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(Xinhua)
Updated: 2007-09-07 10:55

Information submitted by locally incorporated banks indicate their aggregate exposure to the US sub-prime mortgage market will not have systemic implications for Hong Kong's banking sector, Hong Kong Monetary Authority Chief Executive Joseph Yam said Thursday.

In his weekly Viewpoint column published Thursday, Yam said, however, that although the US sub-prime mortgage problem may not have systemic implications for Hong Kong's banking sector, banks and other market participants should watch for risks and uncertainties.

"Thanks in part to comparatively slower development of the credit derivatives market in Hong Kong, the risk arising from exposure to securities and credit derivatives with a sub-prime component is closely monitored by banks in Hong Kong," he said.

"While some in the market are hoping for more government intervention in the form of interest-rate cuts or government-sponsored entities buying more mortgage-backed securities to keep the market going, others are projecting that the US mortgage credit quality will weaken further in the second half of 2007 or even well into 2008 as more sub-prime adjustable-rate mortgages reset to higher floating rates."

He said the outcome of the US sub-prime mortgage problem and its effect on the global economy are still unpredictable, and market participants should watch developments closely.