SAR's status acknowledged with invitation to join stability forum

Hong Kong has become one of the first financial centres outside the Group of Seven (G7) leading industrialised nations to be invited to join the Financial Stability Forum.

The forum, which was initially made up of finance ministry, central bank and regulatory officials from the G7 countries, has widened its membership since it was launched last February.

The invitation to Hong Kong is a recognition of the importance of the SAR's financial markets, according to analysts.

They expect a Hong Kong Monetary Authority official to attend the forum meetings, which take place twice a year.

These meetings are aimed at monitoring global financial markets and spotting early any build-up of pressures that could result in contagion.

Singapore, Australia and the Netherlands have also been invited to send representatives to the forum, which will hold its next meeting in Paris on September 15.