Between November 26-28, 2023, a Delegation from the State Bank of Vietnam (SBV) headed by Governor Nguyen Thi Hong attended the Special Governors’ Meeting of the Bank for International Settlements (BIS) and the High-Level Conference co-hosted by Hong Kong Monetary Authority (HKMA) and the BIS.
Governor Nguyen Thi Hong and other delegates attending the Conference
The Special Governors’ Meeting of the BIS took place on November 26-27, 2023, with the participation of nearly 30 leaders from the central banks and financial groups in Asia-Pacific. At the meeting, the participants discussed about the recent developments in the regional economy, the real estate markets in Asia- Pacific, the challenges and the policy responses to these difficulties.
Following the Special Governors' Meeting, the SBV Governor attended the HKMA-BIS High-Level Conference, which was held on November 27-28, 2023. This event marked the 30th anniversary of the birth of the HKMA, and the 25th anniversary of the establishment of the BIS Representative Office for Asia-Pacific.
The Conference attracted over 300 participants, including incumbent and former central bank Governors, CEOs of various regional and local financial institutions, and leading experts in the region. This was the first large-scale gathering of the regional central bank Governors in Hong Kong since the COVID-19 pandemic.
Governor Nguyen Thi Hong and Governor of the Reserve Bank of Australia
The Conference was composed of 4 discussion sessions focusing on the key challenges faced by the central banks and the policymakers, including the persistent inflation pressures in light of an increasingly fragmented global economy. The prolonged high-interest rate environment in response to the inflation showed a lot of financial vulnerabilities accumulated over the past several decades, causing many risks to the growth outlooks and the financial stability. In that environment, the central banks’ Governors shared about their measures of responding to the global challenges in the coming time.
The discussion session on inflation, financial stability and employment
Moreover, the participants also shared about their experiences with the central bank digital currencies (CBDCs) and the tokenization in their countries; the regulation of the policy tools in order to respond to the challenges, including the reviewing and updating of the key tasks and the promotion of the international cooperation.
On the occasion of the 30th anniversary of the HKMA, the participants shared about the lessons learnt from the monetary policy management over the past 30 years when the world economy had experienced many challenging periods, including the 1997–1998 Asian Financial Crisis, the Global Financial Crisis of 2008-2009, and their consequences.
Le Hang