HKMA steps up stability efforts

The Hong Kong Monetary Authority (HKMA) on Tuesday stepped up its efforts to enhance financial stability, issuing a blanket guarantee for customer deposits and offering to re-capitalise its banks.

John Tsang, the HKMA's financial secretary, termed the measures "precautionary and pre-emptive in nature" and stressed that there were no serious issues in the banking sector.

"I do not expect that the measures need to be triggered," he said. "Our banking system is healthy and robust."

The HKMA will