Yam hails innovation but urges caution

"The forces generated by financial innovation need to be properly harnessed," Joseph Yam, the chief executive of the Hong Kong Monetary Authority said on Monday.

Speaking in Paris, Yam said that innovation had several benefits, including greater efficiency, diversity and a better allocation of risks. But the chief warned that financial turmoil is often preceded by innovation.

Yam said regulation was necessary to both effectively realise the full benefit of innovation and to avoid financial

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