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The Exchange Fund Advisory Committee 2013 Annual Report Hong Kong Monetary Authority 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 • to promote the stability and integrity of the financial system, including the banking system • to help maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure • to manage the Exchange Fund. The HKMA is an integral part of the Hong Kong Special Administrative Region Government but operates with a high degree of autonomy, complemented by a high degree of accountability and transparency. The HKMA is accountable to the people of Hong Kong through the Financial Secretary and through the laws passed by the Legislative Council that set out the Monetary Authority’s powers and responsibilities. In his control of the Exchange Fund, the Financial Secretary is advised by the Exchange Fund Advisory Committee. The HKMA’s offices are at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong Telephone : (852) 2878 8196 Facsimile : (852) 2878 8197 E-mail : [email protected] The HKMA Information Centre is located at 55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong and is open from 10:00 a.m. to 6:00 p.m. Monday to Friday and 10:00 a.m. to 1:00 p.m. on Saturday (except public holidays). The Centre consists of an Exhibition Area and a Library containing materials on Hong Kong’s monetary, banking and financial affairs and central banking topics. The HKMA’s bilingual website (www.hkma.gov.hk) provides comprehensive information about the HKMA including its main publications and many other materials. Contents 4 Highlights of 2013 6 Chief Executive’s Statement 8 About the HKMA 14 Advisory Committees 28 Chief Executive’s Committee 31 HKMA Organisation Chart 32 Economic and Financial Environment 44 Monetary Stability 54 Banking Stability 86 International Financial Centre 104 Reserves Management 110 Corporate Functions 121 The Exchange Fund 216 Calendar of Events 2013 218 Annex and Tables 241 Abbreviations used in this Report 242 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 2013 submitted by the Monetary Authority to the Financial Secretary in accordance with section 9 of the Banking Ordinance. The full text of this Report is available on the HKMA website. All amounts in this Report are in Hong Kong dollars unless otherwise stated. Highlights of 2013 Economic and Financial Monetary Banking Environment Stability Stability The Hong Kong economy Hong Kong dollar exchange The HKMA maintains its grows faster with the support rate against US dollar supervisory focus on banks’ of stronger domestic demand remains stable within the credit and liquidity risk management amid fiscal and and improving export Convertibility Zone. The economic uncertainties in performance. The Hang Seng Government reiterates its full the US and Europe. Index records modest gains commitment to the Linked in a volatile market, while the Exchange Rate system with The sixth round of macroprudential measures residential property market strong public confidence in on mortgage loans and a is under consolidation. the Hong Kong dollar. Stable Funding Requirement are introduced to enhance Despite accelerating credit Money market activities the resilience of the banking sector. Supervision of banks’ growth, retail banks’ are orderly with abundant Mainland-related business asset quality and liquidity interbank liquidity, and Hong and their compliance with positions remain sound. Kong dollar interest rates anti-money laundering Profitability of retail banks edge modestly higher. requirements is also strengthened. grows and their net interest margin widens. Locally The year sees the incorporated authorized implementation of the institutions continue to be first phase of the Basel III well capitalised. standards, the establishment of the Private Wealth Management Association and the launch of consumer protection initiatives, such as the consumer education programme and the Treat Customers Fairly Charter. Page 4 ANNUAL REPORT 2013 • HONG KONG MONETARY AUTHORITY International Reserves Corporate Financial Centre Management Functions Hong Kong's position as the Despite a volatile global The HKMA continues to premier offshore renminbi investment environment, the strengthen its connection business centre gains further Exchange Fund records an with the community through momentum with remarkable growth in a full range of investment income of $81.2 timely dissemination of renminbi business activities. billion, a return of 2.7%. information on its website, The first offshore renminbi effective communication with interbank interest rate Total assets of the Exchange the media, and other public fixing has been launched. International co-operation Fund reach $3,032.8 billion education activities. platforms with Australia, at the end of 2013. London, and Malaysia Critical internal reviews are help promote the breadth The HKMA continues to carried out and concrete and depth of the offshore diversify part of the Fund’s measures are taken to renminbi market. investment into various ensure efficient deployment The HKMA also actively asset classes. At the end of resources. HKMA staff participates in international of 2013, the market value maintain professionalism and regional forums as well of investments under the in upholding best practices as co-operative initiatives to promote financial stability Long-Term Growth Portfolio in financial budgeting and and to enhance Asia's (LTGP) totals $88.6 billion, disclosure, internal controls, collective voice on global with outstanding investment risk management, general economic and financial commitments amounting to support and governance. affairs. The reporting function of the local trade repository $80.2 billion. Staff members also actively for over-the-counter participate in green initiatives derivatives is launched and and charity work. there is further headway in developing Islamic finance in Hong Kong. HONG KONG MONETARY AUTHORITY • ANNUAL REPORT 2013 Page 5 Chief Executive’s Statement 2013 was a special year for the HKMA: it marked the 30th anniversary of the Linked Exchange Rate system (LERS) and the 20th anniversary of the establishment of the HKMA. These two important milestones are timely reminders of our heavy responsibility in safeguarding the stability of Hong Kong’s monetary and financial systems and promoting Hong Kong as an international financial centre. It was also an eventful year for financial markets around the globe. Although overall market sentiment improved somewhat, market volatilities were unavoidable in the face of lingering uncertainties over economic recovery in the US and other advanced economies, possible exit from quantitative easing by the US Federal Reserve, as well as the timing, magnitude and speed of the exit. In May and June last year, the Fed Chairman’s remarks about a possible timeline for tapering triggered a significant sell-off in global equity and bond markets and in emerging market economies. In December 2013, the Fed announced its decision to start tapering from January 2014. The market initially reacted calmly, with the S&P 500 and the Dow Jones indices both closing at record highs on the day of the announcement. At the same time, there were signs of a continued outflow of funds from the emerging markets. In such a highly uncertain external environment, the HKMA closely monitored market movements and took timely measures to better prepare our banking and financial systems to weather possible shocks. After touching the strong-side Convertibility Undertaking in late 2012 due to a large influx of funds into the Hong Kong dollar, the Hong Kong dollar softened slightly against the US dollar in the first half of 2013. In the second half of the year, the exchange rate turned slightly stronger due to mild inflows. In spite of unpredictable international capital flows and widespread currency fluctuations among emerging market economies, the Hong Kong dollar remained stable throughout the year, again highlighting the fact that the LERS has been an effective cornerstone of Hong Kong’s monetary and financial stability since October 1983. When announcing the results of its annual Article IV Consultation for Hong Kong in January 2013, the International Monetary Fund reaffirmed that the LERS remained the best arrangement for Hong Kong. The Government also emphasised its firm commitment to maintaining the LERS. In order to strengthen our banking system’s capacity against the potential impact of US interest rate normalisation on Hong Kong’s property and mortgage markets, the HKMA launched its sixth round of countercyclical prudential measures in February 2013. These included raising the interest rate hike assumption for property mortgage loans’ approval to 300 basis points and lowering the maximum applicable loan-to-value ratio for non-residential mortgages. As a result of these prudential measures and the Government’s demand management tax measures, Hong Kong’s property transaction volume dropped significantly in 2013. Property price increases moderated, and the growth in residential mortgage loans slowed from 7.6% in 2012 to 3.9% in 2013. Meanwhile,
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