China Financial Daily

Joseph Yam, Chief Executive of the HKMA: Hong Kong Monetary Reform in Europe and America should not be blindly
The author pointed out that the global financial crisis so that all regions of Europe and the United States brewing financial reform, and Hong Kong should pay close attention to, non-blind follow.

According to the news of Radio Television Hong Kong, Mr Yam said that, regardless of the financial system or the regulatory framework of financial reform levels, often are directed at the individual and the implementation of the financial crisis, but Hong Kong should be re-considered reforms in order to effectively prevent problems. This will be another crisis more effective than remedial measures.

Joseph Yam, said that although the authorities at any time to ensure that the leak can not be above criticism, but the goal is to make every effort to do our best at all times.

And the world financial system, no one can foresee all the inadequacies of financial innovation by the high returns for financial institutions to bring innovative incentives, but at the same time make it more difficult for regulatory authorities to master all in advance. Joseph Yam, the HKMA made the “hit rate” than most regulatory agencies are high.

In the face of this has been unusually severe financial crisis, Hong Kong’s monetary and financial system remain very strong, business as usual, is a big proof. However, Hong Kong can not be relaxed slightly, but remain vigilant, particularly in the pressure of self-awakening to the current commitment.

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