Hong Kong seeks to revive global banking status

Hong Kong's central bank The Hong Kong Monetory Authority (HKMA) plans to hold a major conference in next November it hopes will draw global banking bosses_ as the financial hub seeks to welcome back international business following two gruelling years of closed borders due to tough Covid restrictions.

For most chief executives of global major banks_ the meeting would be their first visit to Hong Kong - historically a massive global conference venue - in at least three years_ familiar with the matter.

The Chinese-controlled territory closed its borders in early 2020 for most non-residents to combat coronavirus pandemic and has maintained some of the tightest restrictions in the world_ which have starved the country's economy of tourist and business arrivals.

Visitors to Hong Kong have to quarantine for seven days in hotels and face mandatory testing before and after arriving_ as the city sticks to its near-zero Covid-19 strategy to curb all outbreaks as soon as they occur.

HKMA is working with foreign investment banks based in Hong Kong on the event_ which is scheduled to be held early November and will run alongside the prestigious Rugby 7s tournament_ Reuters reports.

The mandatory seven-day hotel quarantine rules for the global bankers would need to be eased_ sources said.

An HKMA spokesperson told_ the authority was working on a "high level investment summit" and would release more details later.

Outgoing Hong Kong Chief Executive Carrie Lam said that quarantine rules were unlikely to be altered. John Lee_ who will take over as CEO on July 1_ has indicated that he wants Hong Kong to remain a financial hub of the world.