HONG KONG Reuters -- Hong Kong's central bank plans to hold a major conference in November, hoping to draw global banking bosses back, as the financial hub seeks to welcome back international business after two gruelling years of closed borders.
The sources familiar with the matter said that the meeting would be their first visit to Hong Kong, a major global conference venue for the majority of the world's major banks.
The Chinese-controlled territory closed its borders in early 2020 for most non-residents to deal with the coronaviruses, and has maintained some of the tightest restrictions in the world, which have starved its economy of tourist and business arrivals.
Visitors to Hong Kong must be in quarantine for seven days and undergo mandatory testing before and after arrival, as the city sticks to its near-zero COVID 19 strategy to curb all outbreaks as soon as they occur.
Exodus of expatriate workers, especially in financial services, were caused by the temporary measures that were put in place this year that separated families and children in quarantine facilities.
The Hong Kong Monetary Authority HKMA is working with foreign investment banks in Hong Kong on the event, which is scheduled for early November and will run alongside the prestigious Rugby 7 s tournament, said the sources.
The Rugby 7 s are due to run from Nov. 4 to 6, having been postponed a number of times since the start of the epidemic.
According to sources who were not allowed to speak to the media, the mandatory seven-day hotel quarantine rules would need to be relaxed for the HKMA conference to attract global bankers.
After a two-year ban, borders were reopened to non-residents this month, although their entry is subject to the seven-day hotel quarantine.
Some top financial executives visiting Hong Kong can leave their hotels for meetings, but very few have taken advantage of the programme because itineraries have to be lodged with regulators, according to the sources.
Hong Kong authorities haven't said much about their intention to relax quarantine restrictions by November.
An HKMA spokeswoman told Reuters that the authority was working on a high level investment summit and would release more details later.
The HKMA has been in regular dialogue with government authorities to share with them financial industry observations and suggestions regarding Hong Kong's anti-epidemic measures.
We will defer to the relevant government authorities on border control matters. Carrie Lam, outgoing Hong Kong Chief Executive, said this week that quarantine rules were unlikely to be changed before her term ends on June 30. John Lee, who took over as CEO on July 1, wants Hong Kong to remain a global financial hub.