According to Jinshi news, the Hong Kong Monetary Authority spokesman said that the Monetary Authority has been closely monitoring the development of SVB. According to the authority, Hong Kong banks have very little risk exposure to SVB and pose no risk to the stability of the Hong Kong banking system. A spokesman for the HKMA reiterated that Silicon Valley Bank does not operate banking business in Hong Kong and only has a local representative office. It is not an authorized institution and therefore cannot carry on banking or take deposits in Hong Kong.
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