4.
Major Financial Centre
* Hong Kong as a financial centre fits well into the 24 hour global market linking with New York and London, and ranking in many ways just after these 2 cities and Tokyo.
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External banking transactions volume is the 4th largest in the world.
Hong Kong has around 500 foreign-owned banks and deposit-taking companies (including representative offices) from 40 countries (excluding those from China).
There are 133 foreign banks in Hong Kong; 72 within world's top 100.
The Hong Kong banking sector is well-capitalised and sound. Hong Kong has fully implemented the Basle capital standards in December 1989, 3 years in advance of the target date set by the Basle Committee.
Over 60% of the banking sector's aggregate assets and liabilities are external, involving transactions with more than 130 countries.
There is a strong presence of the world's other major financial institutions: 189
189 overseas securities and commodity trading companies; 128 overseas insurers; and 876 unit trusts and mutual funds operate in HK.
Hong Kong is probably the 3rd largest gold market in the world.
Hong Kong is one of the largest stock markets in Asia by market capitalization (after Tokyo, but broadly in line with Taipei and Seoul). At end of November 1992, HK market capitalization was HK$1,383 billion.
The 12-months to November 1992 saw the HK Stock Market outperform all other major markets in the world. For example, the Hang Seng Index rose by 40% while the New York Dow Jones Industrial Average rose by 14% and the Tokyo Nikkei Average decreased by 22% in the same period.
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