IMF supports HK to enhance competitiveness
(Xinhua)
Updated: 2007-11-20 19:07
The mission maintains its support for the government's commitment to the Linked Exchange Rate system (LERS), and also finds the real value of the Hong Kong dollar to be in line with economic fundamentals.
The chief executive of the Hong Kong Monetary Authority Joseph Yam said: "We welcome the mission's continued support of the Linked Exchange Rate system and its positive assessment of the effective functioning of the system despite increased fund flows and market volatility, which underscores the general resilience of the system with the Three Refinements introduced in 2005."
Furthermore, the mission stressed that market flexibility remains key to the success of the LERS and Hong Kong's competitiveness. It reiterates its support for the planned general Competition Law, which will help strengthen market flexibility.
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