In his Viewpoint column published here Thursday, Yam, who is executive chief of Hong Kong's de facto central bank, said though Hong Kong has a fairly robust framework for financial stability, it does not mean there is no scope for improvement.

Yam said financial authorities in developed markets, like the United States and the United Kingdom, have been devoting attention to the establishment of an effective framework for financial stability and taken the view that their central banks can play a greater role.

"I think there is a need for us to examine in detail the financial reform agendas of other jurisdictions and monitor developments on this front closely," Yam said in his column.

"For example, although Hong Kong already has a framework for the provision of liquidity to the financial system when it is under stress, similar to what is being envisaged in the proposed reform measures in the United States and the United Kingdom, there is always scope for refinement at both the policy and operational levels," he said.

He added: "Without suggesting the existing arrangements are in any way inadequate, questions can be asked about whether the established liquidity-support mechanism for the banking system should be extended to other institutions crucial to the systemic stability of the financial system, or whether the provision of liquidity should continue to be dealt with case by case." (Xinhua)