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difficult to understand why I too support the Financial Secretary's decisions to utilize the Exchange Fund in the specific ways that he did to stabilize the broader financial spectrum in Hong Kong. His objective was maintaining confidence internally and externally and that objective has been achieved. He could not have done otherwise but to Hong Kong's detriment and harm to her ongoing prosperity. Had he done otherwise and had there most unfortunately been a serious bank run, I have no doubt that he would have been politically crucified by the community. The financial impact of any bank run, especially during the past two or three years, could have unleashed forces seriously affecting Hong Kong's financial system, with attendant loss of confidence locally and internationally resulting thereby.
Now speaking both as a legislator and as a consumer, I think the time has come to tighten and improve the banking system, so that there is greater protection for the consumer public and enhanced reputation for Hong Kong's banks and other financial institutions both locally and internationally. As our financial sector continues expanding, we shall have to think of our own interests, not only in domestic terms, but equally in global terms
as well. By so doing, Hong Kong's role as a financial services
centre, providing sophisticated expertise within the Asia-Pacific Region and particularly to China itself, will be even further
strengthened.
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