The Chief Executive of the Hong Kong Monetary Authority (HKMA) responds to the "Financial Centre Heritage Theory": The stock market turnover is still high, and there is no outflow of funds

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said on the 17th that some netizens recently claimed that Hong Kong is an "international financial center site", which "has to be laughed at (just laughed)". Mr Yue said that Hong Kong's banking system is the largest among Asia's international financial centres, with higher stock market turnover than neighbouring regions, and Hong Kong is also Asia's largest asset management centre. He said that although Hong Kong did not have detailed figures on the flow of funds, there was no flow of funds based on different data. He pointed out that if there is a large-scale outflow of funds, the exchange rate will weaken and bank deposits will fall, but the exchange rate and deposits will not be affected, and deposits will rise by 2.3% this year, which is a relatively high growth rate under the decline in lending, and there is no sign of capital outflow in banks' foreign currency assets.