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Summary English Version 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 12 Maintaining Monetary Stability 13 Promoting Banking Safety 14 Managing the Exchange Fund 15 Developing Financial Infrastructure REVIEW OF 2003 18 Chief Executive’s Statement 24 The Economic and Banking Environment in 2003 28 Monetary Conditions in 2003 30 Banking Policy and Supervisory Issues in 2003 32 Market Infrastructure in 2003 34 International Financial Centre 36 Exchange Fund Performance in 2003 37 The Exchange Fund 39 The HKMA: The First 10 Years The first part of this booklet introduces 46 Abbreviations the work and policies of the HKMA. The second part of the booklet is a 47 Reference Resources summary of the HKMA’s Annual Report for 2003. 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 47 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 > in the relevant parts of the Report, followed by navigation guidance from the HKMA homepage. All amounts in this booklet are in Hong Kong dollars unless otherwise stated. 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 Ordinance, the Fund shall be used primarily for affecting the exchange value of the Hong Kong The HKMA was established on 1 April 1993 by dollar. It may also be used for maintaining the merging the Office of the Exchange Fund with stability and integrity of the monetary and the Office of the Commissioner of Banking. financial systems of Hong Kong, with a view To facilitate the establishment of the HKMA, to maintaining Hong Kong as an international the Legislative Council passed amendments financial centre. to the Exchange Fund Ordinance in 1992 empowering the Financial Secretary to appoint The Monetary Authority is appointed under the a Monetary Authority. Exchange Fund Ordinance to assist the Financial Secretary in performing his functions The powers, functions and responsibilities under the Exchange Fund Ordinance and to of the Monetary Authority are set out in the perform such other functions as are assigned Exchange Fund Ordinance, the Banking by other Ordinances or by the Financial Ordinance and other relevant Ordinances. Secretary. The office of the Monetary Authority The division of functions and responsibilities is known as the HKMA and the Monetary in monetary and financial affairs between the Authority as the Chief Executive of the HKMA. Financial Secretary and the Monetary Authority is set out in an Exchange of Letters between The Banking Ordinance provides the Monetary the two dated 25 June 2003. This Exchange of Authority with the responsibility and powers for Letters also discloses the delegations made regulating and supervising banking business by the Financial Secretary to the Monetary and the business of taking deposits. Under the Authority under these Ordinances. The letters Ordinance, the Monetary Authority is are public documents: copies of them may be responsible, among other things, for the found on the HKMA website. authorization of licensed banks, restricted licence banks, and deposit-taking institutions The Exchange Fund Ordinance establishes in Hong Kong. the Exchange Fund under the control of the www > About the HKMA > The HKMA > Who we are Financial Secretary. According to the 2 AN INTRODUCTION TO THE HONG KONG MONETARY AUTHORITY 2004 EDITION The HKMA and the Hong Kong Hong Kong’s financial system and the status of SAR Government Hong Kong as an international financial centre. In support of these policies, the Monetary The HKMA is an integral part of the Hong Kong Authority is responsible, among other things, for SAR Government, but is able to employ staff on terms different from those of the civil service • promoting the general stability and effective in order to attract personnel of the right working of the banking system experience and expertise. The Chief Executive • promoting the development of the debt of the HKMA remains a public officer, as do his market, in co-operation with other staff. In its day-to-day work the HKMA relevant bodies operates with a high degree of autonomy within the relevant statutory powers conferred upon, • matters relating to the issuance and or delegated to, the Monetary Authority. circulation of legal tender notes and coins The Financial Secretary is responsible for • promoting the safety and efficiency of the determining the monetary policy objective and financial infrastructure through the the structure of the monetary system of Hong development of payment, clearing and Kong: A letter from the Financial Secretary to settlement systems and, where appropriate, the Monetary Authority dated 25 June 2003 the operation of these systems specifies that these should be currency stability defined as a stable exchange value • seeking to promote, in co-operation with at around HK$7.80 to one US dollar other relevant bodies, confidence in maintained by Currency Board arrangements. Hong Kong’s monetary and financial The Monetary Authority is on his own systems, and appropriate market responsible for achieving the monetary policy development initiatives to help strengthen objective, including determining the strategy, the international competitiveness of instruments and operational means for doing Hong Kong’s financial services. so. He is also responsible for maintaining the The Exchange Fund is under the control of the stability and integrity of the monetary system Financial Secretary. The Monetary Authority, of Hong Kong. under delegation from the Financial Secretary, The Financial Secretary, assisted by the is responsible to the Financial Secretary for Secretary for Financial Services and the the use of the Exchange Fund, and for the Treasury, has responsibility for policies for investment management of the Fund. maintaining the stability and integrity of www > About the HKMA > The HKMA > Who we are 3 ABOUT THE HKMA Accountability and transparency • to keep the financial industry and the public as fully informed about the work of the The autonomy given to the HKMA in its day-to- HKMA as possible, subject to considerations day operations, and in the methods it uses to of market sensitivity, commercial pursue policy objectives determined by the confidentiality and statutory restrictions on Government, is complemented by a high disclosure of confidential information degree of accountability and transparency. • to ensure that the HKMA is in touch with, and The HKMA serves Hong Kong by promoting responsive to, the community it serves. monetary and banking stability, by managing the official reserves effectively, and by The HKMA seeks to follow international best developing a robust and diverse financial practices in its transparency arrangements. infrastructure. These processes help to It maintains extensive relations with the mass strengthen Hong Kong’s role as an media and produces a range of regular and international financial centre and to foster special publications in both English and Hong Kong’s economic well-being. The HKMA Chinese. The HKMA’s bilingual website must have the confidence of the community if (www.hkma.gov.hk) carries all HKMA’s it is to perform its duties well. The HKMA publications, press releases, speeches and therefore takes seriously the duty of explaining presentations, in addition to special sections its policies and work to the general public and on research, statistics, consumer information makes every effort to address any concerns and other topics. The HKMA maintains an within the community relevant to the HKMA’s Information Centre at its offices, consisting of a responsibilities. library and an exhibition area, which is open to the public six days a week. The HKMA also The HKMA is accountable to the people of organises an annual public education Hong Kong through the Financial Secretary, programme, which seeks to inform the public, who appoints the Monetary Authority, and and in particular students, about the work of through the laws passed by the Legislative the HKMA through seminars and guided tours Council that set out the Monetary Authority’s at the Information Centre. The HKMA’s weekly powers and responsibilities. The HKMA also Viewpoint column, carried on the HKMA recognises a broader responsibility to promote website and in about ten Hong Kong a better understanding of its roles and newspapers, informs the public about aspects objectives and to
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