HK central bank says security law won't change city's financial system

FILE PHOTO: Eddie Yue, deputy chief executive officer and incoming chief executive officer of Hong Kong Monetary Authority (HKMA), speaks during a news conference in Hong Kong, China July 25, 2019. REUTERS/Tyrone Siu

HONG KONG (Reuters) - The head of Hong Kong’s central bank said on Tuesday that new security laws proposed by China for the city would not change the fundamentals of its financial system.

“A safe and stable environment is conducive to fostering investors’ confidence in the long term,” Eddie Yue, chief executive of the Hong Kong Monetary Authority wrote in a blogpost.

He said there had not been noticeable outflows from Hong Kong’s currency or banking system, and that Beijing and Hong Kong’s governments had said foreign investors would continue to be protected under law.

Reporting by Noah Sin, Alun John and Twinnie Siu; editing by John Stonestreet