I would therefore like to use my remarks today to explore two aspects of implementing asset purchase programmes where I still see open questions. My focus will be on the closed economy dimension of such operations, having addressed their international spillovers elsewhere.3 The first aspect relates to the interaction between interest rate forward guidance and asset purchases.
It is glad to see that, under the auspices of the Central Government, the direction of the MSAR Government and Mr. Tam, AMCM and our market participants were able to uphold the stability of our financial system. We managed to enhance the overall competitiveness of the industry, promote the recovery and development of the markets.