HK government says subprime yet to pose systemic risk


The US subprime mortgage crisis has yet to cause serious economic problems for Hong Kong, a senior government official told the territory's Legislative Council on January 16.

"According to the information available to us, the subprime problem in the US has not caused any systemic implications for Hong Kong's economic and financial structures," said Chan Ka-cheung, secretary for financial services and the treasury in Hong Kong. "The relevant systems remain structurally stable."

But he warned that

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