SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale

Scst takes center stage at grand opening of hong kong pavilion at venice biennale

The Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, officiated at the opening ceremony of the Hong Kong exhibition at the Venice Biennale in Venice, Italy, yesterday (April 19, Venice time).

The Venice Biennale is an important contemporary art event. This year marked the sixth collaboration between the Hong Kong Arts Development Council and the M+ museum of the West Kowloon Cultural District to showcase the works of a Hong Kong artist at the Biennale. This year, Hong Kong artist Trevor Yeung in his solo exhibition, "Trevor Yeung: Courtyard of Attachments, Hong Kong in Venice", will bring 11 new artworks, four of which are specific to the venue at Venice and respond to the architecture of the exhibition venue.

Speaking at the opening ceremony, Mr Kevin Yeung said, "The Government of the Hong Kong Special Administrative Region supports the development of arts and culture. We are committed to helping cultural institutions and artists to go global. This is one of our strategies in fortifying our role as an East-meets-West centre for international cultural exchange, a positioning that our country has bestowed on us. Hong Kong has been participating in the Venice Biennale since 2001. It is also an important channel to tell the good stories of Hong Kong, attracting world audience to boost our economy."

Mr Kevin Yeung started his itinerary upon arrival in Venice yesterday and visited the Chinese Pavilion, the Macao exhibition, and pavilions of other regions. This morning (April 20, Venice time), Mr Yeung visited the Ambassador for Cultural Promotion appointed by the Culture, Sports and Tourism Bureau, Xu Bing's art exhibition in Venice. He also had an interview with local arts and culture media. In the evening, he met with three Hong Kong artists who were exhibiting their artworks in Venice, as well as local cultural and artistic partners in Italy, to exchange views on cultural matters.

Mr Kevin Yeung will continue to visit other pavilions tomorrow (April 21, Venice time) and depart Venice for Hong Kong in the evening. He will arrive Hong Kong on Monday afternoon (April 22, Hong Kong time).

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

SCST officiates at opening ceremony of Hong Kong exhibition at Venice Biennale Source: HKSAR Government Press Releases

Monetary authority introduces new capital buffer ratio to strengthen hong kong's financial stability

The following is issued on behalf of the Hong Kong Monetary Authority:

The Monetary Authority announced today (May 3) that the countercyclical capital buffer (CCyB) ratio for Hong Kong remains unchanged at 1 per cent.

The Monetary Authority,Mr Eddie Yue, said, "Quantitative indicators suggest that overheating risks in Hong Kong are well contained. Under the framework that has taken into account the Positive Neutral CCyB introduced on April 1, 2024, a 1per cent CCyB ratio should be maintained for Hong Kong when systemic risks are neither subdued nor elevated. It is therefore appropriate to keep the CCyB ratio at 1per cent now and continue to monitor the situation closely."

Further details of the decision may be found in the Announcement of the CCyB to Authorized Institutions on the HKMA website.

Background

In setting the CCyB ratio the Monetary Authority considered a series of quantitative indicators and qualitative information including an "indicative buffer guide" (which is a metric providing a guide for CCyB ratio based on the gap between the ratio of credit to GDP and its long term trend, and between the ratio of residential property prices to rentals and its long term trend). The latest indicative buffer guide calculated based on 2023Q4 data and the Positive Neutral CCyB (Note) according to the revised formula, signals a CCyB of 1 per cent. The projection based on all available data suggests that the indicative buffer guide would likely signal a CCyB of 1per cent when all relevant 2024Q1 data become available.

Whilst the indicative buffer guide, as its name suggests, provides only a "guide" for CCyB decisions, the determination of the jurisdictional CCyB ratio for Hong Kong is not a mechanical exercise and, in addition to the indicative buffer guide, the Monetary Authority also reviewed a range of other reference indicators. Quantitative indicators suggest that overheating risks in Hong Kong are well contained. Under the framework that has taken into account the Positive Neutral CCyB introduced on April 1, 2024, a 1per cent CCyB ratio should be maintained for Hong Kong when systemic risks are neither subdued nor elevated. It is therefore appropriate to keep the CCyB ratio at 1per cent now and continue to monitor the situation closely.

The CCyB is an integral part of the Basel III regulatory capital framework and is being implemented in parallel by Basel Committee member jurisdictions worldwide. The CCyB has been designed by the Basel Committee to increase the resilience of the banking sector against system-wide risks. The banking sector can then act as a "shock absorber" in times of stress, rather than as an amplifier of risk to the broader economy.

The power to implement the CCyB in Hong Kong is provided by the Banking (Capital) Rules, which enable the Monetary Authority to announce a CCyB ratio for Hong Kong. The specific CCyB requirement applicable to a given Authorized Institution (AI) is expressed as a percentage of its CET1 capital to its total risk-weighted assets. Each AI's CCyB requirement may vary depending on the geographic mix of its private sector credit exposures and the CCyB applicable in each jurisdiction where it has such exposures.

Note:Under the Positive Neutral CCyB approach, authorities aim for a positive CCyB when risks are judged to be neither subdued nor elevated. Please refer towww.bis.org/publ/bcbs_nl30.htm for more information.

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