China has preliminarily established the basic framework of a fund for ensuring financial stability and raised 64.6 billion yuan ($9.55 billion) in the first round of funding

The use of the financial stability fund should focus on emergencies or uncommon issues.

Experts added that the country's decision to roll out a law and a fund to ensure financial stability is in line with international practices, as major economies have developed similar mechanisms.

China has unveiled a draft law on financial stability, which is open for public opinions starting from Apr.6, the central bank said.

The Federal Open Market Committee of the Federal Reserve (US Fed) announced a rate hike in the early morning today (Hong Kong time) following its two-day meeting, raising the target range for the federal funds rate by 25 basis points to 0.25-0.5%. In accordance with the established mechanism, the HKMA has raised the Base Rate for the Discount Window by 25 basis points to 0.75% with immediate effect.

China plans to complete preparatory work for the establishment of a fund for ensuring financial stability by the end of September, the State Council said on Mar.25, as the country ramps up efforts to prevent and dispose of economic and financial risks.

Emerging markets must step up efforts to maintain financial stability as global economic and financial risks are rising amid the tightening policies of major central banks, experts said on Mar.24.

The proposed Financial Stability Fund, which figured in the annual Government Work Report for the first time this year, will help fend off and defuse major risks once it is set up, experts said.