economics ISBN : 9781484331286
People’s Republic of China by International Monetary Fund. Monetary and Capital Markets Department Pdf
This paper discusses the findings of the Financial System Stability Assessment (FSAP) for China. Since the 2011 FSAP, China’s impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation. However, tensions have also emerged in various areas of the Chinese financial system. The monetary and fiscal policies aimed at supporting employment and growth have been expansionary in recent years. Pressures to keep nonviable firms open are strong, particularly at the local government level, where these objectives, at times, conflict with financial stability. The demand for high-yield investment products coupled with strengthening oversight of the banking sector has also led to regulatory arbitrage and the growth of increasingly complex investment vehicles.
International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 127 pages File Size : 49,6 Mb Release : 2014-07-17 Category : Business & Economics ISBN : 9781498377799
People’s Republic of China–Hong Kong Special Administrative Region by International Monetary Fund. Monetary and Capital Markets Department Pdf
This Technical Note on Stress Testing the Banking Supervision was prepared in the context of the Financial Sector Assessment Program (FSAP) for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). Bank liquidity tests focus on sudden, sizable withdrawals of funding and the sufficiency of existing assets to withstand those shocks under stressed conditions. The stress test results confirm a high degree of resilience of the sector. This reflects the strength of the banks at the starting position, which reduces their fundamental vulnerability to shocks. Banks in HKSAR hold very high levels of capital, are very profitable, and have a low level of asset impairments amid stable funding profiles. The Hong Kong Monetary Authority is encouraged to continue its integration of risk-based supervision in the development of stress test scenarios for macroprudential policy and surveillance. Banking supervisors routinely conduct stress tests and, from time to time, modify relevant assumptions in order to support thematic reviews of identified vulnerabilities against emerging risks.
