F.
BEEAHB
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HONG KONG STOCK AND FUTURES EXCHANGES
HONG KONG AS A FINANCIAL CENTRE
After the events which affected the world's stock exchanges in October 1987 the Hong Kong Government acted quickly to appoint a Commission of Enquiry, which is undertaking a thorough review of the Stock and Futures Exchanges and the Government's regulatory position. This demonstrates the Hong Kong Government's determination to act swiftly and decisively to identify underlying problems and maintain Hong Kong's reputation as a financial centre.
INVESTIGATIONS BY THE INDEPENDENT COMMISSION AGAINST CORRUPTION
(ICAC)
The investigation is of course a matter for the Hong Kong authorities. I cannot comment on the substance of the allegations. But it is clearly right that the authorities should have moved decisively to take the action which they judged necessary. This is further evidence of their determination to deal effectively with any problems which are identified in the operation of Hong Kong's
financial institutions.
FUTURES EXCHANGE
The Hong Kong Government took action to support the Hong Kong Futures Guarantee Corporation in order to avoid possible adverse effects on Hong Kong's economy and to protect Hong Kong's reputation
an international financial centre. The measures they took were
successful in ensuring that the problems on the Futures Exchange
were contained.
CHINESE SUPPORT
I warmly welcome the Bank of China's readiness to participate in the support facility for the Hong Kng Futures Exchange. This is further evidence of the commitment of the Chinese authorities to maintaining the prosperity and stability of Hong Kong.
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