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Hong Kong Monetary Authority ANNUAL REPORT 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 photographs The first half of 2003 was a time of difficulty and challenge for people in Hong Kong. The second half brought new confidence and optimism. The theme for the photographs in this year’s Annual Report is the Spirit of Hong Kong. The photographs show Hong Kong people working together, as individuals and in teams, often under pressure, to overcome challenges. Contents 2 Highlights of 2003 4 Chief Executive’s Statement 10 About The HKMA 14 Advisory Committees 20 Chief Executive’s Committee 24 The HKMA: The First 10 Years 33 Economic and Banking Environment 51 Monetary Stability 57 Banking Stability 75 Market Infrastructure 83 International Financial Centre 87 Reserves Management 92 The Exchange Fund 123 Professional and Corporate Services 132 Calendar of Events 2003 134 Annex and Tables 157 Abbreviations used in this Report 158 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 2003 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 > in the relevant parts of the Report, 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. All amounts in this Report are in Hong Kong dollars unless otherwise stated. 2 ABOUT THE HKMA HIGHLIGHTS OF 2003 ECONOMIC AND BANKING ENVIRONMENT The economy contracts in the second quarter because of the SARS outbreak, but rebounds sharply in the second half. Real GDP grows by 3.3% in 2003. With improved economic conditions in the second half, the banking sector ends the year with a modest growth in profitability. New $100 and $500 Hong Kong banknotes with advanced security features are issued in December. MONETARY STABILITY The Hong Kong dollar is largely stable, despite a marked shift in market sentiment from extreme pessimism in the second quarter to optimism later in the year. BANKING STABILITY The HKMA completes the implementation of the risk-based supervisory approach. Progress is made in preparing the legislation for the Deposit Protection Scheme Bill and the establishment of a Commercial Credit Reference Agency in Hong Kong. HONG KONG MONETARY AUTHORITY ANNUAL REPORT 2003 3 MARKET INFRASTRUCTURE A euro clearing system is launched in April. A Clearing and Settlement Systems Bill is introduced to the Legislative Council in December to establish a statutory oversight regime and provide for finality of settlement. INTERNATIONAL FINANCIAL CENTRE The first phase of the Asian Bond Fund is launched in June with an issue size of about US$1 billion. In November the People’s Bank of China agrees to provide clearing arrangements for personal renminbi business in Hong Kong. RESERVES MANAGEMENT The Exchange Fund achieves a 10.2% investment return in 2003, 70 basis points above the investment benchmark. Hong Kong’s foreign currency reserve assets stand at US$118.4 billion at the end of 2003. PROFESSIONAL AND CORPORATE SERVICES A permanent HKMA Information Centre, consisting of an exhibition area and a library, is open to the public in December. CHIEF EXECUTIVE’S STATEMENT After six years of difficulty and uncertainty, Hong Kong’s economy recovery in the second experienced a strong rebound in the second half of 2003. Helped by a half of 2003 more benign global environment, and by measures to strengthen economic ties between Hong Kong and the Mainland, this rebound continued its momentum into 2004. A broad and sustained economic recovery now appears to be in progress. The rebound came after one of the most distressing episodes in Hong Kong’s recent history: the outbreak between March and June of SARS (severe acute respiratory syndrome), which infected 1,755 people in Hong Kong, of whom 299 died. The people of Hong Kong faced this epidemic with courage and resilience, but the anxieties created by a new and virulent disease inevitably had their effects on daily life, on economic activity, and on confidence in the future. The difficulties in Hong Kong came against the background of the spread of SARS on the Mainland and in other parts of the world, uncertainties about the impact of the war in Iraq, and concerns about the performance of some of the major world economies. HONG KONG MONETARY AUTHORITY ANNUAL REPORT 2003 5 Economic indicators for the second quarter of 2003 dramatically reflected the sharp decline in activity and confidence. Tourist arrivals plunged by 58% from a year earlier. Private consumption, already weak, continued to decline. The unemployment rate rose to a record high of 8.7% in the middle of the year. Deflation deepened. Residential property prices continued to decline, and by July had dropped to about a third of their value when the property market peaked in 1997. The number of residential mortgages in negative equity rose to around 106,000 in June, which was around 22% of all residential mortgages. These were indeed troubled times. But the economic impact of SARS the economic impact was short-lived, and some important sectors of the economy, such as of SARS merchandise trade, were hardly affected at all. The rebound in the second half of the year was sufficient not only to cancel the negative economic impact of SARS but also to propel Hong Kong into what appears by all signs to be a robust recovery. This rebound has been boosted by measures taken by the authorities in Hong Kong and the Mainland to strengthen economic ties through the Closer Economic Partnership Arrangement (CEPA) and by the relaxation sharp rebound supported of restrictions on travel by individuals to Hong Kong. With the sharp by deepening economic turnaround in tourist visits in the third quarter, a marked revival in integration with the private consumption, and continued buoyancy in exports, Hong Kong’s Mainland real GDP grew by 3.3% for the year as a whole, compared with 2.3% in 2002 and 0.5% in 2001. Asset markets stabilised in the second half of the year, and the number of residential mortgages in negative equity declined by 36% to around 67,600 by the end of the year. Deflation, if measured month on month, appears to have come to an end in around August 2003. The unemployment rate, though still high by historical standards, declined to 7.3% in the fourth quarter of 2003. During this eventful and turbulent year the Hong Kong Monetary Authority achieved its objectives of maintaining currency stability, promoting the safety and stability of the banking system, and enhancing the efficiency, integrity and development of the financial system. Hong strong investment return Kong’s Exchange Fund, which is managed by the HKMA, produced an on the Exchange Fund investment return of 10.2%: this was 70 basis points above the return on the benchmark set by the Financial Secretary on the advice of the Exchange Fund Advisory Committee. 6 CHIEF EXECUTIVE’S STATEMENT Hong Kong’s banking sector withstood the stresses and strains of the second quarter and came out stronger. Banks had to manage a combination of challenges brought on by persistent economic difficulty and exacerbated by SARS: sluggish loan growth, pressure on lending margins, negative equity, and a high bankruptcy rate. Like many other organisations, they also had to cope with the challenge of maintaining essential services and staff morale during a time of crisis. Not only did a robust and effective Hong Kong’s banking system remain stable and effective: the banking banking system sector as a whole managed to show an increase in profits for the year as a whole, thanks to the markedly improved economic conditions in the second half of the year and to their own efforts to diversify business. The HKMA continued to work with the banking sector on the planned implementation of a Commercial Credit Reference Agency in 2004, and with the Legislative Council on the bill for establishing a Deposit Protection Scheme. Since August 2003 banks have been able to share positive consumer credit data. This will help nurture a healthier credit environment and provide more competitive products for borrowers with good credit standing. Despite the difficult second quarter and considerable volatility in the world’s main currencies, the Hong Kong dollar continued to be stable under the Linked Exchange Rate system. There was a moderate rise in a stable Hong Kong 12-month Hong Kong dollar forward points in April, reflecting concerns dollar against volatile about the effects of SARS. But the most striking event of the year was world markets the sharp strengthening of the Hong Kong dollar in late September. Forward points went into discount, and the Aggregate Balance – the most sensitive component of the Monetary Base – grew to historically high levels as the HKMA sold Hong Kong dollars to banks in response to the increased demand for Hong Kong dollar assets.
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