People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Investment Funds Sector Liquidity Stress Testing

International Monetary Fund

No 2021/120, IMF Staff Country Reports from International Monetary Fund

Abstract: The Hong Kong Special Administrative Regime (HKSAR) is home to a fast-growing and highly international investment fund industry. The public investment fund industry authorized in HKSAR has grown rapidly from US$628 billion in 2008 to US$1.6 trillion in net asset value (NAV) in 2020. The locally domiciled sector grew from US$121 billion in early 2015 to almost US$155 billion in 2020. Open-end funds authorized for sale in HKSAR are substantially invested in foreign assets and significantly invested in by non-HKSAR residents and are therefore reactive to international liquidity and price conditions. Locally domiciled funds invest their portfolios in both local and overseas assets markets, while they are overwhelmingly funded by HKSAR investors.

Keywords: HKSAR fund industry; People's Republic of China-Hong Kong Special Administrative Region FSAP; fund liquidity stress test; HKSAR mutual fund industry; fund industry; Liquidity; Mutual funds; Liquidity stress testing; Currencies; Liquidity risk; Global (search for similar items in EconPapers)
Pages: 29
Date: 2021-06-15
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