Joseph Yam, chief executive of the Hong Kong Monetary Authority, said the local economy is still mainly influenced by the United States rather than the mainland and so it will be able to withstand the fallout from any measures China imposes to rein in its overheated stock markets.

"We have diversified our market players and we also have long-term investors, we have short-term speculators ... the market is more mature," Yam told the city's Legislative Council.