A roster of banking and regulatory grandees defended Hong Kong's position as a financial hub on Thursday. That suggests extended isolation is a growing worry. They make a strong case, however, about the power of capital flows into China, says JennHughes13
are among the big companies offering $5,000 to help cover employee quarantine costs. Hong Kong has banned visitors from more than 50 countries with the new Covid-19 Omicron variant and requires a three-week hotel isolation for returning residents.of Hong Kong’s economy, per government figures, and 8% of its jobs, so unhappy workers are an issue. Yet the industry itself is booming in many ways.
Most notable about the conference was that authorities felt the need to hold it at all, and in English. Featuring Yi Gang, head of the PBOC, also was telling. It suggests a degree of concern about Hong Kong’s image overseas, which also has been battered by geopolitical tensions and the sweeping national security law Beijing imposed last year. The financial case presented at the gabfest, however, was right on the money.
- Speakers, many by video, included the two central bank chiefs and the head of the Bank for International Settlements as well as senior regulators from Hong Kong and Beijing and bankers from ICBC, HSBC and Standard Chartered.Editing by Jeffrey Goldfarb and Katrina HamlinSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.