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Hong Kong Monetary Authority Annual Report 2006

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Hong Kong Monetary Authority Annual Report 2006 /43. 143. 243-6,58 ,76/45068 \a`[ ^a`[ _a`ZcYbe Ydc\ab]ce EHHMEG KFJIKL CBBD EHHMEG KFJIKL CBBD /43. 143. 243-6,58 ,76/45068 UUR]O bsm_lqeolcqhmlcj]hlclde [elqoeO X ]hlclde aqoeeqO [elqocjO ^mlf `mlf bejengmleZ uXUTv TXWX XSYV ]cdphkhjeZ uXUTv TXWX XSYW \PkchjZ gikc*gikcQfmrQgi @@@+;<=9+:>?+;< 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. The theme of this Annual Report is the five elements of Chinese philosophy – water, wood, fire, earth and gold. The five elements, presented symbolically, suggest tradition, balance, harmony and the operation of an ordered system. Contents 2 Highlights of 2006 4 Chief Executive’s Statement 10 About the HKMA 16 Advisory Committees 27 Chief Executive’s Committee 31 HKMA Organisation Chart 33 Economic and Banking Environment 49 Monetary Stability 55 Banking Stability 75 Market Infrastructure 87 International Financial Centre 93 Reserves Management 99 Professional and Corporate Services 111 The Exchange Fund 186 Calendar of Events 2006 188 Annex and Tables 211 Abbreviations used in this Report 212 Reference Resources The chapter on Banking Stability in this Annual Report is the report on the working of the Banking Ordinance and the activities of the office of the Monetary Authority during 2006 submitted by the Monetary Authority to the Financial Secretary in accordance with Section 9 of the Banking Ordinance. This Annual Report 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. The full text of this Report is available on the HKMA website in interactive form and on PDF files. A summary version of this Report is also available in An Introduction to the Hong Kong Monetary Authority 2007 Edition. All amounts in this Report are in Hong Kong dollars unless otherwise stated. 2 Hong Kong Monetary Authority • Annual Report 2006 Highlights of 2006 Economic and Banking Environment Hong Kong’s economy registers above-trend growth for the third consecutive year. Real GDP grows by 6.8% in 2006. The banking sector continues to achieve solid results in an intensely competitive operating environment with abundant liquidity. Monetary Stability The Hong Kong dollar remains stable and the money market remains calm, despite the appreciation of the renminbi. The RTGS systems efficiently handle all fund flows, including many large equity initial public offerings, and register record transaction volumes. Banking Stability The drafting of and statutory consultation for the Banking (Capital) Rules and Banking (Disclosure) Rules are completed for the implementation of Basel II in January 2007. The HKMA continues to strengthen the banking sector’s ability to manage risks and prevent money laundering and terrorist financing. The Deposit Protection Scheme is launched. Hong Kong Monetary Authority • Annual Report 2006 3 Highlights of 2006 Market Infrastructure The Renminbi Settlement System is launched to pave the way for a fully fledged renminbi RTGS system. A payment-versus-payment link is established between Hong Kong’s US dollar and Malaysia’s ringgit RTGS systems. International Financial Centre The “1-3-5 financial development blueprint” is developed to foster financial co-operation between the Mainland and Hong Kong and build a bigger financial market. The HKMA works with Mainland authorities to obtain approval for financial institutions on the Mainland to issue renminbi bonds in Hong Kong. Approval is given in January 2007. Reserves Management The Exchange Fund achieves an investment income of $103.8 billion in 2006, or a return of 9.5%, which exceeds the benchmark investment return by more than 0.6%. Total assets of the Exchange Fund reach $1,176.7 billion at the end of 2006. 4 Hong Kong Monetary Authority • Annual Report 2006 Chief Executive’s Statement The HKMA had another busy and, I believe, successful and productive year in 2006: the Hong Kong dollar exchange rate remained stable despite record fund flows, the banking sector remained strong, the Exchange Fund earned a respectable investment return, and some real progress was made in mapping out a strategy for Hong Kong’s world- class financial infrastructure to contribute to the further development of China’s economy. Economic trends Hong Kong’s economy grew by 6.8% in 2006, lower than the 7.5% in 2005 but still above trend and very respectable. Monetary conditions eased, reflecting high levels of liquidity in the banking sector, but were broadly neutral. Unemployment declined to its lowest level in six years, while inflation picked up slightly but not yet to levels that would cause concern. Growth in the economy was mainly driven by domestic demand, particularly consumer spending and investment in business equipment. At the same time, exports of goods and services were robust with increases in trade with the Mainland and solid demand from our other major trading partners. Asset markets performed well: the residential property market was stable after a strong rise in 2005, with little sign of overheating; and the stock market staged a strong rally in the second half of the year, with the Hang Seng Index increasing by 34% to reach a record high of 20,001 on 28 December. This rise was supported by Hong Kong’s strong economic performance, the pause in monetary tightening in the US, and large inflows of funds related to initial public offerings, mostly of Mainland stocks. Hong Kong Monetary Authority • Annual Report 2006 5 Chief Executive’s Statement The Exchange Fund That the Exchange Fund enjoyed a good year in 2006 is already old news: the Fund earned an investment return of $103.8 billion, a rate of return of 9.5%. This exceeded the rate of return of the benchmark portfolio approved by the Financial Secretary on the advice of the Exchange Fund Advisory Committee (EFAC) by more than 0.6%. The share of the investment income going to the fiscal reserves placed with the Exchange Fund was $28.9 billion. Good results are always welcome, of course. We are glad to have contributed to a healthy investment return for the people of Hong Kong. But we are also very conscious that this is not the primary purpose of the Exchange Fund. The purposes and investment objectives of the Fund are set out in detail in the Reserves Management chapter: in essence, the Fund is there to back the Hong Kong dollar, and to do that it has to be held primarily in liquid US dollar assets and its investment objectives emphasise capital preservation and liquidity. I have said this many times but perhaps it bears repeating once more: the Exchange Fund has to be invested, but it is not an investment fund and investment is not its primary purpose. The implication of this is that we cannot and should not expect high returns from the Fund every year. Like the savings that many of us hold, the Exchange Fund can be thought of as rainy-day money: we want to get a good return on it but we must always remember that we might need it for some emergency and therefore be prudent in how we invest it. Looking ahead to 2007, I believe that caution is called for. While I believe we did well in outperforming the benchmark, the overall results of 2006 were due in large part to equities and bond markets rising together towards the end of the year and a number of equities markets in particular reaching historic highs. We all understand that markets are cyclical and when you reach high levels, the outlook for the future is uncertain at best. Hong Kong dollar The Hong Kong dollar exchange rate is always a focus for the HKMA given our mandate stability to preserve currency stability. I am pleased to say that the Hong Kong dollar remained stable within the Convertibility Zone throughout the year, despite some very large fund flows related to initial public offerings and speculation about the effect on the Hong Kong dollar of the renminbi’s appreciation. Looking back at the 2005 Annual Report, I note that last year I talked about record fund flows from initial public offerings: those records were greatly exceeded in 2006 with $333 billion being raised in the local stock market, including $125 billion for a single issue. 6 Hong Kong Monetary Authority • Annual Report 2006 Earlier in the year, many in the financial markets seemed to believe that the Hong Kong dollar would follow the renminbi in appreciating against the US dollar and other major currencies, and there was speculation that we would abandon the Linked Exchange Rate system. Quite why anyone should think that we would give up an anchor that has served us well and helped to maintain stability through some very difficult and potentially destabilising times over the last 23 years is something of a mystery. But the HKMA’s job is to ensure stability and if people found my repeated statements that there was no plan or intention to abandon the link to the US dollar a little boring, then I do not mind very much. Dullness can be a virtue in our business.
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