HKMA chief says financial markets operating normally, warns on rate risk

This is a tone-setting remark rather than a policy signal: the HKMA chief is signalling that the city's markets are functioning without stress, while flagging rate exposure as the live risk. Coming from the de facto central bank governor, that combination matters for households and investors carrying floating-rate or rate-sensitive positions, since the warning is about risk rather than any change in stance. The open question is whether this stays a generic caution or becomes a precursor to concrete supervisory or policy action, given no figures or details were offered.