Chinese financial policymakers are reportedly in Hong Kong this week to meet bankers and bolster the city’s hub status in the face of persistent headwinds.
HSBC, Standard Chartered, Bank of China (Hong Kong) and others will attend a meeting today convened by China’s Ministry of Finance, according to a «Bloomberg» report citing unnamed sources.
The meeting will include discussions on Hong Kong’s financial hub status, specifically concerning potential enhancements, risks and challenges as well as the benefits of strengthened ties with mainland China.
Hong Kong’s financial sector continues to face persistent headwinds across the board in 2023. Numerous local brokerages have shut down while banks like Goldman Sachs, Morgan Stanley and UBS have all downsized their staff size. The city is set to record a 20-year low in IPOs with just $5.3 billion in listings, according to a recent EY report.
