Hong Kong to withstand China market turmoil - HKMA chief executive
http://www.afxnews.com/
HONG KONG (XFN-ASIA) - Hong Kong can cope with any turbulence on the China stock markets but investors should be prepared for increased volatility, said Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA).
Yam said the local economy is still mainly influenced by the United States rather than the mainland and so it will be able to withstand the fallout from any measures China imposes to rein in its overheated stock markets.
"We have diversified our market players and we also have long-term investors, we have short-term speculators ... the market is more mature," Yam told the city's Legislative Council.
"But I feel that the chance of (increasing) volatility is quite high so everyone has to be psychologically prepared for it," he added.
His comments came after further sharp falls of more than 8.0 pct on the Chinese stock markets amid concerns Beijing will announce additional measures to cool a recent speculative frenzy that has pushed stocks to record highs.
http://www.afxnews.com/
HONG KONG (XFN-ASIA) - Hong Kong can cope with any turbulence on the China stock markets but investors should be prepared for increased volatility, said Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA).
Yam said the local economy is still mainly influenced by the United States rather than the mainland and so it will be able to withstand the fallout from any measures China imposes to rein in its overheated stock markets.
"We have diversified our market players and we also have long-term investors, we have short-term speculators ... the market is more mature," Yam told the city's Legislative Council.
"But I feel that the chance of (increasing) volatility is quite high so everyone has to be psychologically prepared for it," he added.
His comments came after further sharp falls of more than 8.0 pct on the Chinese stock markets amid concerns Beijing will announce additional measures to cool a recent speculative frenzy that has pushed stocks to record highs.
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