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PDF File, 854.6 KB AN INTRODUCTION TO THE 2006 EDITION HONG KONG MONETARY AUTHORITY 55/F, Two International Finance Centre, Incorporating the Summary Version of the HKMA Annual Report 2005 8 Finance Street, Central, Hong Kong Enquiries (852) 2878 8222 Fax (852) 2878 2010 E-mail [email protected] www.hkma.gov.hk pantone 8001C silver 7M 25Y 60C 100M 34K 79K 香 港 金 融 香港金融管理局簡介 管 理 二零零六年版 局 二 零 零 五 年 年 報 香港金融管理局 香港中環金融街8號 附二零零五年年報摘錄 國際金融中心2期55樓 電話（852）2878 8222 傳真（852）2878 2010 電子郵件 [email protected] www.hkma.gov.hk pantone 8001C silver 5M 25Y 60C 100M 34K 79K THE HONG KONG MONETARY AUTHORITY Established in April 1993, the Hong Kong Monetary Authority (HKMA) is the government authority in Hong Kong responsible for maintaining monetary and banking stability. The HKMA’s policy objectives are • to maintain currency stability, within the framework of the Linked Exchange Rate system, through sound management of the Exchange Fund, monetary policy operations and other means deemed necessary • to promote the safety and stability of the banking system through the regulation of banking business and the business of taking deposits, and the supervision of authorized institutions • to enhance the efficiency, integrity and development of the financial system, particularly payment and settlement arrangements. CONTENTS THE HKMA AND ITS FUNCTIONS 2 About The HKMA 16 Maintaining Monetary Stability 17 Promoting Banking Safety 18 Managing the Exchange Fund 19 Developing Financial Infrastructure REVIEW OF 2005 22 Chief Executive’s Statement 28 Economic and Banking Environment in 2005 32 Monetary Conditions in 2005 34 Banking Policy and Supervisory Issues in 2005 36 Market Infrastructure in 2005 38 International Financial Centre 40 Exchange Fund Performance in 2005 42 The Exchange Fund 44 Major Events 1993-2005 48 Abbreviations 49 Reference Resources The first part of this booklet introduces the work and policies of the HKMA. The second part contains a summary of the HKMA’s Annual Report for 2005. The full Annual Report is available on the HKMA website both in interactive form and on PDF files. Hard copies may also be purchased from the HKMA: see Reference Resources on page 49 for details. This booklet makes reference to documents and other materials available on the HKMA website www.hkma.gov.hk. These references appear as www >, followed by navigation guidance from the HKMA homepage. All amounts in this booklet are in Hong Kong dollars unless otherwise stated. 2 An Introduction to the Hong Kong Monetary Authority • 2006 Edition ABOUT THE HKMA The Hong Kong Monetary Authority is Hong Kong’s central banking institution. The HKMA has four main functions: maintaining the stability of the Hong Kong dollar; promoting the safety of Hong Kong’s banking system; managing Hong Kong’s official reserves; and maintaining and developing Hong Kong’s financial infrastructure. THE HKMA’S LEGAL MANDATE for maintaining the stability and integrity of the monetary and financial systems of Hong Kong, The HKMA was established on 1 April 1993 by with a view to maintaining Hong Kong as an merging the Office of the Exchange Fund with the international financial centre. Office of the Commissioner of Banking. To enable the establishment of the HKMA, the Legislative The Monetary Authority is appointed under the Council passed amendments to the Exchange Exchange Fund Ordinance to assist the Financial Fund Ordinance in 1992 empowering the Financial Secretary in performing his functions under the Secretary to appoint a Monetary Authority. Exchange Fund Ordinance and to perform such other functions as are assigned by other The powers, functions and responsibilities of the Ordinances or by the Financi al Secretary. The Monetary Authority are set out in the Exchange office of the Monetary Authority is known as the Fund Ordinance, the Banking Ordinance, the HKMA, and the Monetary Authority as the Chief Deposit Protection Scheme Ordinance, the Executive of the HKMA. Clearing and Settlement Systems Ordinance and other relevant Ordinances. The division of The Banking Ordinance provides the Monetary functions and responsibilities in monetary and Authority with the responsibility and powers for financial affairs between the Financial Secretary regulating and supervising banking business and and the Monetary Authority is set out in an the business of taking deposits. Under the Exchange of Letters between the two dated 25 Ordinance, the Monetary Authority is responsible, June 2003. This Exchange of Letters also discloses among other things, for the authorization of the delegations made by the Financial Secretary to licensed banks, restricted licence banks, and the Monetary Authority under these Ordinances. deposit-taking companies in Hong Kong. The letters are public documents: copies of them may be found on the HKMA website. The Clearing and Settlement Systems Ordinance provides a statutory regime for the Monetary The Exchange Fund Ordinance establishes the Authority to designate and oversee clearing and Exchange Fund under the control of the Financial settlement systems that are material to the Secretary. According to the Ordinance, the Fund monetary or financial stability of Hong Kong or to shall be used primarily for affecting the exchange the functioning of Hong Kong as an international value of the Hong Kong dollar. It may also be used financial centre. An Introduction to the Hong Kong Monetary Authority • 2006 Edition 3 ABOUT THE HKMA Under the Deposit Protection Scheme Ordinance The Financial Secretary, assisted by the Secretary the Monetary Authority is charged with for Financial Services and the Treasury, has implementing the decisions of the Hong Kong responsibility for policies for maintaining the Deposit Protection Board, and among other stability and integrity of Hong Kong’s financial things, deciding whether compensation should be system and the status of Hong Kong as an paid to the depositors of a failed scheme bank international financial centre. In support of these pursuant to the Ordinance. policies, the Monetary Authority is responsible, among other things, for www > The HKMA THE HKMA AND THE HONG KONG • promoting the general stability and effective SAR GOVERNMENT working of the banking system The HKMA is an integral part of the Hong Kong • promoting the development of the debt market, SAR Government, but is able to employ staff on in co-operation with other relevant bodies terms different from those of the civil service in order to attract personnel of the right experience • matters relating to the issuance and and expertise. The Chief Executive of the HKMA circulation of legal tender notes and coins remains a public officer, as do his staff. In its day- to-day work the HKMA operates with a high • promoting the safety and efficiency of the degree of autonomy within the relevant statutory financial infrastructure through the powers conferred upon, or delegated to, the development of payment, clearing and Monetary Authority. settlement systems and, where appropriate, the operation of these systems The Financial Secretary is responsible for determining the monetary policy objective and the • seeking to promote, in co-operation with other structure of the monetary system of Hong Kong: a relevant bodies, confidence in Hong Kong’s letter from the Financial Secretary to the Monetary monetary and financial systems, and Authority dated 25 June 2003 specifies that these appropriate market development initiatives to should be currency stability defined as a stable help strengthen the international exchange value at around HK$7.80 to one US competitiveness of Hong Kong’s financial dollar maintained by Currency Board services. arrangements. The Monetary Authority is on his own responsible for achieving the monetary policy The Exchange Fund is under the control of the objective, including determining the strategy, Financial Secretary. The Monetary Authority, instruments and operational means for doing so. under delegation from the Financial Secretary, is He is also responsible for maintaining the stability responsible to the Financial Secretary for the use and integrity of the monetary system of Hong of the Exchange Fund, and for the investment Kong. management of the Fund. 4 An Introduction to the Hong Kong Monetary Authority • 2006 Edition ABOUT THE HKMA ACCOUNTABILITY AND • to keep the financial industry and the public as TRANSPARENCY fully informed about the work of the HKMA as possible, subject to considerations of market The autonomy given to the HKMA in its day-today sensitivity, commercial confidentiality and operations, and in the methods it uses to pursue statutory restrictions on disclosure of policy objectives determined by the Government, is confidential information complemented by a high degree of accountability and transparency. • to ensure that the HKMA is in touch with, and responsive to, the community it serves. The HKMA serves Hong Kong by promoting monetary and banking stability, by managing the The HKMA seeks to follow international best official reserves effectively, and by developing and practices in its transparency arrangements. It overseeing a robust and diverse financial maintains extensive relations with the mass media infrastructure. These processes help to and produces a range of regular and special strengthen Hong Kong’s role as an international publications in both English and Chinese. The financial centre and to foster Hong Kong’s HKMA’s bilingual website (www.hkma.gov.hk) economic well-being. The HKMA must have the carries all HKMA publications, press releases, confidence of the community if it is to perform its speeches and presentations, in addition to special duties well. The HKMA therefore takes seriously sections on research, statistics, consumer the duty of explaining its policies and work to the information and other topics. The HKMA general public and makes every effort to address maintains an Information Centre at its offices, any concerns within the community relevant to the consisting of a library and an exhibition area, HKMA’s responsibilities. which is open to the public six days a week.
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