The Home Affairs Department is opening 19 community halls/community centres as temporary heat shelters today (October 22).

     The temporary heat shelters will remain open for people to take refuge from the heat when the Very Hot Weather Warning is in force. From 10.30pm to 8am the next day, the temporary heat shelters will also provide bedding and a sleeping place for people in need. The shelters are manned by duty attendants.

     For further information, please call the department's hotline before midnight on 2572 8427.

     The heat shelters are located at:

Hong Kong Island:
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Central and Western –
Sai Ying Pun Community Complex Community Hall
3/F, Sai Ying Pun Community Complex
2 High Street, Sai Ying Pun

Eastern –
Causeway Bay Community Centre
3/F, 7 Fook Yum Road, Causeway Bay

Southern –
Lei Tung Community Hall
Lei Tung Estate, Ap Lei Chau

Wan Chai –
Wan Chai Activities Centre
LG/F, Wan Chai Market, 258 Queen's Road East, Wan Chai

Kowloon Districts:
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Kowloon City –
Hung Hom Community Hall
1/F, Kowloon City Government Offices
42 Bailey Street, Hung Hom

Kwun Tong –
Lam Tin (West) Estate Community Centre
71 Kai Tin Road, Lam Tin

Sham Shui Po –
Shek Kip Mei Community Hall
G/F, Block 42, Shek Kip Mei Estate, Sham Shui Po

Wong Tai Sin –
Tsz Wan Shan (South) Estate Community Centre
45 Wan Wah Street, Tsz Wan Shan

Yau Tsim Mong –
Henry G Leong Yaumatei Community Centre
60 Public Square Street, Yau Ma Tei

New Territories Districts:
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Islands –
Tung Chung Community Hall
G/F, Tung Chung Municipal Services Building, 39 Man Tung Road, Tung Chung

Kwai Tsing –
Kwai Shing Community Hall
Podium, Block 6, Kwai Shing West Estate, Kwai Chung

North –
Cheung Wah Community Hall
Cheung Wah Estate, Fanling

Sai Kung –
Hang Hau Community Hall
G/F, Sai Kung Tseung Kwan O Government Complex, 38 Pui Shing Road, Hang Hau, Tseung Kwan O

Sha Tin –
Lung Hang Estate Community Centre
Lung Hang Estate, Sha Tin

Tai Po –
Tai Po Community Centre
2 Heung Sze Wui Street, Tai Po

Tsuen Wan –
Lei Muk Shue Community Hall
G/F, Hong Shue House, Lei Muk Shue Estate, Tsuen Wan

Tuen Mun –
Butterfly Bay Community Centre
Butterfly Estate (near Tip Sum House), Tuen Mun

Yuen Long –
Long Ping Community Hall
Long Ping Estate, Yuen Long

Yuen Long –
Tin Yiu Community Centre
Tin Yiu Estate, Tin Shui Wai

     In addition to the above heat shelters, a number of community halls/community centres can also be used for taking refuge from the heat during their operating hours. For their address details, please browse the following document: www.had.gov.hk/file_manager/en/documents/public_services/emergency_services/List_CH_CC_Day_E.pdf.

     Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day today (October 22):
 
Simon (Chairman of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Rocky (Chief Executive Officer of the Hong Kong Cyberport Management Company Limited, Dr Rocky Cheng), Marco (Managing Director and Head of Financial Services of Accenture, Mr Marco Tsui), Eric (Chief Public Mission Officer of the Hong Kong Cyberport Management Company Limited, Mr Eric Chan), distinguished guests, ladies and gentlemen,
 
     Good afternoon. It is a pleasure to stand before you today at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day. This event represents the culmination of hard work, innovation, and collaborative effort, showcasing the remarkable advancements that are shaping the future of financial technology in our region.
 
     As we gather here, I am reminded of the incredible journey that the FinTech Innovation Lab Asia-Pacific has undertaken over the years. This year, the programme has once again proven to be a highly competitive platform, attracting over 100 applicants from 35 countries. From this pool of talent, we celebrate the achievements of nine outstanding companies selected to present their innovations today. Each of these start-ups embodies the spirit of resilience and creativity that is essential in today's fast-paced financial landscape.
 
The role of artificial intelligence
 
     One common thread among these nine companies is their deployment of artificial intelligence (AI) in their service offerings. The excitement surrounding AI, particularly Generative AI, has been palpable over the last two years. Despite the fluctuations in the global financial environment, start-ups leveraging generative models continue to attract significant funding. Investors and market participants recognise the vast opportunities that AI presents, allowing businesses to enhance efficiency, improve customer experiences, and create innovative solutions tailored to ever-evolving market demands.
 
     As we look ahead, I want to share that during the upcoming Hong Kong Fintech Week 2024, we will be issuing a policy statement that outlines the Government's stance towards the responsible application of AI in financial markets. This statement will provide a framework for integrating AI into our financial ecosystem, ensuring that innovation is harmonised with robust security and regulatory frameworks.
 
The vibrant ecosystem of fintech in Hong Kong
 
     The fintech ecosystem in Hong Kong is not only vibrant but also continues to grow at an unprecedented pace. According to the latest Global Financial Centres Index, Hong Kong ranks ninth globally in fintech offerings, placing us among the elite top 10 fintech hubs worldwide. This recognition is a testament not only to our achievements but also to our commitment to fostering innovation in the financial sector.
 
     We understand that promoting fintech is essential for enhancing the overall competitiveness of Hong Kong's financial services industry. To this end, we work closely with financial regulators, industry leaders, and innovators to ensure that our fintech sector remains at the cutting edge of global developments.
 
Advancing financial services
 
     As outlined in the latest Policy Address presented just last week, the Government is dedicated to solidifying Hong Kong's position as a global leader in financial innovation. We are advancing the development of cutting-edge financial services that will reshape the financial landscape of tomorrow. Key areas of focus include Central Bank Digital Currencies (CBDCs), mobile payments, virtual banking, virtual insurance, and virtual asset (VA) transactions.
 
     Each of these innovations holds the potential to significantly alter how we conduct financial transactions, interact with financial institutions, and manage our assets. By deepening our efforts in these areas, we are not just keeping pace with global advancements; we are striving to remain at the forefront of this evolution.
 
Initiatives to cultivate innovation
 
     Over the past few months, we have introduced a range of initiatives aimed at cultivating a vibrant ecosystem for fintech innovation. These efforts span multiple key areas, from enhancing cross-boundary payment systems to advancing digital asset regulation and fostering a dynamic fintech talent pool.
 
     In May, we expanded the cross-boundary e-CNY pilot programme, providing safe and convenient retail payment options for residents in both Hong Kong and the Mainland. The Hong Kong Monetary Authority (HKMA) is actively exploring new technological solutions for cross-boundary trade settlements through the mBridge platform. By expanding use cases and widening participation from both public and private sectors, we aim to make cross-border transactions faster, more secure, and more cost efficient.
 
     Moreover, we are promoting real-world asset tokenisation and developing a digital money ecosystem. Through Project Ensemble, the HKMA is laying the groundwork for the tokenisation of real-world assets and the use of digital money for interbank settlements. This initiative is designed to facilitate more efficient asset trading and further integrate digital currencies into our financial system.
 
Stablecoin regulation and digital currencies
 
     As part of our commitment to fostering a secure digital financial environment, potential stablecoin issuers will have the opportunity to test their business plans and use cases through the stablecoin issuer sandbox. Later this year, we will introduce legislation to regulate fiat-referenced stablecoin issuers, creating a secure and consistent framework for the growth of this emerging market.
 
     Further underlining our dedication to digital currencies, we launched Phase 2 of the e-HKD Pilot Programme in September, now renamed Project e-HKD+. This initiative allows us to explore innovative use cases for new forms of digital money, including e-HKD and tokenised deposits. Our expanded focus on the digital money ecosystem will ensure that we remain at the forefront of technological advancements in this space.
 
Regulatory frameworks and risk mitigation
 
     Regulations play a critical role in mitigating risks in the rapidly evolving world of virtual assets. To protect investors and uphold market integrity, the Financial Services and the Treasury Bureau (FSTB) is conducting a second round of public consultation on regulatory proposals for over-the-counter VA trading. We will also introduce a proposed licensing regime for VA custodian service providers, ensuring the safekeeping of digital assets in line with international standards.
 
Commitment to digital securities
 
     Our commitment to innovation extends to the digital securities market as well. The HKMA is preparing to launch the Digital Bond Grant Scheme, which will incentivise financial institutions and issuers to adopt tokenisation technology in capital market transactions. This initiative will unlock new opportunities in the digital securities space, modernising our financial infrastructure and ensuring that Hong Kong continues to lead in global financial innovation.
 
The horizon ahead
 
     As demonstrated by today's gathering of innovators, Hong Kong is truly an ideal platform for nurturing fintech talent and fostering global engagement. The upcoming ninth Hong Kong Fintech Week, themed "Illuminating New Pathways in Fintech", will soon take place, from October 28 to November 1. Last year's event set a new benchmark, drawing a record 35 000 attendees and garnering 5.5 million online views from over 100 economies.
 
     This year, we welcome top leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape and cutting-edge technologies such as AI, tokenisation, and Web3. I encourage each of you to join us for what promises to be an exciting and transformative event.
 
Supporting start-ups and entrepreneurs
 
     To further support innovators like you, the Government is introducing a $10 billion I&T Industry-Oriented Fund to drive investment into the innovation and technology sectors. In addition, we are enhancing the Innovation and Technology Venture Fund by redeploying $1.5 billion to create matching funds with market partners. This will provide greater opportunities for start-ups and entrepreneurs to access capital, ensuring that our vibrant start-up ecosystem continues to flourish.
 
Conclusion
 
     Ladies and gentlemen, as I conclude, I would like to express my sincere gratitude to Accenture and Cyberport for organising today's Demo Day. I also extend my heartfelt thanks to the participating fintech companies and our financial institutions for their invaluable contributions. Your hard work and dedication are what drive innovation in our sector.
 
     Thank you, and I look forward to witnessing the groundbreaking advancements that will emerge from this dynamic ecosystem.

     â€‹The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (October 22) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in the Åšroda Wielkopolska District of the Wielkopolskie Region in Poland, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.

     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 1 620 tonnes of frozen poultry meat from Poland in the first six months of this year.

     "The CFS has contacted the Polish authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation," the spokesman said.

     The Census and Statistics Department (C&SD) released today (October 22) the Consumer Price Index (CPI) figures for September 2024. According to the Composite CPI, overall consumer prices rose by 2.2% in September 2024 over the same month a year earlier, smaller than the corresponding increase (2.5%) in August 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in September 2024 was 0.9%, also smaller than that in August 2024 (1.2%). The smaller increases were mainly due to the higher base of comparison resulting from the significant increases in food prices in September 2023.

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending September 2024 was 0.4%, and that for the 3-month period ending August 2024 was 0.6%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.1% and 0.2%.   

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.9%, 2.0% and 1.6% respectively in September 2024, as compared to 3.2%, 2.2% and 1.9% respectively in August 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 0.9% and 1.0% respectively in September 2024, as compared to 1.1%, 1.2% and 1.3% respectively in August 2024.   

     On a seasonally adjusted basis, for the 3-month period ending September 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.5%, 0.4% and 0.3% respectively. The corresponding rates of increase for the 3-month period ending August 2024 were 0.8%, 0.5% and 0.4% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending September 2024 were all 0.1%, and the corresponding rates of increase for the 3-month period ending August 2024 were 0.2%, 0.1% and 0.2% respectively.   

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in September 2024 for alcoholic drinks and tobacco (21.4%), electricity, gas and water (6.5%), housing (3.3%), miscellaneous services (2.0%), meals out and takeaway food (1.8%), miscellaneous goods (1.2%), and transport (1.0%).   

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in September 2024 for clothing and footwear (-1.6%), basic food (-0.4%), and durable goods (-0.4%).   

     Taking the first 9 months of 2024 together, the Composite CPI rose by 1.9% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.9%, 1.1% and 1.2% respectively.   

     In the third quarter of 2024, the Composite CPI rose by 2.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.1%, 2.1% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.0%, 1.1% and 1.2% respectively.   

     For the 12 months ending September 2024, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.4%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.0%, 1.2% and 1.4% respectively. 

Commentary

     A Government spokesman said that underlying consumer price inflation remained modest in September. The year-on-year increase in food price eased, while prices of energy-related items declined at a narrowed rate. Price pressures on other major components remained broadly in check.

     Looking ahead, overall inflation should stay mild in the near term. The continued growth of the Hong Kong economy could pose some moderate upward pressures on domestic cost. Meanwhile, external price pressures should ease further, though uncertainties in the external environment remain. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for September 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
 

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

     Exchange Fund Bills tender results:
 

 
*"Pro rata ratio" refers to the average percentage of allotment with respect to each tender participant's tendered amount at the "highest yield accepted" level.

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     Hong Kong Monetary Authority tenders to be held in the week beginning October 28, 2024: