Hong Kong continues as a major banking center in the world, with one of the largest representations of international banks in the world. Hong Kong remains among the top ten bank centers in terms of external transactions, and that is saying a lot. Despite the Asian economic crisis, the banking system is among the top banks in quality. I am pleased to give you an overview.
There is no doubt that banks in Asia continue to be vital channels in raising funds. How are the banks in Hong Kong structured? The banking system is made up of licensed banks, deposit taking companies and licensed banks with restricted license. One characteristic of banks in Hong Kong is that they are highly oriented to the external markets. The banks are also major players in foreign exchange markets.
There is no doubt that banks in Asia continue to be vital channels in raising funds. How are the banks in Hong Kong structured? The banking system is made up of licensed banks, deposit taking companies and licensed banks with restricted license. One characteristic of banks in Hong Kong is that they are highly oriented to the external markets. The banks are also major players in foreign exchange markets.
No doubt one of Hong Kong's strength is the role it plays in channeling funds to and from the region. With China making substantial concessions on foreign investments in its economy, Hong Kong banks has acted as a major conduit for domestic and international customers capitalizing on the liberalized banking and business economy.
The licensed banks and the licensed banks with restricted license fall under the "bank" category. The deposit taking companies are allowed to take deposits from the general public.
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