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

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
      
     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks' websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
      
     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     The Islands District Office (IsDO), in collaboration with relevant government departments and local organisations, conducted a rescue and evacuation drill today (May 15) to enhance their and residents' preparedness in the event of serious flooding in Tai O, and to further increase residents' understanding of the emergency response plan.
 
     The IsDO, the Fire Services Department, the Hong Kong Police Force, the Hong Kong Observatory (HKO), the Drainage Services Department, the Social Welfare Department, the Housing Department, the Civil Engineering and Development Department, the Civil Aid Service, the Tai O Rural Committee, the Neighbourhood Advice-Action Council, the Hong Kong Young Women's Christian Association Tai O Community Work Office, the Hong Kong Red Cross and the Buddhist Fat Ho Memorial College participated in the drill. The drill simulated an actual situation with unexpected elements to increase the difficulty. Participating departments and organisations were required to carry out rescue tasks immediately under unexpected circumstances, posing challenges to and strengthening their response capabilities.

     According to the emergency response plan, when the HKO forecasts that the sea level at Tai O would rise to 3.3 metres above Chart Datum or more in the coming few hours, the emergency response plan for severe flooding in Tai O will be fully activated. The HKO will issue an alert to relevant government departments, organisations, Tai O resident representatives and fishermen representatives by SMS. Upon receipt of the alert, the IsDO will activate an emergency co-ordination centre at the Tai O Rural Committee Office, jointly set up by government departments and non-governmental organisations. The emergency co-ordination centre will co-ordinate any necessary evacuation, rescue and emergency relief efforts for Tai O.
 
     Upon receipt of the HKO's alert, resident representatives and fishermen representatives in Tai O will also help disseminate the information to residents to enable them to stay vigilant and take refuge in safe locations if necessary. In addition, temporary shelters at the Tai O Rural Committee Office, the Hong Kong Young Women's Christian Association Tai O Community Work Office and the Buddhist Fat Ho Memorial College, and the Transit Centre situated at Lung Tin Estate will be opened for residents in need.

          

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

     Following the launch of the Mainland and Hong Kong interest rate swap markets mutual access scheme (Swap Connect) on May 15, 2023 as part of the national strategy of steadily advancing the opening-up of Mainland's financial markets, transaction volume under the scheme has been growing steadily. In May 2024, Swap Connect was enhanced to provide more flexibility for offshore institutional investors to manage interest rate risk, and strengthen the appeal of RMB assets to offshore investors. As of the end of April 2025, 20 Mainland dealers and 79 offshore investors had participated in Swap Connect, completing more than 12 000 interest rate swap transactions with an aggregate notional amount of approximately RMB 6.5 trillion.
      
     To further promote the collaborative development of financial derivatives markets on the Mainland and in Hong Kong, as well as the high-level opening-up of Mainland's financial markets, after assessing the operational experience of Swap Connect and feedback from Mainland and offshore investors, the People's Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority plan to further enrich the product types under Swap Connect. First, the tenor of interest rate swap contracts would be extended to 30 years to meet the diverse risk management needs of market institutions. Second, the product scope of Swap Connect would be expanded by including interest rate swap contracts using the Loan Prime Rate (LPR) as the reference rate. Relevant financial infrastructure operators in both markets will roll out these enhancement measures progressively.
      
     Looking ahead, regulatory authorities on the Mainland and in Hong Kong will continue to provide guidance to the financial market infrastructure operators in both markets to continue to enhance relevant arrangements, taking into account the operation experience of Swap Connect, with a view to steadily advancing the further opening-up of Mainland's financial markets, promoting RMB internationalisation in a steady, orderly and sound manner, and supporting the successful development of Hong Kong as an international financial centre.

     The Secretary for Commerce and Economic Development, Mr Algernon Yau, stressed the importance of upholding the rules-based multilateral trading system at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, Korea, today (May 15).
 
     Speaking at the session entitled "Connectivity through Multilateral Trading System", Mr Yau said that the recent upheaval caused by unilateral tariff measures poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape. The substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect, marked a pivotal step towards fostering stability in global trade and reinforces the shared commitment to advancing constructive economic relations within the APEC region and beyond.
 
     He pointed out that, as a free port, Hong Kong has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. Hong Kong also remains committed to engaging in constructive dialogues to enhance the World Trade Organization (WTO)'s functionality, resilience and effectiveness.
 
     Mr Yau called upon member economies to unite in defending the open, predictable and inclusive character of global trade and to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.
 
     Meanwhile, Mr Yau encouraged member economies to intensify collaborative efforts to finish the unfinished business at the 13th WTO Ministerial Conference, such as bringing into force the Agreement on Fisheries Subsidies, and incorporating the plurilateral Investment Facilitation for Development Agreement into the WTO legal architecture. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.
 
     At another discussion session entitled "AI Innovation for Trade Facilitation", Mr Yau said that digitalisation, coupled with AI, has been quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders these days.
 
     He noted that Hong Kong is keen to embrace the transformative power of AI in trade. For instance, innovative technologies such as AI-powered tools have been adopted to ensure effective enforcement controls while streamlining customs clearance procedures. The final phase of the Trade Single Window will establish a highly automated cargo risk assessment engine to expedite clearance using AI.
 
     Mr Yau said that while there are a number of ongoing discussions in international forums to discuss AI development, including rules setting and governance, there is much room for collaboration among member economies on AI in trade. He added that in the current era with rising protectionism and unilateralism, it has become even more important for APEC to showcase to the world that regional economic co-operation in the area of AI matters and can bring benefits to the people of the entire region. He added that Hong Kong is ready to contribute and collaborate with fellow member economies to harness AI for trade and to drive high-quality growth across the region.
 
     On the margins of the MRT Meeting today, Mr Yau met with the China International Trade Representative and Vice Minister of Commerce, Mr Li Chenggang; the Deputy Minister for Trade of Korea, Mr Park Jong-won; as well as the Minister for Trade and Investment of New Zealand, Mr Todd McClay, separately to exchange views on various issues of mutual concern.
 
     Mr Yau also paid a courtesy call on the Governor of Jeju Special Self-Governing Province, Mr Oh Young Hun, yesterday (May 14) to give him an update on the latest developments of Hong Kong and exchange views on promoting closer bilateral relations.
 
     Mr Yau will continue to join the MRT Meeting tomorrow (May 16).

            

     Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled "Connectivity through Multilateral Trading System" at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 15):

     Good afternoon, Chair, WTO Director-General (Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala), and colleagues.

     The recent upheaval caused by one economy's unilateral tariff measures on all other economies poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape today.

     We are pleased to note the substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect. This development marks a pivotal step towards fostering stability in global trade and reinforces our shared commitment to advancing constructive economic relations within the APEC region and beyond. Continued collaboration under this framework will undoubtedly contribute to inclusive growth and a rules-based multilateral trading system.

     Hong Kong, China (HKC), as one of the freest economies in the world, reaffirms our unwavering commitment to free trade principles and the WTO-centred multilateral trading system. We firmly believe that sustainable solutions to trade disputes can only be achieved through constructive dialogue, adherence to internationally agreed rules, and a shared pursuit of equitable outcomes. We call upon all members to unite in defending the open, predictable and inclusive character of global trade.

     As the WTO commemorates its 30th anniversary this year, it is deeply disheartening to witness one of its founding members attempting to rip the organisation apart, after years of unilateral action in crippling its dispute settlement function. While reforms are indeed necessary to keep the decades-old organisation relevant amid evolving global challenges, aggressive and erratic trade actions that create economic chaos only serve to escalate tensions and instability.

     As a free port, HKC has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. We remain committed to engaging in constructive dialogues to enhance the WTO's functionality, resilience and effectiveness. At this critical time, we call on APEC member economies who cherish the multilateral trading system to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.

     Looking ahead to the 14th Ministerial Conference (MC14) which is less than a year away, with the rapidly evolving situation, telling what lies ahead until then may seem elusive. Nevertheless, HKC remains hopeful and determined to achieve tangible and positive outcomes at MC14 – many of which are in fact long overdue. Beyond the dispute settlement reform, our priorities include bringing into force the Agreement on Fisheries Subsidies and concluding the second wave of the fisheries subsidies negotiations, both of which are still so near, yet so far. We must strive to finish the unfinished business at MC13 to incorporate the plurilateral Investment Facilitation for Development (IFD) Agreement into the WTO legal architecture. In this regard, we fully support the APEC Statement in support of the WTO Joint Statement Initiative on IFD, championed by Korea, which would send a strong political signal of APEC's commitment to the swift and successful integration of this landmark agreement into the WTO framework.

     We also stand by finding a permanent solution to, or at least securing an extension of the WTO e-commerce moratorium, and support the early incorporation of the Agreement on Electronic Commerce into the WTO legal framework, which will provide the much needed clarity and stability for e-commerce business worldwide. We strongly encourage APEC member economies to intensify collaborative efforts to achieve these goals by MC14. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.

     Thank you.